Analytical frameworks for measuring the effects of cognitive factors in buying decisions

Prof Rajagopal

International Journal of Business Innovation and Research, 2011, vol. 5, issue 6, 685-703

Abstract: Most existing mathematical models of consumer choice behaviour assume that individuals’ preferences remain invariant over time. Although the assumption of invariant preference functions may be reasonable in some choice contexts, consumer preferences are largely influenced by variety-seeking effects. This paper presents three models on consumer choice behaviour, shopping performance and marketplace advantage in buying decisions involving several cognitive and economic determinants affecting consumer behaviour. These models are based on sequential structural equations using interrelated variables and can be applied in research on consumer shopping channel choices based on cognitive characteristics and consumer risk profiles. The framework for measuring the consumer behaviour discussed in this paper provides analytical dimensions for delineating the prediction of intangible variables affecting consumer preferences to optimise the purchase decisions in a given marketplace.

Keywords: consumer choice; shopping preferences; marketplace advantage; cognitive determinants; buying decisions; economic factors; product attractiveness; store formats; customer value; consumer behaviour; analytical frameworks; cognitive factors; mathematical models; individual preferences; invariant preference functions; variety-seeking effects; shopping performance; economic determinants; sequential equations; structural equations; interrelated variables; shopping channels; cognitive characteristics; consumer risk; consumer profiles; intangible variables; purchase decisions; business innovation; R&D; research and development. (search for similar items in EconPapers)
Date: 2011
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