The influence of anticipating regret and responsibility on purchase decisions

Article Abstract:

It is suggested that consumers' choice between alternatives can be systematically influenced by asking them to anticipate the regret and responsibility they would feel if they made the wrong decision. Specifically, on the basis of the notion that choices of conventional or default options are associated with lower regret and responsibility, it is proposed that consumers who anticipate how they would feel if they made the wrong decision would be more likely to purchase a currently available item on sale rather than wait for a better sale and more likely to prefer a higher-priced, well-known brand over a less-expensive, lesser-known brand. These propositions were supported in three studies. The findings also suggest that an error caused by selection of a lesser-known, lower-priced brand is associated with greater responsibility but less regret than an error caused by a choice of a well-known, higher-priced brand. (Reprinted by permission of the publisher.)

Consumer preferences

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A reference price model of brand choice for frequently purchased products

Article Abstract:

To gain knowledge of how price influences consumer choice and how consumers react to product promotions that involve price, a reference price brand choice model is developed and tested for commonly bought items. The brand choice model, utilizing two components of the underlying brand purchase process, is used to test scanner panel data from 1,318 households on coffee purchases, with three brands accounting for 91 percent of the purchases. The results indicate that standard demand models do not predict probability of purchase as well as the brand choice model.

Psychological aspects, Management, Prices and rates, Pricing, Brand name products, Brand names, Consumers, Price marks, Price tags

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