Reference Prices in Passenger Cars – A secondary research study

As part of a course called behavioral dimensions & marketing strategies, which is a sequel to consumer behavior,) I was required to pick any one concept of consumer behaviour, find five scholarly journal articles on it and then apply the learning from the papers onto a market category of my choosing.

I chose to study the small passenger cars segment and apply the concept of reference price on it. This seemed interesting at the time since Tata Nano had just been launched and its effect on existing cars especially with respect to their price perception and reference price seemed novel and relatively unexplored.

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