Friday, August 22, 2014

The characteristics that make you open your wallet – forskning.se

– What is particularly interesting in this project is that we have identified important characteristics of food products and have been able to measure the effects of the surrounding associations on consumer payment and buying intentions says Johan Anselmsson, associate professor of marketing.

Together with Dr Niklas Bond’s son, and Professor Ulf Johansson at the School of Economics at Lund University, he has charted what influences consumers’ choice of favorite products and willingness to pay more for some than for others. The results were recently published in the Journal of Product & amp; Brand Management, a leading international journal for brand research.

This study deals with consumer packaged food and shows that the perception of the product’s qualities as only a minor part may explain why we are willing to pay more for a product than for another.

– We consumers are not as rational as we think. As consumers, we often say one thing and do another. Image and branding is more important than the product itself when we buy food, says Johan Anselmsson.

The results can be used in many ways. For example, the study shows that the customer’s perception of corporate social responsibility is quite small effect on WTP. However, we are ready to pay more for the products feels unique, has a Swedishness sense and a bit of status character.

– The problem is that sustainably produced sells poorly, that these products are more expensive to produce and require a higher price. According to our results, one should instead argue on the basis of status, uniqueness and origin because such arguments run willingness to pay, he says.

To get around the problem that we say one thing and does another has researchers have developed a new method that is based on Nobel laureate Daniel Kahneman’s theories about how we make decisions. In the study, researchers asked consumers why not straight out of what they prioritize as these responses usually becomes rational motives as low price, high quality, and that advertising is unimportant.

Instead, participants were given a statement on different associations linked to a number trademarked products. By then allowing a computer program to link these associations to actually purchase and payment behavior, the researchers could see what actually drives the purchase and willingness to pay.

– The method brings out the intuitive and unconscious in our choices and works not only on food but also on service, destinations, and public sectors. The results can help companies become better at matching their offerings to customer needs, says Johan Anselmsson.

And the research work in practice. A number of well-known companies have already successfully used the method in their work to bring out the nature of the information and features they should develop in order to create customer value and attractive offers.

article brand image and customers’ willingness to pay a price premium for food brands are published in the Journal of Product & amp; Brand Management.

Reference Link: Download the article here external link, opens in new window

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