Search results for: consumer purchasing decisions

Authors: Zain Ul Abideen

Abstract:

The study examines the potentially dark and bright parts of behavioral biases in investors’ investment decisions in the Pakistani equity market. These biases, directly and indirectly, play a comprehensive role in controlling and deciding the investor’s investment decisions. Stock market anomalies are used as a mediator, while financial literacy is used as a moderator to check the mentioned relationship. The sample consisted of investors who have trading experience of more than two years in the stock market. The result indicates that calendar anomalies do not mediate between overconfidence bias and investment decisions. However, the study investigates the mediating role of fundamental and technical anomalies between overconfidence bias and investment decisions. Furthermore, calendar anomalies play a significant role between the disposition effect and investment decisions. Calendar anomalies also mediate between herding bias and investment decisions. Financial literacy significantly moderates between behavioral biases and stock market anomalies. This research would be beneficial for individual and professional investors in their investment decisions. They should be financially literate, consequently less biased and have no market anomalies. Investors in emerging and developed economies can make optimal decisions in their respective stock markets.

Keywords: behavioral biases, financial literacy, stock market anomalies, investment decision

Procedia PDF Downloads 50

Authors: Barbora Chmelíková

Abstract:

Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.

Keywords: financial decision-making, financial literacy, personal finance, university students

Procedia PDF Downloads 279

Authors: Chyi Jaw

Abstract:

Prior literature on innovation diffusion or acceptance has almost exclusively concentrated on consumers’ positive attitudes and behaviors for new products/services. Consumers’ negative attitudes or behaviors to innovations have received relatively little marketing attention, but it happens frequently in practice. This study discusses consumer psychological factors when they try to learn or use new technologies. According to recent research, technological innovation acceptance has been considered as a dynamic or mediated process. This research argues that consumers can experience inertia and emotions in the initial use of new technologies. However, given such consumer psychology, the argument can be made as to whether the inclusion of consumer inertia (routine seeking and cognitive rigidity) and emotions increases the predictive power of new technology acceptance model. As data from the empirical study find, the process is potentially consumer emotion changing (independent of performance benefits) because of technology complexity and consumer inertia, and impact innovative technology use significantly. Finally, the study presents the superior predictability of the hypothesized model, which let managers can better predict and influence the successful diffusion of complex technological innovations.

Keywords: cognitive rigidity, consumer emotions, new technology acceptance, routine seeking, technology complexity

Procedia PDF Downloads 266

Authors: Aslihan Coban

Abstract:

As a result of the rapid development of information communication technology, especially the internet, consumers have become an active party in commerce and in law. Consequently, the protection of consumers in cross-border contracts has become increasingly important. This paper is confined to the international jurisdiction of courts over disputes arising from electronic consumer contracts according to the ‘5718 Turkish Act on Private International Law and Civil Procedure’ and the ‘1215/2012 Council Regulation On Jurisdiction and The Recognition and Enforcement Of Judgments In Civil and Commercial Matters’ (Hereafter ‘Brussels I Regulation’). The international jurisdiction of courts for consumer contracts is recognized under both acts above-mentioned; however, there exist some differences between the said legal regulations. Firstly, while there is a specific provision for electronic consumer contracts in Brussels I Regulation, there is no specific provision in the Turkish Act. Secondly, under the Turkish Act, habitual residence, domicile, and workplace of the other party who is not a consumer are all accepted as jurisdiction elements; while domicile is the only jurisdiction element in Brussels I Regulation. Thirdly, the ability to make jurisdiction agreements in disputes arising from electronic consumer contracts is a controversial issue under the Turkish Act while it is explicitly regulated under Brussels I Regulation that such jurisdiction agreements can be concluded by complying with certain conditions.

