Studies reveal that consumers do not always know or remember actual prices of products. Instead, they encode prices in ways that are meaningful to them. Profession...
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...ual or company that purchases goods or services produced by another individual, company or other entity. He can purchase them for his personal needs, but also for merchandising or resale. There are two types of customers: external and internal. External customer is the customer that is not directly connected to the organization and environment. Society can easily influence on his purchasing decision. Internal customer is the person that is directly connected to the organization. Internal customers are usually stakeholders, employees and shareholders (Blyth, 2008). Customer can be the same as consumer but he doesn’t need to be. Customer is purchasing the product but he doesn’t need to consume it, but he can use it if he buys it for his personal needs and wants. Consumer is an individual who acquires goods and services for his own personal needs (Frain, 1999).
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