Internal Reference prices One that is recorded in consumer's memory Memory of price may not be accurate If brand is frequently promoted, consumers tend to lower their internal reference point11-7 Internal Reference Prices ƒ One that is recorded in consumer’s One that is recorded in consumer’s memory ƒ Memory of price may not be accurate Memory of price may not be accurate ƒ If brand is frequently promoted, If brand is frequently promoted, consumers tend to lower their internal consumers tend to lower their internal reference point reference point