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Assessing the Impact of Internal Reference Price on Clothing Purchase Process  

이규혜 (한양대학교 의류학과)
이은영 (서울대학교 의류학과)
Publication Information
Journal of the Korean Society of Costume / v.54, no.6, 2004 , pp. 1-12 More about this Journal
Abstract
Price is one of the most important components of marketing mix. For consumers, price is an always-existing cue and definite evaluation criteria. However, information on price is meaningful only when it is perceived. Sources of price perception can be the actual retail price at the selling point, the internal reference price expected by consumers for a certain clothing product, and the external reference price advertised by marketer such as the price before mark-down. The purpose of this study was to investigate the influence of internal reference price on consumers' purchasing process of clothing products. A questionnaire including clothing stimuli was developed in order to assess consumers' internal reference price level. Usable data from 680 adult female urban residents were used for data analysis. Results indicated that consumers with relatively lower internal reference price tend to react low-price focused external reference price and use discount stores and unit price promotions. Consumers with relatively higher internal reference price advertisement are likely to have higher level of education, tend to infer price information to higher quality or prestige of products, and purchase clothing with regular retail price or coupons.
Keywords
internal reference price; price consciousness;
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