The article looks at financial limitations in the consumer behavior process. The work singles out four perspectives, such as resource scarcity, choice restriction, social comparison, and environmental uncertainty. It describes their influence on the final decision-making in conditions of scarce resources. The authors discuss how consumers manage to cope with limited financial resources and buy desired goods notwithstanding money limitations.
The article looks at the models of consumer behavior and the main factors that determine the final choice of the customer. Among these factors, budget and utility of goods are considered the ones that have the most significant impact on consumers’ decision-making processes. The models of consumer behavior are discussed in terms of their relevance; the authors highlight the dependence of these models on market concepts. In their research, the authors conclude that the cost of goods for customers directly correlates with the attraction of these goods, given the equal utility of purchases. Moreover, the price has a larger influence on a customer’s choice than a brand name or popularity of goods.
This article discusses different aspects of students’ consumer behavior and its link to cultural intelligence. The authors applied the cultural intelligence model and the contractual theory to discuss the factors that impact the students’ intentions to make purchases. These approaches are then utilized to discuss the student’s behavior in peer-to-peer interviews. The results show that the student’s cultural intelligence scores, their IQ, and their self-perceptions all had an impact on their behaviors as consumers. This study contributes to the understanding of consumer behavior as a complex mechanism. Moreover, there were significant differences in the consumer behavior responses of the students whose first language was first and foreign exchange students, which the authors attribute to the differences in cultures.
Works Cited
Hamilton, Rebecca W., et al. “How financial constraints influence consumer behavior: An integrative framework.” Journal of Consumer Psychology, vol. 29, no. 2, 2019, pp. 285-305. Web.
Kiseleva, Irina Anatolievna, et al. “Modeling Consumer Behavior in a Market Economy.” Revista Genetic-Gestao Inovacao E Technologias, vol.11, no. 4, 2021, pp. 402-413. Web.
Kurpis, Lada Helen, and James Hunter. “Developing Students’ Cultural Intelligence Through an Experiential Learning Activity: A Cross-Cultural Consumer Behavior Interview.” Journal of Marketing Education, vol. 39, no. 1, Apr. 2017, pp. 30–46. Web.