Consumer Behavior Towards Innovative Products

Download or read book Consumer Behavior Towards Innovative Products written by Valeriia Lobasenko and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general purpose of this thesis is to analyze the different types of values that determine and explain the choices and behavior of consumers with a particular focus on innovative products. Specifically, we want to know whether consumers are willing to pay for innovative products with sustainable features and how consumer preferences and characteristics of the product are involved in the process of the decision-making. In addition, we test new methods for such estimations.In the Chapter 1 we claim that individual preferences are reflected in willingness to pay for a product/service and are based on individual's values. These values are stable for each individual, guide his/her preferences and actions as an individual (personal values) and as an economic agent (customer and consumer values). With the focus on the consumption of innovative and sustainable products, this thesis discusses also environmental and innovative values.The importance of value analysis for innovative products is of a high importance for companies, because it allows to anticipate preferences and their changes, and by this, helps to define the priorities of new product development processes.The complex systems of these values result in particular challenges for the estimation, discussed in Chapter 2. Therefore, the accuracy of WTP estimates depends on the choice of the method used by the researcher.The obtained results show that consumers have positive valuations of innovative products with sustainable characteristics. These valuations are based on consumers preferences and values inherent to him/her are an individual and as a consumer. The empirical studies presented in Chapters 3 and 4 offer two experimental approaches, which contribute to the understanding of consumer behavior towards innovative products and to the understanding of the difficulties and challenges for experimental methods of preference elicitation for these products/services. In addition, they demonstrate the validity of value theory in consumer behavior.