Consumer perceptions of financial services prices

Authored by: Hooman Estelami

The Routledge Companion to Financial Services Marketing

Print publication date:  December  2014
Online publication date:  December  2014

Print ISBN: 9780415829144
eBook ISBN: 9780203517390
Adobe ISBN: 9781134095551

10.4324/9780203517390.ch16

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Abstract

In this chapter we will discuss how consumers form their perceptions of financial services prices. We will first highlight the role that customer perceptions of financial services prices play in customer engagement with financial services organizations. We will then discuss the unique characteristics of financial services prices, which can make them difficult for consumers to evaluate. A discussion of cognitive processes through which financial services price perceptions are formed will be then presented. In this discussion we will draw from research findings in psychology, marketing and behavioral economics, focusing on what is known about how consumers evaluate financial services prices and the heuristics that they often use to conduct such evaluations. The chapter will conclude with a discussion of public policy measures and improved marketing practices that may aid consumers in making informed decisions related to financial services prices.

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