Keywords: Brussels I Regulation, electronic consumer contracts, jurisdiction, jurisdiction agreement

Procedia PDF Downloads 127

Authors: Kinga Topolska, Agnieszka Filipiak-Florkiewicz, Adam Florkiewicz, Daria Chechelska, Iwona Cieślik, Ewa Cieślik

Abstract:

Food choice is a complex human behaviour, that is influenced by many interrelating factors. It is important to understand what consumers really want to eat. Nowadays, the growing popularity of frozen desserts is observed. Among them, sorbets are of the special interest. They are made primarily of fruit juice or fruit purée, water and sugar. A questionnaire study was done to evaluate the consumer preferences towards sorbets. A hundred respondents were included in the study. The respondents answered the questions concerning, inter alia, on the favourite taste of sorbets, additional ingredients (pieces of fruits, nuts etc.), the reason for choosing the product and also the opinion about potential purchasing or not the new product. Women, more frequently than men, indicated strawberry sorbet or the product on the basis of citrus fruits as a favourite one. In turn, 14% of men chose the apple taste. Pieces of chocolate were chosen by most of respondents. Men, more often than women, regarded raisins, alcohol and nuts as the most desirable additional ingredients of sorbets. The candied fruits and spices were indicated more frequently by women. Most of respondents indicated the taste as the major reason for sorbet buying. In turn, for 20% women the most important determinant was the care for their figure. It was observed that more than a half of women regarded sorbets as healthier than traditional ice creams. Answering the question: 'If you had the opportunity to try a new sorbet, containing the ingredient with proven healthy properties, would you buy it?', significantly more men than women answered 'yes, because I like novelty'. Meanwhile, for 14% respondents (independently of gender) it would be only a publicity stunt. Knowing what the consumers desire in selecting a product, is a very important information to design and offer them a new one. Sorbets could be an interesting alternative to ice creams.

Keywords: consumer, preferences, sorbets, questionnaire study

Procedia PDF Downloads 255

Authors: Wen-Hsiang Lai, Mei-Wen Chen

Abstract:

In the face of developing new technologies, identifying potential new technological product and the suitable market is important. Since laser technology is widely applied in many industries, this study explores the technology commercialization of laser technology. According to the literature review and industry analysis, this study discusses the factors influencing the consumer’s purchase intention and tries to find a new market direction to develop the laser technology. This study adopts a new product adoption model as the research framework and uses three variables of ‘Consumer characteristics’, ‘Perception of product attributes’ and ‘External environment’ to discuss the purchase intention of consumers, who are physicians and owners of the medical cosmetics. This study finds that in the major variable of ‘Consumer characteristics’, the sub-variables of ‘Personality’, ‘Knowledge of product’, ‘Perceived risk’ and ‘Motivation’ are significantly related to consumer’s purchase intention. In the major variable of ‘Perception of product attributes’, the sub-variables of ‘Brand’ and ‘Measure of manufacture country’ are the key factors that affect the willingness of consumer’s purchase intention. Finally, in the major variable of ‘External environment’ variable, the sub-variables of ‘Time’ and ‘Price’ have significant impact on consumer’s purchase intention.

Keywords: technology commercialization, new product adoption, consumer’s purchase intention, laser technology

Procedia PDF Downloads 164

Authors: Deviana Yuanitasari

Abstract:

The rapid development of world commerce and trade nowadays has created fast-paced demand in every business activities and transactions. That also includes the need for ready to use and practical form of standard contract. For the company or business owner, the use of standard contract is an alternative way to achieve economic goals faster, effectively and efficiently. In the other hand, for the consumer the practice of using standard contract usually unfavorable, because the contract clauses usually have been defined by the company and cannot be individually negotiated. That means consumer cannot influence the substances of the contract clauses. The purpose of this study is to get deeper understanding and analyze the role of Consumer Dispute Settlement Body in the monitoring of standard clause inclusion by businesses and industries within the context of practicing consumer protection law. Furthermore, this study will focus on the procedure of sanction and the effectiveness of the sanction for the business practitioners which disregard the inclusion of the prohibited standard clause. Therefore, this study will depict the law issues and other phenomenon that related with the role of Consumer Dispute Settlement Body in monitoring the inclusion of standard clause and procedure of sanction for the business practitioners that still use exemption clause within Consumer Protection Law System. This study results that BPSK has been assigned to monitor the inclusion of standard clause and settle consumer dispute. At this stage, BPSK role is passive, which means BPSK only takes an action if there are consumer complaints. The procedure of sanction is not part of BPSK tasks, since should there be a violation of standard clause; BPSK can only ask the business practitioners to remove the prohibited clause and not give a sanction. As a result, the procedure of sanction rule for the Standard Clause violation in this context can be considered as ineffective.

