The Economics of Consumer Knowledge: Table 1

Ratchford, Brian T.

doi:10.1086/319617

Cited by 185 publications

(151 citation statements)

References 23 publications

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“…The latter mirrored that her search practices within store that had increasingly become constrained as a direct consequence of her disability, particularly when she experienced a "really bad flare-up". Consistent with Ratchford's (2001) notion of the accumulation of "human capital" in an online setting, the summation of this process of repetition, incremental learning and experience, appeared to reduce the time and energy when making such decisions online. This, in turn, enabled Danni to actively search out and compare both Supershop's website and Bestsupermarket.com (both shopping carts had been set-up with similar base products) to evaluate which of the two retailers had the best offers and discounted products.…”

Section: God Discountsupermarket [Online] Was Terrible… I Tried It Asupporting

confidence: 56%

Consumer vulnerability and the transformative potential of Internet shopping: An exploratory case study

Elms

Tinson

2012

Journal of Marketing Management

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Abstract10 million individuals in the UK who suffer from long-term illness, impairments or disability can be considered as vulnerable consumers (Office for Disability Issues, 2010). Despite this, there are few studies on the use of the Internet for grocery shopping by the disabled and none which offers an understanding of the multiple facets of consumer vulnerability. The purpose of this study is to contextualise the use of the Internet for grocery shopping using an exploratory case to provide fresh insights into the 'actual' vulnerability of "Danni" -a disabled housewife and mother. The consumer focussed methods used here were combined multiple complementary approaches. The findings illustrate that whilst the use of the Internet reduces the impracticalities of shopping in-store, the normalcy afforded to Danni through shopping in-store (including her sense of self) was not met by the technological offerings. The paradoxes associated with using online provision and the strategies adopted to manage these by Danni demonstrate engagement/disengagement and assimilation/isolation. Policy implications and insights for retailers are provided.

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Section: God Discountsupermarket [Online] Was Terrible… I Tried It Asupporting

confidence: 56%

Consumer vulnerability and the transformative potential of Internet shopping: An exploratory case study

Elms

Tinson

2012

Journal of Marketing Management

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“…Knowledge, in general, refers to the information stored in a person's long term memory (Ratchford, 2001). Park, Motherbaugh and Feick (1992) note that some research has operationalised consumer knowledge as consumers' perceptions of what or how much they know while other researchers have operationalized consumer knowledge as the amount and nature of information stored in long term memory.…”

Section: Consumer Knowledgementioning

confidence: 99%

Measuring consumer knowledge of life insurance products in South Africa

Ramchander

2016

SAJBM

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The financial services industry is characterized by product suppliers having more information than consumers regarding product features and services. The purpose of this article is to explore this information asymmetry with particular reference to the life insurance industry. Financial advisors, acting as intermediaries, are charged with the task of resolving this asymmetry through mandatory disclosures demanded by regulation. In South Africa, the Financial Services Board (FSB) monitors, regulates and supervises the financial services industry through the Financial Advisory and Intermediary Services Act of 2002 and The Code of Conduct for Financial Advisors. This paper distinguishes financial products from other products and highlights the need for disclosures regarding product features, by financial advisors. Using multistage sampling a national survey was conducted to establish whether consumers are knowledgeable of the features of basic insurance products. The findings were that consumers have a low to very low level of understanding of the features of basic insurance products. The study makes an important contribution to insurers’ understanding of consumers’ knowledge regarding the features of basic life insurance products. Furthermore, the findings would also contribute to insurersunderstanding the level to which intermediaries resolve the information asymmetry between product suppliers and consumers.

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“…This in turn is dependent on the personality of the consumer (information inclination) and the environmental circumstances (perceived purchase risk). An example of such search for information can for instance be the targeted search for facts about computers before a computer purchase (Kroeber-Riel & Weinberg, 1996; Ratchford, 2001).…”

Section: Perception and Attentionmentioning

confidence: 99%

Relevance of cognitive dissonance, activation and involvement to branding: An overview

Sahgal

2011

PSYWRIT

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This study examines consumer behavior from the perspective of cognitive psychology. It focuses on a set of cognitive psychological determinants of buyer behavior and analyzes how cognitive dissonance, activation and involvement influence consumer behavior. The literature indicates that a deeper insight into the cognitive processes underlying purchase behavior is essential for brand managers to create and communicate interventions that may have a stronger impact on the buyer such that their brand occupies a special position in the consumer's mind. Up to now, the conflict between presenting a brand in a both favorable light and completely accurately has been rarely addressed in the literature.Keywords: Branding; Consumer Behavior; Cognitive Processes; Cognitive Dissonance.En este trabajo se examina el comportamiento del consumidor desde la perspectiva de la psicología cognitiva. Este artículo se centra en una selección de determinantes psicológicos cognitivos en la conducta del comprador y analiza cómo la disonancia cognitiva, la activación y la implicación tienen especial influencia sobre el comportamiento del consumidor. La bibliografía demuestra que es indispensable adquirir una mayor comprensión de los procesos cognitivos que afectan a las conductas de compra de los consumidores, de tal manera que los gerentes de las marcas puedan crear y transmitir intervenciones que tengan un profundo impacto en el comprador y que logren que su marca ocupe una posición distintiva en la mente del consumidor. Se considera que hasta ahora, no se ha investigado suficientemente el conflicto entre cómo presentar una marca de manera que ésta se vea beneficiada y cómo presentarla de manera veraz.Palabras Clave: Branding; Comportamiento del Consumidor; Procesos Cognitivos; Disonancia Cognitiva. Disponible online 31 de diciembre de 2011Arti Sahgal and Achim Elfering

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The Economics of Consumer Knowledge: Table 1

Cited by 185 publications

References 23 publications

Consumer vulnerability and the transformative potential of Internet shopping: An exploratory case study

Consumer vulnerability and the transformative potential of Internet shopping: An exploratory case study

Measuring consumer knowledge of life insurance products in South Africa

Relevance of cognitive dissonance, activation and involvement to branding: An overview

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