Perception of Product Quality in a Static State Utility Model

The role of the consumer′s perception of product quality within the traditional economic utility model is examined. It is argued that by holding marginal utility to be equal among buyers, price reference will be defined specific to the buyer′s marginal utility of money. Price is "understood&quo...

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Bibliographic Details
Published inEuropean journal of marketing Vol. 24; no. 3; pp. 57 - 71
Main Author Huntington, Paul A
Format Journal Article
LanguageEnglish
Published Bradford, West Yorkshire MCB UP Ltd 01.03.1990
MCB Publications
Emerald Group Publishing Limited
Subjects
Consumer attitudes
Consumer behavior
Diminishing marginal utility
Hypotheses
Income distribution
Perceptions
Prices
Product quality
Products
Quality
Utility functions
Product quality
Economics
Pricing
Models
Theatres
Consumer behaviour
Marketing
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Summary:The role of the consumer′s perception of product quality within the traditional economic utility model is examined. It is argued that by holding marginal utility to be equal among buyers, price reference will be defined specific to the buyer′s marginal utility of money. Price is "understood" by the buyer in terms of perceived quality. The article proceeds to discuss an actual price quantity relationship - implied by the theory - the price quantity data were researched from the theatre market.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0309-0566
1758-7123
DOI:10.1108/03090569010145340