Normal view MARC view

The Dynamics of the consideration set formation process: a rational modelling perspective and some numerical results

Author: Vanhonacker, Wilfried R. INSEAD Area: Marketing Series: Working Paper ; 92/02/MKT/EP/TM Publisher: Fontainebleau : INSEAD, 1992.Language: EnglishDescription: 42 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The notion of a consideration set describing a subset of brands from which an individual consumer will select or choose has received considerable attention in the recent literature. This paper develops a rational model of the consideration set formation process which is characterized by a sequential search balancing incremental benefit with decision costs. In contrast to previous work, the operationalization defines both incremental benefit and decision costs in the utility domain recognising the existence of perceptual complexity, preference differences, involvement, search economies, and inertia effects once a brand belongs to the consideration set. The model enables full analysis of the dynamics of consideration set formation over time. Extensive numerical results add validity to the process and its operationalization, and provide important insights into the likelihood of expansion and contraction of consideration sets
Tags: No tags from this library for this title. Add tag(s)
Log in to add tags.
Item type Current location Collection Call number Status Date due
INSEAD Working Paper Digital Library
PDF Available

The notion of a consideration set describing a subset of brands from which an individual consumer will select or choose has received considerable attention in the recent literature. This paper develops a rational model of the consideration set formation process which is characterized by a sequential search balancing incremental benefit with decision costs. In contrast to previous work, the operationalization defines both incremental benefit and decision costs in the utility domain recognising the existence of perceptual complexity, preference differences, involvement, search economies, and inertia effects once a brand belongs to the consideration set. The model enables full analysis of the dynamics of consideration set formation over time. Extensive numerical results add validity to the process and its operationalization, and provide important insights into the likelihood of expansion and contraction of consideration sets

Digitized

There are no comments for this item.

Log in to your account to post a comment.
Koha 3.18 - INSEAD Library Catalogue
Library Home | Contact Us | What's Koha?