When customers assess prices, they estimate value using pricing cues, because they do not always know the true cost and price of the item that they are purchasing.

Question

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Customers often rely on pricing cues, such as discounts, brand reputation, and comparison with similar products, to estimate the value of a product because they typically do not have direct knowledge of the item's true cost and price.

When Customers Assess Prices, They Estimate Value Using Pricing Cues