Perception is the process by which a person selects, organizes and interprets information. Perceptions develop through experience. Buyers often receive a large amount of information in a short period of time and typically perceive and use only a small amount. Some information is immediately ignored or quickly forgotten. The process of filtering information is called selective exposure. The portion of information to which an individual is exposed is selected to be organized, interpreted and acted upon. The different needs, wants, attributes and beliefs of humans make the buyer focus more on different parts of the information exposed to them. This means choosing the part of the information that supports the buyer's attributes and beliefs (Futrell, 2001). Price perception is the process by which consumers translate prices into meaningful cognitions. Each individual attributes a unique meaning to the objective price while translating it into a perceived or psychological price (Black, Bloch & Lichtenstein, 1988). The perceived price is the price coded by the consumer. Customers don't always remember the real price. Instead, they code prices in a way that seems meaningful to them (Zeithaml, 1988). Price-conscious consumers do not necessarily pay the lowest price available, but they tend to pay the lowest price when analyzing features of more expensive alternatives that cannot be justified. If the price-conscious consumer pays a higher price for a product, he or she needs an explicit justification of quality gains for increased kuna spending (Black, Bloch, and Lichtenstein, 1988). Studies reveal that consumers don't always know or remember the actual prices of products. Instead, they code prices in a way that makes sense to them. Profession...... middle of paper ......ual or business that purchases goods or services produced by another individual, business, or other entity. He can buy them for his personal needs, but also for merchandising or resale. There are two types of customers: external and internal. The external customer is the customer who is not directly connected to the organization and the environment. The company can easily influence their purchasing decision. The internal customer is the person directly connected to the organization. Internal customers are generally stakeholders, employees and shareholders (Blyth, 2008). The customer can be the same as the consumer, but it doesn't have to be. The customer buys the product but he does not need to consume it, but he can use it if he buys it for his personal needs and wants. The consumer is an individual who acquires goods and services for his personal needs (Frain, 1999).