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Perceived Price and Product Perceptual Variables

Recently, Lambert [4] studied the relationships between the price paid by the consumer and his perceptions of product variables for several product types. Using fictitious product brands priced at high, medium, or low levels, persons who chose the high-priced item perceived more quality variation within the product type and perceived more undesirable consequences from a bad choice than those who chose the low-priced item. Contrary to his original hypotheses, the high price group also tended to have more buying experience and to be more confident about their ability to judge quality. The study reported here examines similar phenomena in order to assess the generality of Lambert's findings. For each subject, measures were obtained for perceived price paid for actual purchases of several product types and other product perceptual variables such as risk and information usefulness. The relationships between perceived price and these variables were then examined by using multiple regression. This study differs from Lambert's in that he used artificial brands and choices, while this study uses the price the subject recalls she actually paid when making her normal brand choice for a product type. This is an unusual variable, and may express the amount a subject feels is justified for a product type when she cannot recall a price, although the subject would not necessarily always choose a brand with that price when confronted with alternatives at varying prices. Thus, if the same results Lambert found occur with perceived price for actual brands, confidence in the findings can be increased.