Making qualitative decisions from quantitative cues: Understanding the customers’ willingness to pay

It is clear that pricing value is a complex process. Although there are numerous studies on value research with respect to its definition, constructs and theoretical foundations, pricing value can be addressed from multiple perspectives. Value‐based research has revealed a number of value frameworks surrounding the concept of customer value and how it should be captured and measured in order to implement optimum pricing strategies. One method discussed extensively in pricing research is attempting to measure the customer's ‘willingness to pay’. In that respect, firms might be able to discover, qualitatively, behavioural patterns of individual consumers from the established quantitative cues and this might inform their long‐term pricing strategies.