Keywords: standard contract, standard clause, consumer protection law, consumer dispute settlement body

Procedia PDF Downloads 300

Authors: Elaine Wong Yee-Sing, Liaw Wee Tong

Abstract:

Rapid transformations in demographic and socioeconomic shifts are leading to a growing global demand for health and beauty products and services that demands holistic concepts of well-being. In addition, technological breakthroughs such as internet of things make it convenient and offer innovative solutions for well-being and engage consumers to track their own health conditions and fitness goals. This 'new health economy' encompasses three key concepts: well-being, well-conditioned and well-shaped; which are shaped by wellness segments and goals that influence purchasing decisions of consumers. The research protocol aims to examine the feasibility, challenges, and capabilities in provision for each customer with an ecosystem, or platform, that organizes data and insights to create an individual health and fitness, nutrition, and beauty profile. Convenience sampling of 100 consumers residing in private housing within five major districts in Singapore will be selected to participate in the study. Statistical Package for Social Science 25 will be used to conduct descriptive statistics for quantitative data while qualitative data results using focus interviews, will be translated and transcribed to identify improvements in provision of these services. Rising income in emerging global markets is fuelling the demand for these general wellbeing products and services. Combined with technological advances, it is imperative to understand how these highly personalized services with integrated technology can be designed better to support consumer preferences; provide greater flexibility and high-quality service, and generate better health awareness among consumers.

Keywords: beauty, consumers, health, technology, wellness

Procedia PDF Downloads 101

Authors: Mohammad Daud Ali

Abstract:

For the past decade, marketing ethics has been a central point for academic researchers and practitioners. In particular, the development of frameworks and models to help in the analysis of marketing decisions are the focus of research. The current study aims at finding whether ethical decisions (honesty, fairness, responsibility, and respect) affect organizational marketing decisions. A selection of 250 respondents was purposely made from the telecommunication industry of Pakistan, out of which 204 responses were induced at an acceptable rate of 81.6%. A five-point Likert Scale, itemized with 12 items, was adopted from Taylor-Dunlop & Lester (2000) and used to draw responses regarding ethics.

Keywords: marketing, ethics, decisions making, telecommunication, Pakistan

Procedia PDF Downloads 62

Authors: Kanmanas Muensak, Somphoom Saweangkun

Abstract:

The objectives of this research were to study the consumer behavior that affects the customer loyalty of CP Fresh Mart in Bangkok province. The sample of the study comprised 400 consumers over 15 years old who made the purchase through CP Fresh Mart in Bangkok. The questionnaires were used as the data gathering instrument, and the data were analyzed applying Percentage, Mean, Standard Deviation, Independent Sample t-test, Two- Way ANOVA, and Least Significant Difference, and Pearson’s Correlation Coefficient also. The result of hypothesis testing showed that the respondents of different gender, age, level of education, income, marital status and occupation had differences in consumer behavior through customer loyalty of CP Fresh Mart and the factors on customer loyalty in the aspects of re-purchase, word of mouth and price sensitive, promotion, process, and personnel had positive relationship with the consumer behavior through of CP Fresh Mart in Bangkok as well as.

Keywords: consumers in Bangkok, consumer behavior, customer loyalty, CP Fresh Mart, operating budget

Procedia PDF Downloads 294

Authors: Brent McKenzie, Victoria Taylor

Abstract:

The use of QR (Quick Response Codes) codes for customer scanning with mobile phones is a rapidly growing trend. The QR code can provide the consumer with product information, user guides, product use, competitive pricing, etc. One sector for QR use has been in retail, through the use of Electronic Shelf Labeling (henceforth, ESL). In Europe, the use of ESL for pricing has been in practice for a number of years but continues to lag in acceptance in North America. Stated concerns include costs as a key constraint, but there is also evidence that consumer acceptance represents a limitation as well. The purpose of this study is to present the findings of a consumer based study to gage the impact on their use in the retail food sector.

