Synopsis
"Processing of Price Information by Kent B. Monroe explores the psychological and cognitive processes that influence how consumers perceive and respond to price information. Drawing from decades of research, Monroe delves into topics such as the factors affecting price recall, the role of price cues in decision-making, and the complexities of consumer price evaluations. This book provides readers with actionable insights into understanding the cognitive biases and heuristics that drive purchasing decisions. By examining how consumers interpret and process pricing data, Monroe equips marketers with strategies to create impactful pricing models that resonate with their target audiences. Designed for marketing professionals, academics, and students, Processing of Price Information offers a blend of theory and practical applications. It is a must-read for anyone looking to enhance their pricing strategies and understand consumer behavior on a deeper level. "
About the Authors
Kent B. Monroe is the J.M. Jones Distinguished Professor of Marketing Emeritus, University of Illinois at Urbana-Champaign, USA, and Distinguished Visiting Scholar, University of Richmond, Virginia, USA. Professor Monroe has pioneered research on the information value of price. He has authored Pricing: Making Profitable Decisions, 3rd ed. (2003; Chinese edition 2005). He has presented papers before various international associations in Asia, Europe, and North America. His research has been published in the Journal of Marketing Research, Journal of Consumer Research, Journal of Marketing, Management Science, Journal of the Academy of Marketing Science, Journal of Retailing, and other journals. He chaired the American Marketing Association’s Development of Marketing Thought Task Force (1984–88) and was the editor of the Journal of Consumer Research (1991–93). He is a Fellow of the Decision Sciences Institute and of the Association for Consumer Research. He served as the first editor of Pricing Practice and Strategy (1993–2003). Among his many awards and recognitions are “Pricer of the Year” by the Pricing Institute (April 1999); recognition for contributions to behavioral pricing research by the Pricing Center, Fordham University (October 2000); Marketing Pioneer Award for lifetime contributions to the development of pricing theory in marketing (April 2002); the American Marketing Association/Irwin/McGraw-Hill Distinguished Marketing Educator Award (February 2005); and the Converse award for contributions to marketing knowledge (April 2008). He has conducted executive training programs for business firms, non-profit organizations, and universities in North and South America, Europe, Asia, Australia, and Africa. He regularly conducts a pricing certification workshop for the Professional Pricing Society in the United States.
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