The role and relevance of research into price cognition is examined, both in terms of its theoretical and strategic contribution. Linkages with reference prices, adaptation level theory and assimilation-contrast theory are explored. Results are then presented from a survey of shoppers in the contrasting settings of superstores and discounters, comparing these with the findings of earlier supermarket studies. Findings are considered in terms of how buyers encode price information in memory through cognitive elaboration. A model is developed which summarises the relevant determinants and processes, offering a framework for future research.

Recent UK research suggests that the majority of consumers fail to utilize unit prices or quantity indications when purchasing pre-packaged foodstuffs. This failure reduces their ability to identify optimal purchases and to protect themselves against oversized packaging, product downsizing and quantity surcharges. Previous work on quantity has been non-UK based (e.g. Wansink 1996), suffered from methodological aws and/ or lacked speci c focus on quantity. This research investigates why quantity indications are not utilized and adopts a more comprehensive multi-method approach using accompanied shopping interviews, simulated tasks (n 5 230) and an in-store questionnaire (n 5 1000). The results show consumers are: generally unaware of quantity indicators; confused because they are overloaded with product information; unable to process the volume and diversity of the quantity information generated by large numbers of products and brands; unwilling to make the effort to make comparisons; do not understand different measurement systems, quantity terms and expressions; do not care about small quantity differences; use package size or tactile weight instead; believe that the law protects them suf ciently; do not have time to make comparisons; are unable to locate and assimilate unclear quantity information. The results raise important consumer education issues and implications for retailers relating to clearer and more consistent quantity indicators. Downloaded by [Baskent Universitesi] at 16:30 22 December 2014 Product quantities decisions and information searchConsumers' quantity decisions are usually governed by their consumption needs, along with other factors such as household demographics, storage requirements and product perishability (Blattberg et al. 1978;Agrawal et al. 178 The International Review of Retail, Distribution and Consumer Research Downloaded by [Baskent Universitesi] at 16:30 22 December 2014 Lennard et al.: Why consumers under-use food quantity indicators 179 Downloaded by [Baskent Universitesi] at 16:30 22 December 2014

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In spite of their importance within pricing strategies, “seasonal sales” have received little attention within the literature. The recent interest in “high‐low” pricing has, however, increased the attention given to temporal shifts in store‐wide, rather than item level, prices. Following a brief review, this paper draws upon two case studies of leading retailers of apparel in the UK. Evidence is also presented from audits of pricing and markdown activities over a three‐year period, illustrating some contrasts between stated strategies and actual pricing activities. A cost‐benefit analysis of high‐low pricing requires knowledge of consumer preferences and attitudes. Results are drawn from a study of over 2,600 “sale” shoppers, indicating stated preferences for markdown frequency, depth and coverage. In general “sale” shoppers appear to prefer a variety of markdown levels, increasing their scope to succeed as bargain hunters.

With a history spanning over one hundred years, the seasonal 'sales' have been curiously neglected within the retailing and marketing literature. This major element of retail pricing and promotion has received rather more attention within the cognate disciplines of psychology, economics and law. Only now are retail strategists giving the 'sales' a higher profile. A multidisciplinary review of salient contributions from within these disciplines is presented.In order to address the problem of variable interpretation of a 'sale', a typology is developed, placing 'sales' within the wider context of promotional pricing. Price-reduction activities are positioned according to their duration and the proportion of the retail assortment involved. The paper concludes with an assessment of research priorities, including a thorough examination of the benefits, both 'hard' and 'soft', of retail 'sales' strategies.