engleski

NON-PRICE FACTORS OF RETAIL PRICE IMAGE

With the strengthening of competition in contemporary retail, companies are competing with price and quality elements. Therefore, creating a price image and managing it is becoming increasingly important. The paper deals with grocery retail, in whose stores consumers very often make purchase. Nevertheless, consumers are more often guided by price perception than actual prices. Price provides information to consumers, but price itself has no meaning. It is understandable to consumers only in a certain context that includes other information such as product, brand, and/or store. Following this logic, the price image is formed not only based on prices themselves but also based on different price dimensions and non-price factors. Non-price factors can improve the understanding of how consumers evaluate prices. This paper aims to conduct a literature review on non-price factors of retail price image – product range, private label product range, design and atmosphere of the store, service level, and location, and to conclude about their role in price image perception.

Location, Price image, Private label, Product range, Retail store, Service level, Store design, Store atmosphere

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