A price developed in the consumer's mind through experience with the product is called a(n)
A) external reference price.
B) value-price guideline.
C) frame of reference.
D) internalized price.
E) internal reference price.

Question

Quizplus · Accepted Answer

Internal Reference Price is a price developed in the consumer's mind through experience with the product. This internalized price serves as a reference point for future purchase decisions, and consumers tend to evaluate current prices based on this reference price.

A Price Developed in the Consumer's Mind Through Experience with the Product