Keywords: electronic price labels, consumer behaviour, grocery shopping, mixed methods research

Procedia PDF Downloads 307

Authors: Marisa Hakim

Abstract:

After all, collectivism moderate is one of the biggest issues that drive complicit behavior toward luxury in Indonesia and Thailand. The nature of collectivism that we find on this research would probably break the problems of the gap about the nature of complicit behavior. Precisely, we could probably drive to the further research about: 'Is there any pattern to describe consumer behavior toward counterfeit luxury goods among market in developing countries? Furthermore, is there any possibility to manipulate that pattern and bring the new concept of local/traditional luxury teste toward consumers in developing countries?'

Keywords: complicity, consumer complicity, counterfeit, consumer behavior, luxury goods, marketing, Indonesia, Thailand

Procedia PDF Downloads 241

Authors: Shakila N. Senarath, Dinesh Asanka, Janaka Wijayanayake

Abstract:

The necessity of cosmetic products is arising to fulfill consumer needs of personality appearance and hygiene. A cosmetic product consists of various chemical ingredients which may help to keep the skin healthy or may lead to damages. Every chemical ingredient in a cosmetic product does not perform on every human. The most appropriate way to select a healthy cosmetic product is to identify the texture of the body first and select the most suitable product with safe ingredients. Therefore, the selection process of cosmetic products is complicated. Consumer surveys have shown most of the time, the selection process of cosmetic products is done in an improper way by consumers. From this study, a content-based system is suggested that recommends cosmetic products for the human factors. To such an extent, the skin type, gender and price range will be considered as human factors. The proposed system will be implemented by using Machine Learning. Consumer skin type, gender and price range will be taken as inputs to the system. The skin type of consumer will be derived by using the Baumann Skin Type Questionnaire, which is a value-based approach that includes several numbers of questions to derive the user’s skin type to one of the 16 skin types according to the Bauman Skin Type indicator (BSTI). Two datasets are collected for further research proceedings. The user data set was collected using a questionnaire given to the public. Those are the user dataset and the cosmetic dataset. Product details are included in the cosmetic dataset, which belongs to 5 different kinds of product categories (Moisturizer, Cleanser, Sun protector, Face Mask, Eye Cream). An alternate approach of TF-IDF (Term Frequency – Inverse Document Frequency) is applied to vectorize cosmetic ingredients in the generic cosmetic products dataset and user-preferred dataset. Using the IF-IPF vectors, each user-preferred products dataset and generic cosmetic products dataset can be represented as sparse vectors. The similarity between each user-preferred product and generic cosmetic product will be calculated using the cosine similarity method. For the recommendation process, a similarity matrix can be used. Higher the similarity, higher the match for consumer. Sorting a user column from similarity matrix in a descending order, the recommended products can be retrieved in ascending order. Even though results return a list of similar products, and since the user information has been gathered, such as gender and the price ranges for product purchasing, further optimization can be done by considering and giving weights for those parameters once after a set of recommended products for a user has been retrieved.

Keywords: content-based filtering, cosmetics, machine learning, recommendation system

Procedia PDF Downloads 108

Authors: M. Olmedilla, M. R. Martinez-Torres, S. L. Toral

Abstract:

Electronic Word-Of-Mouth (eWOM) communities represent today an important source of information in which more and more customers base their purchasing decisions. They include thousands of reviews concerning very different products and services posted by many individuals geographically distributed all over the world. Due to their massive audience, eWOM communities can help users to find the product they are looking for even if they are less popular or rare. This is known as the long tail effect, which leads to a larger number of lower-selling niche products. This paper analyzes the long tail effect in a well-known eWOM community and defines a tool for finding niche products unavailable through conventional channels.

Keywords: eWOM, online user reviews, long tail theory, product categorization, social network analysis

Procedia PDF Downloads 390

Authors: Abdulrahman Aloufi

Abstract:

E-commerce has evolved to become a functional and mainstream tool of global trading, including in the Kingdom of Saudi Arabia. Consequently, online consumers need protection just as much as consumers in the offline world. In 2019, the Ministry of Commerce in Saudi Arabia established a so-called ‘e-commerce law’; however, this law does not cover the court enforcement of contracts entered into by international vendors, so it is not applicable in cross-border situations. The purpose of this paper is to identify the gaps present in this new e-commerce law in Saudi Arabia.

