Internal reference price (IRP) is conceptualized as ‘a dynamic, internal price to which individuals compare the offered price of a product or service’. For this internal price, multiple conceptualizations and operationalizations have been proposed. This study finds heterogeneity in the use of reference price cues when consumers form an IRP and stablishes that seven distinct segments with different approaches can be can be distinguished.

• Isabel Son(University of Leiden, Netherlands)
• Jean-Pierre van der Rest(University of Leiden, Netherlands)