TITLE:
Consumer Behavior in Low Involvement Product Purchase: A Stochastic Model
AUTHORS:
Atanu Adhikari
KEYWORDS:
Consumer Behavior, Low Involvement
JOURNAL NAME:
Theoretical Economics Letters,
Vol.9 No.2,
February
27,
2019
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.