Keywords: consumer protection, e-commerce law, Saudi consumer, international vendor

Procedia PDF Downloads 142

Authors: Mohammad Abdulaziz Algrnas, Emma Mulliner

Abstract:

Housing projects have been established in Saudi Arabia, by both government and private construction companies, to meet the increasing demand from Saudi inhabitants across the country. However, the real estate market supply does not meet consumer preference requirements. Preferences normally differ depending on the consumer’s situation, such as the household’s sociological characteristics (age, household size and composition), resources (income, wealth, information and experience), tastes and priorities. Collecting information about consumer attitudes, preferences and perceptions is important for the real estate market in order to better understand housing demand and to ensure that this is met by appropriate supply. The aim of this paper is to identify consumer preferences for housing in Saudi Arabia. A quantitative closed-ended questionnaire was conducted with housing consumers in Saudi Arabia in order to gain insight into consumer needs, current household situation, preferences for a number of investigated housing attributes and consumers’ perceptions around the current housing problem. 752 survey responses were obtained and analysed in order to describe preferences for housing attributes and make comparisons between groups. Factor analysis was also conducted to identify and reduce the attributes. The results indicate a difference in preference according to the gender of the respondents and depending on their region of residence.

Keywords: housing attributes, Saudi Arabia, consumer preferences, housing preferences

Procedia PDF Downloads 510

Authors: Prama Mukhopadhyay

Abstract:

Starting from transport to food, today’s world platform economy and digital markets have taken over almost every sphere of consumers’ lives. Sellers and buyers are getting connected through platforms, which is acting as an intermediary. It has made consumer’s life easier in terms of time, price, choice and other factors. Having said that, there are several concerns regarding platforms. There are competition law concerns like unfair pricing, deep discounting by the platforms which affect the consumer welfare. Apart from that, the biggest problem is lack of transparency with respect to the business models, how it operates, price calculation, etc. In most of the cases, consumers are unaware of how their personal data are being used. In most of the cases, they are unaware of how algorithm uses their personal data to determine the price of the product or even to show the relevant products using their previous searches. Using personal or non-personal data without consumer’s consent is a huge legal concern. In addition to this, another major issue lies with the question of liability. If a dispute arises, who will be responsible? The seller or the platform? For example, if someone ordered food through a food delivery app and the food was bad, in this situation who will be liable: the restaurant or the food delivery platform? In this paper, the researcher tries to examine the legal concern related to platform economy from the consumer protection and consumer welfare perspectives. The paper analyses the cases from different jurisdictions and approach taken by the judiciaries. The author compares the existing legislation of EU, US and other Asian Countries and tries to highlight the best practices.

Keywords: competition, consumer, data, platform

Procedia PDF Downloads 111

Authors: Aliffaizi Arsat, Nur Ida Fatihah, Che Shalifullizam

Abstract:

Malaysia is well known as a Muslim country and is quickly becoming a Global Halal-hub of Halal business in promoting Halal food products in both Muslim countries and non-Muslim countries. The objective of this study is to analyse the Muslim consumer purchased behaviour on doubtful Halal packed food by using theory of planned behaviour, to examine the mediating effects between certification, and Muslim consumer purchased behaviour on doubtful Halal packed food. The relevant questionnaires have been distributed in Kuala Selangor. Among the 300 Muslim participants from Kuala Selangor, Selangor, Malaysia, only 107 of them have returned the questionnaire with complete answers. The respondent’s rate was discovered to be at 35.67%. The data have been analysed by using SPSS version 22 and Structural equation modelling Partial Least Square SEM-PLS. There are three dimensions needed to identify Muslim consumer purchased behaviour on doubtful Halal packed food. They are attitude towards behaviour, subjective norm and perceived behavioural. All the results from this study show that the hypothesis has been supported. However, subjective norm had shown that there is a negative relationship towards Muslim consumer purchased behaviour on doubtful Halal packed food.

Keywords: Muslim consumer purchase behaviour, theory planned behaviour, doubtful Halal, certification

Procedia PDF Downloads 312

Authors: Bassam Shaikh, R. S. A. Jumain

Abstract:

Game addiction has become an extremely important topic in psychology researchers, particularly in understanding and explaining why individuals become addicted (to video games). In previous studies, effect of online game addiction on social responsibilities, health problems, government action, and the behaviors of individuals to purchase and the causes of making individuals addicted on the video games has been discussed. Extending these concepts in marketing, it could be argued than the phenomenon could enlighten and extending our understanding on consumer loyalty. This study took the Grounded Theory approach, and found that motivation, satisfaction, fulfillments, exploration and achievements to be part of the important elements that builds consumer loyalty.

