Theory Of Varied Consumer 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, ...

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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 ...

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occasion. Unlike
the reasons that produce constant-purchase and / or constant-use behaviour,
different motives produce changes in purchase and use. To predict the choice
made on the next occasion, one needs to account for the consumer's prior choice
behaviour.

A THEORY OF VARIED CONSUMER BEHAVIOUR

Psychologists have long recognized that individual judgements and
choices contain an important random element that leads to inconsistent behaviour.
Thurstone's Law of Comparative and Categorical Judgement modelled individual
judgements and choices. The random component present in most contexts of
interest to marketing professionals include larger variables that are too costly
to measure or ...

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Theory Of Varied Consumer Choice Behavior And Its Importance. (2005, May 1). Retrieved January 24, 2018, from http://www.essayworld.com/essays/Theory-Varied-Consumer-Choice-Behavior-Its/26226
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"Theory Of Varied Consumer Choice Behavior And Its Importance." Essayworld.com. May 1, 2005. Accessed January 24, 2018. http://www.essayworld.com/essays/Theory-Varied-Consumer-Choice-Behavior-Its/26226.
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PAPER DETAILS
Added: 5/1/2005 03:13:49 PM
Category: Social Issues
Type: Premium Paper
Words: 2479
Pages: 10

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