What are Reference Prices in Marketing?
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
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A Model of Reference Prices
This article discusses a model that demonstrates the role of reference prices and how consumers use this information to inform and guide their purchase decisions.
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Relationship Between Internal and External Reference Prices
There is a direct relationship between these concepts, as internal reference prices are formed through continual exposure to external reference prices.
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Why are Reference Prices Important?
Reference prices are an important concept in marketing. Reference prices are the expected and acceptable price range that a consumer will pay for a particular product and/or brand. If a product is priced well above or well below the expected price range, then the consumer is unlikely to see value in the product and is unlikely to purchase
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Internal versus External Reference Prices
Internal reference prices are a handy heuristics tool for consumers to allow them to make fast decisions, whereas external reference prices are more important in high involvement purchases.
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The Two Types of Reference Prices
A reference price is the expected and acceptable price range that a consumer is willing to pay for a particular product and/or brand. There are two types of reference prices that marketers need to be aware of. These are: internal reference prices and external reference prices.
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ATAR Model: Guide to Prices, Costs, Margins, Quantity
Need help with your ATAR forecast for your new product launch? Let’s dig into the details of prices, margins, costs, and purchase volume and frequency.
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Do Marketers Need to Use Financial Metrics?
Good question – but I’m guessing that some of you won’t like the answer – which is YES by the way. But why do I need to know anything about financial metrics, especially when there are lots of marketing metrics?
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Benefits of the ATAR forecast model
The ATAR forecasting model is designed for marketing purposes. So let’s explore the key advantages and benefits of using this forecasting model for new products and marketing.
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ATAR Forecast Model Formula
The ATAR forecasting model is generally used to help marketers forecast sales volumes, sales revenue and profit contribution, primarily for new products, but it can be used for any marketing campaign or project.
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