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resents in the consumer’s psyche 04/10 6 Purchase Knowledge: How much does it cost? ? Knowledge about typical range of prices for a product helps consumer evaluate fairness of the price of a particular brand ? The less consumers know about price, the less concerned are panies about price differences from petitors ? Image analysis includes what consumers know about absolute price and relative price 04/10 7 Purchase Knowledge: When to Buy? ? Knowledge about when a product is typically goes on sale may delay purchase ? May determine when new innovations are purchasedmany consumers do not purchase new innovations when introduced because they believe the price will drop over time 04/10 8 Purchase Knowledge: Where to Buy? ? Knowledge about where to buy a product guides purchase decision ? Inter firms advertise in a variety of media to build consumers’ knowledge of alternative places to buy ? Where product is located in the storewhen consumer are unfamiliar with store layout, they rely more on instore information 04/10 9 Consumption and Usage Knowledge ? Enpasses the information in memory about how a product can be consumed and what is required to use it ? Consumers are unlikely to buy a product when they lack information about use ? Sometimes consumer have inplete information about different ways a product can be consumed ? New uses for existing products may lower product’s attractiveness 04/10