Some personal reflections on pricing research

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This chapter traces the development of the pricing research program of Kent Monroe, beginning with his doctoral dissertation and continuing to the present time. Drawing on psychophysics and adaptation-level theory the early research efforts concentrated on validating two important concepts relative to behavioral pricing research: reference price and acceptable price range. Then the behavioral pricing research program expanded to explore how the context of a purchase situation, including the structure of the prices available for judgment, influences buyers' price perceptions and willingness to buy. In the early years his research included pricing models and research on patronage behavior. Subsequently, concentrating primarily on behavioral pricing research, he began to integrate findings from the research program into examining how various sellers pricing strategies and tactics influence buyers' judgments and purchase decisions. These efforts led to the first edition of his book Pricing - Making Profitable Decisions published in 1979. The book was subsequently revised and expanded in 1990 and again in 2003.

Original languageEnglish (US)
Title of host publicationReview of Marketing Research
Subtitle of host publicationSpecial Issue - Marketing Legends
EditorsNaresh Malhotra
Pages209-241
Number of pages33
DOIs
StatePublished - Dec 1 2011
Externally publishedYes

Publication series

NameReview of Marketing Research
Volume8
ISSN (Print)1548-6435
ISSN (Electronic)1944-7035

ASJC Scopus subject areas

  • Marketing

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