Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 20

Customers' interpretations and responses regarding a product and its price are an important influence on marketers' pricing decisions. Perceptions of price are affected by the degree to which a customer is value conscious, price conscious, or prestige sensitive. Discuss how value consciousness, price consciousness, and prestige sensitivity influence the buying decision process for the following products:
a. A new house.
b. Weekly groceries for a family of five.
c. An airline ticket.
d. A soft drink from a vending machine.