Keywords: grounded theory, consumer loyalty, video games, video game addiction

Procedia PDF Downloads 509

Authors: Bundit Pungnirund

Abstract:

This research aimed to investigate the relationship between attitude towards marketing mix, brand image and consumer behavior of the passengers of low-cost airlines service. This study employed by quantitative research and the questionnaire was used to collect the data from 400 sampled of the passengers who have ever used the low-cost airline services based in Bangkok, Thailand. The descriptive statistics and Pearson’s correlation analysis were used to analyze data. The research results revealed that the attitude of the marketing mix of the low-cost airline services including product, price, place, promotion and process had related to the consumer behavior on the aspects of duration of service and frequency of service. While, the brand image of the low cost airline including the characteristics of organization, service quality and company identity had related to the consumer behavior on duration of service, frequency of service and cost of service at the significant statistically acceptable levels.

Keywords: brand image, consumer behavior, low-cost airline, marketing mix

Procedia PDF Downloads 268

Authors: J. Ikome, M. Ndeley

Abstract:

When a machine breakdown forces a Modified Flow Shop (MFS) out of the prescribed state, the proposed strategy reschedules part of the initial schedule to match up with the preschedule at some point. The objective is to create a new schedule that is consistent with the other production planning decisions like material flow, tooling and purchasing by utilizing the time critical decision making concept. We propose a new rescheduling strategy and a match-up point determination procedure through a feedback mechanism to increase both the schedule quality and stability. The proposed approach is compared with alternative reactive scheduling methods under different experimental settings.

Keywords: advanced critical task methods modified flow shop (MFS), Manufacturing, experiment, determination

Procedia PDF Downloads 385

Authors: Jerry Szatko, Edan L. Jorgensen, Stacia Jorgensen

Abstract:

A crucial component to the success of any financial advising relationship is for the financial professional to understand the perceptions, preferences and thought-processes carried by the financial clients they serve. Armed with this information, financial professionals are more quickly able to understand how they can tailor their approach to best match the individual preferences and needs of each personal investor. Our research explores the use of a quantitative assessment tool in the financial services industry to assist in the identification of the personal investor’s consumer behaviors, especially in terms of financial risk tolerance, as it relates to their financial decision making. Through this process, the Unitifi Consumer Insight Tool (UCIT) was created and refined to capture and categorize personal investor financial behavioral categories and the financial personality tendencies of individuals prior to the initiation of a financial advisement relationship. This paper discusses the use of this tool to place individuals in one of four behavior-based financial risk tolerance categories. Our discoveries and research were aided through administration of a web-based survey to a group of over 1,000 individuals. Our findings indicate that it is possible to use a quantitative assessment tool to assist in predicting the behavioral tendencies of personal consumers when faced with consumer financial risk and decisions.

Keywords: behavior-based advising, financial relationship building, risk capacity based on behavior, risk tolerance, systematic way to assist in financial relationship building

Procedia PDF Downloads 143

Authors: Arwa Khannoussi, Alexandru-Liviu Olteanu, Pritesh Narayan, Catherine Dezan, Jean-Philippe Diguet, Patrick Meyer, Jacques Petit-Frere

Abstract:

Due to the nature of autonomous Unmanned Aerial Vehicles (UAV) missions, it is important that the decisions of a UAV stay consistent with the priorities of an operator, while at the same time allowing them to be easily audited and explained. We propose a multi-layer decision engine that integrates the operator (human) preferences by using the Multi-Criteria Decision Aiding (MCDA) methods. A software implementation of a UAV simulator and of the decision engine is presented to highlight the advantage of using such techniques on high-level decisions. We demonstrate that, with such a preference-based decision engine, the decisions of the UAV are compatible with the priorities of the operator, which in turn increases her/his confidence in its autonomous behavior.

