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Price Management- II (behavioural approach (gym effect (frequency of…
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perceived value = functional value + emotional + social values + ... perceived value is influenced by marketing
buying beer in 5 star hotel - willingness to pay increases, atmosphere and perception of cost influence willingness to pay
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willingness to pay is driven by economic utility (perceived value - price) and psychological utility (which is influenced by fairness)
willingness to pay can be drive by relative incentive to enter transaction (perceived value - actual price / actual price),and consistency between actual and reference price
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