ABSTRACT
Price expectation is driven by consumers' prior experience and it is influenced by the current price. In making a purchase decision, consumers consider store specific reference prices of what they are interested in as a basis for price comparison. When the task is not so relevant (i.e. the value of the item is low), consumers use price memory implicitly, invoking heuristics. Imagine, for example, the purchase of a touristic postcard. In this case, consumers have a price in mind and they tend to recall that price, adapting to the current conditions. Recent attention has been paid towards the integration of dynamic pricing mechanisms directly into online review websites to favour an immediate online booking. Customer satisfaction can be defined as the creation of value for consumers, by demonstrating the ability and responsibility to meet customers' expectations and satisfy customers' needs.
