Frames of Reference and Buyers' Perception of Price and Value

Abstract

How buyers' perceptions of value are influenced by the purchase environment has become an increasingly important question for business researchers and practitioners. Framing—the use of frames of reference within the purchase environment to influence buyers' perceptions of price and value—has been examined extensively by researchers over the past 15 years. There is a need to integrate these research advances into managerial literature, thought, and practice. This article provides managers with a review of those research findings and some recommendations relating to management practice.