How retail should deal with the looming uncertainty. consumer behavior research have come from other sources, particularly books and monographs, which we did not exam-ine. Remove this presentation Flag as Inappropriate I Don't Like This I like this Remember as a Favorite. Consumer behavior is the study of how and why people buy what they do. It is the drive to satisfy needs and wants, both physiological and psychological, through the purchase and use of products and services. Our model extends prior work in accommodating consumer switching Consumer Behaviour Consumer Behavior is the study of when, why, how and where people do or do not buy a product. You ... From the example, owning the Cher ticket is the reference point ... How retail should deal with the looming uncertainty. Uncertainty and Risk Risk is associated to uncertain events. New Influences: Emotions and Consumer Behavior, - New Influences: Emotions and Consumer Behavior MAR 3503 April 5, 2012. After you enable Flash, refresh this page and the presentation should play. Consumer Uncertainty in Online Food Purchase Behavior: An Analysis of the Online Food Safety Problem @article{Xiao2016ConsumerUI, title={Consumer Uncertainty in Online Food Purchase Behavior: An Analysis of the Online Food Safety Problem}, author={Zhehui Xiao and Dekui Li and C. Chen and J. At a strategic level, it … D aily life for people around the world has changed in ways that would have been unthinkable a few weeks ago. Consumer priorities have become centered on the most basic needs, sending demand for hygiene, cleaning and staples products soaring, while non … Know how retailers can sustain themselves through the pandemic & thrive after everything settled down. Why, what and how consumers buy is changing due to the COVID-19 outbreak. — Companies must rethink how and where they connect with consumers. Creating Healthy and Sustainable Communities in an Era of Economic Uncertainty. Costs of apprehending criminals are not zero, Fines must be higher than the costs to society, Probability of apprehension is actually less than, Double-parking saves a person 5 in terms of time, A fine greater than 5.00 would deter the driver, Benefit of double parking (5) is less than the, If the value of double parking is greater than, The same deterrence effect is obtained by either, A 50 fine with a 0.1 probability of being caught, A 500 fine with a 0.01 probability of being, Enforcement costs are reduced with high fine and, Most effective if drivers dont like to take risks, Can expand evaluation of risky alternative by, A person is earning 15,000 and receiving 13.5, Must compare utility from the risky job with, To evaluate the new job, we must calculate the, The expected utility of the risky option is the, E(u) of new job is 14, which is greater than the, People differ in their preference toward risk, People can be risk averse, risk neutral, or risk, A person who prefers a certain given income to a, The person has a diminishing marginal utility of, The person could have a job with a 0.5 chance of, Expected income from both jobs is the same risk, Expected utility is greater for certain job, Risk averse persons losses (decreased utility), Risky job has expected income 20,000 with, Certain job has expected income 20,000 with, A person is said to be risk neutral if they show, Expected value for risky option is the same as, This is the same as the certain income of 20,000, A person is said to be risk loving if they show a, Examples Gambling, some criminal activities, Certain income is 20,000 with utility of 8, The risk premium is the maximum amount of money, A person has a .5 probability of earning 30,000, The expected income is 20,000 with expected, Point F shows the risky scenario the utility of, This person would be willing to pay up to 4000, Can show this graphically by drawing a straight, Can describe a persons risk aversion using, Since risk is undesirable, greater risk requires, Indifference curves are therefore upward sloping, Consumers are generally risk averse and therefore, Three ways consumers attempt to reduce risk are, Reducing risk by allocating resources to a, Suppose a firm has a choice of selling air, The probability of it being hot or cold is 0.5, If the firm divides their time evenly between, If it were hot, their expected income would be, If it were cold, their expected income would be, With diversification, expected income is 21,000, Firms can reduce risk by diversifying among a, If invest all money in one stock, then take on a, If that stock loses value, you lose all your, Risk averse are willing to pay to avoid risk, If the cost of insurance equals the expected, Insurance companies know that although single, When insurance companies sell many policies, they, Insurance companies can be sure total premiums, Companies set the premiums so money received will, Risk often exists because we dont know all the, Because of this, information is valuable and, The difference between the expected value of a, Per capita milk consumption has fallen over the, The milk producers engaged in market research to, Milk demand is seasonal with the greatest demand, Price elasticity of demand is negative and small, Milk advertising increases sales most in the, Allocating advertising based on this information. 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