Keywords: autonomous UAV, multi-criteria decision aiding, multi-layers decision engine, operator's preferences, traceable decisions, UAV simulation

Procedia PDF Downloads 226

Authors: Y. H. Wang, C. C. Hsieh

Abstract:

Good service design can increase organization revenue and consumer satisfaction while reducing labor and time costs. The problems facing consumers in the original serve model for eyewear and optical industry includes the following issues: 1. Insufficient information on eyewear products 2. Passively dependent on recommendations, insufficient selection 3. Incomplete records on progression of vision conditions 4. Lack of complete customer records. This study investigates the case of Kobayashi Optical, applying the Theory of Inventive Problem Solving (TRIZ) to develop innovative solutions for eyewear and optical industry. Analysis results raise the following conclusions and management implications: In order to provide customers with improved professional information and recommendations, Kobayashi Optical is suggested to establish customer purchasing records. Overall service efficiency can be enhanced by applying data mining techniques to analyze past consumer preferences and purchase histories. Furthermore, Kobayashi Optical should continue to develop a 3D virtual trial service which can allow customers for easy browsing of different frame styles and colors. This 3D virtual trial service will save customer waiting times in during peak service times at stores.

Keywords: theory of inventive problem solving (TRIZ), service design, augmented reality (AR), eyewear and optical industry

Procedia PDF Downloads 258

Authors: Nugzar Todua, Charita Jashi

Abstract:

This paper is focusing on the attitude of Georgian consumers toward social media, influence of social media on consumer buying behavior. The purpose of this paper is to explore the impact and usage of social media marketing strategies for Georgian companies and consumers in the new reality of Georgia. There is a lack of research on social media marketing in Georgia, especially the topic which analyzes the possible purchase influence of consumers. The result of marketing research has revealed that social webs are mostly used by Georgian consumers, but they have little impact on the buying decision. The research method was exploratory in nature in the sense that there is no previous academic research about consumers’ attitude towards social media marketing.

Keywords: marketing research, purchasing behavior, social media marketing, social networking sites

Procedia PDF Downloads 482

Authors: Eun Young Park, Jongwon Park

Abstract:

A physical touch of a product can provide ample diagnostic information about the product attributes and quality. However, consumers’ product judgments and purchases can be erroneously influenced by non-diagnostic haptic information. For example, consumers’ evaluations of the coffee they drink could be affected by the heaviness of a cup that is used for just serving the coffee. This important issue has received little attention in prior research. The present research contributes to the literature by identifying when and how non-diagnostic haptic information can have an influence and why such influence occurs. Specifically, five studies experimentally varied the content of non-diagnostic haptic information, such as the weight of a cup (heavy vs. light) and the texture of a cup holder (smooth vs. rough), and then assessed the impact of the manipulation on product judgments and decisions. Results show that non-diagnostic haptic information has a biasing impact on consumer judgments. For example, the heavy (vs. light) cup increases consumers’ perception of the richness of coffee in it, and the rough (vs. smooth) texture of a cup holder increases the perception of the healthfulness of fruit juice in it, which in turn increases consumers’ purchase intentions of the product. When consumers are cognitively distracted during the touch experience, the impact of the content of haptic information is no longer evident, but the valence (positive vs. negative) of the haptic experience influences product judgments. However, consumers are able to avoid the impact of non-diagnostic haptic information, if and only if they are both knowledgeable about the product category and undistracted from processing the touch experience. In sum, the nature of the influence by non-diagnostic haptic information (i.e., assimilation effect vs. contrast effect vs. null effect) is determined by the content and valence of haptic information, the relative impact of which depends on whether consumers can identify the content and source of the haptic information. Theoretically, to our best knowledge, this research is the first to document the empirical evidence of the interplay between cognitive and affective processes that determines the impact of non-diagnostic haptic information. Managerial implications are discussed.

