Examining the application of behavioral price research in business-to-business markets |
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| Affiliation: | 1. University of Illinois at Urbana–Champaign, 11357 Nuckols Road, #128, Glen Allen, VA 23059, United States;2. University of Richmond, Richmond, VA, United States;3. Department of Information and Service Economy, Aalto University School of Business, Runeberginkatu 22-24, 00100 Helsinki, Finland;1. University of Florence, Florence, Italy;2. University of Lugano - USI, Lugano, Switzerland;3. BI Norwegian Business School, Oslo, Norway;4. University of Perugia, Perugia, Italy;1. Department of Marketing, CERS — Centre for Relationship Marketing and Service Management, Hanken School of Economics, PO Box 479, FIN-00101 Helsinki, Finland;2. Department of Marketing, Stockholm Business School, Stockholm University, Roslagsvägen 101, Building 7, SE-106 91 Stockholm, Sweden;1. Department of Organization and Management, CUNEF School of Business and Finance, C/Leonardo Prieto Castro 2, 28040 Ciudad Universitaria, Madrid, Spain;2. Ikujiro Nonaka Research Centre on Knowledge and Innovation, CUNEF School of Business and Finance, C/Leonardo Prieto Castro 2, 28040 Ciudad Universitaria, Madrid, Spain;3. Department of Business Administration, Faculty of Economics and Business, Complutense de Madrid University, Campus de Somosaguas, s/n. 28223 Pozuelo de Alarcón, Madrid, Spain;1. Marketing Department, Otto-Friedrich-University, Feldkirchenstrasse 21, D-96045 Bamberg, Germany;2. University of Fribourg, Switzerland;3. Queen Mary - University of London, United Kingdom;4. Schaeffler Automotive Aftermarket, Germany;1. College of Business Administration, Huaqiao University, Quanzhou 362021, China;2. Marketing Research Centre, Leeds University Business School, UK;3. Department of Management and Marketing, Faculty of Business Administration, University of Macau, Avenida Padre Tomas Pereira, China;1. Management Science and Entrepreneurship Group, Essex Business School, University of Essex, Southend-on-Sea, UK;2. Cardiff Business School, Cardiff University, UK;3. Department of Management & Marketing, The University of Melbourne, Australia |
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| Abstract: | Business-to-business (B2B) and business-to-consumer (B2C) markets differ in many ways as documented in the contemporary marketing literature. However, many behavioral characteristics of human beings – particularly those related to judgment and decision-making – are present across diverse contexts. From this insight, we derive a proposition: many behavioral price concepts developed in the past B2C behavioral price research may be applicable in B2B context as well. The objective of this paper is to examine this proposition through analyzing the existing evidence on five important behavioral price concepts: reference price, price thresholds, acceptable price range, price as an indicator of quality, and the price–perceived value model. At a more general level, the objective of this paper is to demonstrate the importance of recognizing how buyers' responses to prices and price information differ from the traditional assumptions about such behaviors in B2B marketing literature.The results provide strong evidence for the applicability of the reference price concept in B2B markets. The price–perceived value model is widely applied in B2B pricing, although in narrow form. Use of price as an indicator of quality also receives some support. For price thresholds and acceptable price range little research activity exists in B2B domain. Overall, while there has been some behavioral price research specifically in a B2B context, nevertheless it is comparatively sparse, and for some concepts virtually non-existent. We end the paper with a call that more behavioral price research is needed as such research has potential to help business marketing managers make more effective pricing decisions. |
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