Abstract
Consumers provide less time and collect less information in buying decision of low involvement products. Consequently, they engage little thought process in their purchase decision. This is primarily because low involvement products are often low priced and carry low cost of failure. Along with uncertainties, in many situations, particularly in low involvement products and frequently purchased consumer packaged goods, little conscious decision making takes place. In such situations stochastic model—concentrating on random nature of choice becomes more appropriate than deterministic approach. In this research, we develop a stochastic model for consumer buying decision of low involvement products. We have considered agitations a buyer experience during their purchase occasion. These agitations create internal force that stimulates consumer mind. These forces are chaotic, and so the resultant force which makes purchase decision random.
Highlights
Consumer Purchase Decision of low involvement products often involve very little thought process, information gathering and proper decision making
In many situations, in low involvement products and frequently purchased consumer packaged goods, little conscious decision making takes place. In such situations stochastic model—concentrating on random nature of choice becomes more appropriate than deterministic approach
We develop a stochastic model for consumer buying decision of low involvement products
Summary
Consumer Purchase Decision of low involvement products often involve very little thought process, information gathering and proper decision making. Buying a pack of chewing gum or chocolate while checking out in a retail store barely takes more than a few seconds as these products are low involvement and consumers buy these products on their impulses. In many situations, in low involvement products and frequently purchased consumer packaged goods, little conscious decision making takes place. In such situations stochastic model—concentrating on random nature of choice becomes more appropriate than deterministic approach. There is no study available in consumer behaviour literature that has conceived movement of consumer mind with respect to stochastic agitation and their decision making
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