Keywords: consumer behavior, haptic information, product judgments, touch effect

Procedia PDF Downloads 137

Authors: Sinem Bagce, Ensar Yilmaz

Abstract:

As a well-known fact, neoclassical economics excludes 'what is humanized' out of the literature for a long time. Rationality is defined in a very narrow context in the mainstream economics. Identity economics is one of the challenges raised against this tradition. The concept of 'identity' has been introduced to economics by Akerlof and Kranton (2000). The identity-based analysis mainly searches the links between economic welfare and decision of the actors in question related to ethnic, racial, gender and immigrant issues. This is more about discrimination and its repercussions on economic decisions of the relevant actors in a social sphere. In this article, we, in the context of identity economics, search the economic welfare and decisions of Romani people in Turkey. It is plainly observed that identity is clearly the major determinant for Romani people in economic and social life. They have their own distinctive rationality in making economic decisions. For a more scrutinized and academic analysis, we aim to trace their economic identity in their real social environment. This study is an extension of surveys conducted on Romani people in Turkey. Using data similar to SILC (Statistics for Income and Living Conditions) conducted on Romani people across the whole Turkey, we look for some questions about the income/welfare distribution among them, consumer preferences/habits, living conditions, occupations, education and as such. For this, by employing econometric and statistical analytical tools, we aim to obtain the answers for these questions. We think these analytic results will provide us to evaluate the links between their economic state and their identity more thoroughly. JEL Codes: D1, J 15, R23.

Keywords: identity economics, Romani people, discrimination, social identity and preferences

Procedia PDF Downloads 172

Authors: Mikel Alonso López

Abstract:

The early eighties saw the rise of a new research trend in several prestigious journals, mainly articles that related emotions with the decision-making processes of the consumer, and stopped treating them as external elements. That is why we ask questions such as: what are emotions? Are there different types of emotions? What components do they have? Which theories exist about them? In this study, we will review the main theories and components of emotion analysing the cognitive factor and the different emotional states that are generally recognizable with a focus in the classic debate as to whether they occur before the cognitive process or the affective process.

Keywords: emotion, consumer behaviour, feelings, decision making

Procedia PDF Downloads 317

Authors: Chih-Wen Wu

Abstract:

This study examines the antecedents of heritage tourism loyalty and its relation to destination image, consumer travel experience, and destination satisfaction in the tourism context. In this respect, a number of important questions concerning how destination image, consumer travel experience, and destination satisfaction impact destination loyalty are raised. This study attempts to identify three key antecedents of loyalty in the heritage context. The author empirically tests predicted relationships by using personal interview data from 475 foreign tourists. The conceptual model investigated the relevant relationships among the constructs by using confirmatory factor analysis(CFA) and structural equation modeling (SEM) approach. Findings from the research sample support the argument that destination image, consumer travel experience, destination satisfaction are the key determinants of destination loyalty. Destination image and consumer travel experience influence destination satisfaction. The author also discusses theoretical and managerial implications of research findings for marketing the heritage globally.

Keywords: heritage, destination loyalty, destination image, consumer travel experience, destination satisfaction, tourism

Procedia PDF Downloads 406

Authors: Hannah S. Waldron

Abstract:

Background: The government has proposed sugar reduction targets in an effort to tackle childhood obesity, focussing on those of low socioeconomic status (SES). Supermarkets are a key location for reducing the amount of sugar purchased, but success so far in this environment has been limited. Building on previous research, this study will assess the impact of restricting the availability of higher sugar biscuits as a strategy to encourage lower sugar biscuit purchasing, and whether the effects vary by customer SES. Method: 14 supermarket convenience stores were divided between control (n=7) and intervention (n=7) groups. In the intervention stores, biscuits with sugar above the government’s target (26.2g/100g) were removed from sale and replaced with lower sugar ( < 26.2g sugar/100g) alternatives. Sales and customer demographic information were collected using loyalty card data and point-of-sale transaction data for 8-weeks pre and post the intervention for lower sugar biscuits, total biscuits, alternative higher sugar products, and all products. Results were analysed using three-way and two-way mixed ANOVAs. Results: The intervention resulted in a significant increase in lower sugar biscuit purchasing (p < 0.001) and a significant decline in overall biscuit sales (p < 0.001) between the time periods compared to control stores. Sales of higher sugar products and all products increased significantly between the two time periods in both the intervention and control stores (p < 0.05). SES showed no significant effect on any of the reported outcomes (p > 0.05). Conclusion: Restricting the availability of higher sugar products may be a successful strategy for encouraging lower sugar purchasing across all SES groups. However, larger-scale interventions are required in additional categories to assess the long term implications for both consumers and retailers.

Keywords: biscuits, nudging, sugar, supermarket

Procedia PDF Downloads 77