Theory Of Varied Consume Choice Behavior and Its Importance
For decades, scholars and practitioners have been frustrated by the very limited capacity of either psychological or marketing models to predict individual choices on particular occasions. This paper discusses a theory which explains the degree to which the extant models omit important influences that produce varied individual choice behaviour. The focus of this paper is on the sequences of product purchases. Discretionary actions and activities are also covered.
THE THEORETICAL AND APPLIED RELEVANCE OF VARIED BEHAVIOUR
The assumption that consumers make rational, utility-maximizing choices has played an important role in economic thought. As long as preferences remain unchanged, the consumer is expected to choose the most preferred of the available products. Thoughts about consumers' behaviour towards substitutes hold a similar position. If a consumer's preference for the most preferred alternative product declines or the product is currently unavailable, the consumer is expected to choose a close substitute. From the firm's strategic point of view, this means that the marketer of a secondary brand should make its brand similar to the most popular brand.
Careful consideration of the preceding description of consumer choice behaviour and the firm's selection of a strategy immediately leads one to question the general applicability of these assumption / thought. Although consumers often display stable preferences, sound choice behaviour seldom remains constant. Instead, consumers frequently change their choices of products or brands. Furthermore, the choices made on different occasions often involve two very different products or brands. In summary, changing, varied behaviour is the rule. Managers often avoid the use of simple "me-too" brands, recognizing that consumers are seeking more than simple substitutes. This tendency is seen directly in a number of product categories in which successful products are seldom replaced with highly similar products. Instead, a degree of product newness is viewed as being essential to maintain consumer interest.
The theory of consumer choice behaviour that is presented in this paper is designed to explain the typical degree of variability that consumers exhibit in a series of related choices. Should this theory more accurately describe individual choices, than the meaning and predictive power of many models must be questioned. For example, the results from all preference-based mapping methods, such as MDPREF (Carroll, 1972) and the Schonemann-Wang (1972) models, should be interpreted with great care. In these cases, the analyst must resist jumping to the conclusion that the choice objects that appear close to each other have similar characteristics. All simple attribute-based choice models, such as the widely used conjoint method, must also be interpreted carefully. Here one must resist the assumption that the set of most preferred items will necessarily have
The chosen article is Two Cheers for Consumerism by James Twitchell. In this article he talks about consumerism, commercialism, and materialism. He argues the stand point of consumers and the role they live by every day. In other hands the critics, Academy, gives the consumers and overview description to their consumers.
We are all consumers, and we buy diverse products every day. But, do you know what the main factor is that influences us to choose a product? If someone selects a cloth, maybe he pays attention to its quality! Customers’ decisions can be changed depending on what the main factors they are looking at. Various influences can cause consumers to select different products.
James A. Roberts wrote an essay called the Treadmill of Consumption. In his essay, he discusses two topics, the treadmill of consumption and consuming for status. The treadmill of consumption, the author starts off using the example of cell phones. The example explains how if preteens and teens do not have cell phones they are considered an outcast. James elaborates that the treadmill of consumption is simply how people want the best, materialistically. However, the author points out that there will always be something new that will be better than the last thing that was just produced, explaining how you will always be on a treadmill chasing after the next best thing but you won’t be able to keep up. The author talks about how people keep buying
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in this segment are often brand conscious and enjoy the latest fads and trends. They...
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Justification for my food choices and the changes I made and detailed explanation of the benefits of healthy eating:
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