If price, as an external cue, is perceived differently than its "objective" characteristic, buyers are likely to use similar perceptual processes for both brand and store names. Therefore, we suggest that the external cues of price, brand name, and store name are three cues that influence perceptions of product quality and value, and hence willingness to buy (Zeitharnl 1988; Figure IB). The effects of the three cues have been studied with inconsistent statistical results, but with convergence on some relationships. Both price and brand name have been shown to have a significant but moderate effect on buyers' perceptions ofquality, whereas store name has had a smalland nonsignificanteffect(Rao and Monroe 1989b). However, the effects of price, brand, and store information on perceptions of value or willingness to buy have rarely been studied. No studies on the brand-perceived value or store-perceived value relationships have been published.