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The role of price affect in behavioral pricing research: Essays on the antecedents and consequences of consumers’ emotional responses to price information

DISSERTATION of the University of St. Gallen, Graduate School of Business Administration, Economics, Law and Social Sciences (HSG) to obtain the title of Doctor Oeconomiae

submitted by Klaus Peine from Germany

Approved on the application of Prof. Dr. Andreas Herrmann and Prof. Dr. Torsten Tomczak

Dissertation no. 3431

Difo-Druck GmbH, Bamberg 2008

The University of St. Gallen, Graduate School of Business Administration, Economics, Law and Social Sciences (HSG) hereby consents to the printing of the present dissertation, without hereby expressing any opinion on the views herein expressed. St. Gallen, November 22, 2007 The President:

Prof. Ernst Mohr, PhD

To my parents

Acknowledgements
The present work is dedicated to my parents Brigitta and Bernward. Without their love, support, and understanding, it would have been impossible for me to complete my dissertation project in less than two years. I am extremely grateful to Professor Dr. Andreas Herrmann who has not only been my doctoral adviser but also my mentor throughout the last two years. In offering his generous help, sharing his insightful perspectives, and showing great interest in my research at all stages of the dissertation process, he has provided me with a unique, and truly enjoyable, learning experience. I would also like to express my sincere gratitude to Professor Dr. Torsten Tomczak who served as the co-referee of my doctoral dissertation with great enthusiasm. His persistent plea for rigor and relevance has been an invaluable input to my research. Last but not least, special thanks go to my dear colleague Dr. Klaus Edel. St. Gallen, November 2007 Klaus Peine

Table of contents

I

Table of contents
Table of contents………………………………………………………………… I Table of figures………………………………………………………………….. III List of tables……………………………………………………………………… V Abstract…………………………………………………………………………... VIII Zusammenfassung………………………………………………………………..IX 1 Introduction…………………………………………………………………1 1.1 The cognitive hegemony in behavioral pricing research………………... 1 1.2 Research questions……………………………………………………….2 1.3 Overview of papers……………………………………………………… 7 2 Getting a feel for price affect: A conceptual framework and empirical investigation of consumers’ emotional responses to price information....................................................................................... 13 2.1 Abstract………………………………………………………………….. 13 2.2 Introduction………………………………………………………………13 2.3 Theoretical background and hypothesis development…………………... 15 2.4 Methodology…………………………………………………………….. 21 2.5 Results……………………………………………………………………23 2.6 Discussion and conclusions……………………………………………... 37 2.7 References………………………………………………………………..44 3 The profile effect: Consumer preferences for gestalt characteristics of multi-dimensional prices………………………. 49 3.1 Abstract…………………………………………………………………. 49 3.2 Introduction………………………………………………………………49 3.3 Conceptual background: The profile effect……………………………... 51 3.4 Hypothesis development………………………………………………… 55 3.5 Methodology…………………………………………………………….. 61 3.6 Results……………………………………………………………………63 3.7 Discussion and conclusions……………………………………………... 75 3.8 References………………………………………………………………..79 Appendix A: Dependent, mediating, and moderating variables…………….. 85 Appendix B: Experimental stimuli………………………………………….. 86

II

Table of contents

4

Giving them what they want! Consumers’ susceptibility to the medium effect in loyalty programs………………… 87 4.1 Abstract………………………………………………………………….. 87 4.2 Introduction………………………………………………………………87 4.3 Conceptual framework: The medium heuristic…………………………. 91 4.4 Hypothesis development……………………………………………........ 93 4.5 Methodology…………………………………………………………….. 99 4.6 Results……………………………………………………………………102 4.7 Discussion and conclusions……………………………………………... 114 4.8...
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