Expression of Irrationality in Consumer Behaviour: Aspect of Price Perception
DOI:
https://doi.org/10.5755/j01.ee.27.3.14318Abstract
Consumer decision- making and its determining factors have been analysed by a number of marketing researchers; however, the majority of studies concentrate on the rational approach. Although sporadic, recent theoretical and empirical studies reveal that reseachers of ocumer beahvior should alos place considerable attention on the analysis of issues related to concumer irrayionality. In order to disclose the expression of consumer irrayionality in decision making related to purshasing an consumption, scenarios associated with price perception were chosen for analysis in this paper allowing determinantion of a possible ecconomically rational decision and comparison with decisions made by consumers thereof. Theoretically sound assucptions in relation to consumer irrationality expression in the context of price perception and relations with consumer beahvior were tested on fast moving consumption goods (FMCG). In the study of experimental scenarios, the authors of the paper analysed 8 assumptions related to irrationality expression in the context of price perception. In the case of FMCG, 6 assumptions were confirmed as significant from the perspective of irrational price perception, of which 5 were at the company level an 1 at the consumer level. In order to reveal possible relations between irrational price perception and consumer behavior, a survey of experiment participants was performed. The results demonstrated a significant relation between these variables in terms of all the assumptions confirmed during the experiment.
