Perception is the process through which a person selects, organizes and interprets information. Perceptions develop through experience. Buyers often receive large amounts of information in a short period of time and usually perceive and use only a small amount of it. Some information is immediately ignored or quickly forgotten. The process of filtering information is called selective exposure. Portion of information to which an individual is exposed is selected to be organized, interpreted and taken into account. The different human needs, desires, attributes and beliefs cause the buyer to focus more on the different parts of the information that is exposed to him. It means choosing the portion of 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 assigns a unique meaning to the objective price by translating it into a perceived or psychological price (Black, Bloch & Lichtenstein, 1988). The perceived price is the price encoded by the consumer. Customers don't always remember the actual price. Instead, they encode prices in a way that is meaningful to them (Zeithaml, 1988). Price-conscious consumers may 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 requires an explicit justification of quality returns for the increased kuna expenditures (Black, Bloch & Lichtenstein, 1988). Studies reveal that consumers do not always know or remember the actual prices of products. Instead, they encode prices in ways that are meaningful to them. Profession...... middle of paper ......person or company that purchases goods or services produced by another individual, company, or other entity. You can purchase them for your 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 environment. The company can easily influence your purchasing decision. The internal customer is the person directly connected to the organization. Internal customers are usually stakeholders, employees and shareholders (Blyth, 2008). The customer can be the same as the consumer, but it does not have to be. The customer buys the product but does not need to consume it, but can use it if he buys it for his personal needs and desires. The consumer is an individual who purchases goods and services for his personal needs (Frain, 1999).