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Social understanding of risk has become increasingly prominent in the last two decades, reflecting a growing concern with societal and global uncertainty. Understanding how tourists feel about risk is crucial because the presence of risk, whether real or perceived, has the potential to change tourist decision-making. However, risk is not well under...
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To identify adaptation priorities, countries aim to systematically assess their climate change risks, consistent with international agreements. National-scale risk assessment usually follows an expert-led procedure that aims to establish traction with existing policy processes. This may underrepresent important local or regional contexts, including...
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... This model is more important than models such as Howard-Sheth (Howard Sheth model 1969) and Nicosia Model (1966), which did not take into account parameters such as individual behavior, beliefs, and attitudes in understanding the purchase decision-making process. (Holland, 2019) Some researchers believe that a person's social status and culture influence purchasing decisions in addition to lifestyle, and based on this understanding of social theory, they developed a "Sociological model" of consumer purchasing decisions. The model reflects the idea that consumer buying patterns depend on their role and influence in society. ...
The psychological process (motivation, attitude, cognition, and memory) is the primary stimulus for decision-making. The optimal marketing policy can be determined if these psychological factors are identified correctly. Therefore, this research is dedicated to identifying factors such as demography, status, and psychology for choosing savings services from commercial banks in Mongolia. A total of 1,801 people were involved in the research with random sampling, and psychological differences between those who have savings and those who do not were studied.
... The individual then selects the best possible choice based upon available information, costs, benefits and the probability of possible risks. [1] [2] [3] This research is based on a holistic approach to the study of consumer behaviour, focusing more on the nature of consumption experience than on purchasing [4] and the Engel Kollat Blackwell Model (EKB) of Consumer Behaviour, which is one of most examined consumer utility models. ...
The paper presents a case study on customer behaviour forecast
within a parking products domain. In particular, authors compare
different LSTM-based DL networks with and without data preprocessing
to decide which of the selected architectures and hyperparameter
combinations provide the least square error estimate.
Unfortunately, well-known forecast methods like regression and
ARIMA did not deliver the needs forecast reliability, which brought
the authors to the application of DL models. While the paper does
not offer novel DL models or architectures, it provides a convenient
application insight enabling a better understanding of the application
of the selected models. Data has been collected for several
months and offers a good study backbone.
... A brief overview of the main CDM models and their influence points on digitalized insurance decision-making processes is presented in Table 1. For a long period of time, main CDM models defined in Table 1, together with the expected utility theory have been accepted as a dominant paradigm by economic and marketing researchers, and used practically by organizations to determine and model customer responses to products or services, purchase offerings, and motivational appeals [33,36]. On the other hand, modeling of the financial attitude and decision-making process in digital platforms has specific circumstances to consider. ...
... Relevant factors, considering various endogenous and exogenous variables, marketing stimuli components, process options of partiality, and postponement of decision-making, were presented in the EKB (1968) [38] and J. A. Howard and J. N. Sheth (1969) [39] models. These elements support the content and the context of the modern insurance and decision-making process, but are also limited to apply fully, due to the logic of the linear process and the unmeasured relationships between variables [36,46]. Later revisions and elaborations of these limitations in the choice set model of S. Um and J. L. Crompton (1990) [40] and the hybrid choice model of J. Walker and M. Ben-Akiva (2002) [43] introduce relevant factors of possible disturbances, irrational behavior, and an unreliable memory of customers, as well as the initial stage of the awareness set [32,33,36]. ...
... These elements support the content and the context of the modern insurance and decision-making process, but are also limited to apply fully, due to the logic of the linear process and the unmeasured relationships between variables [36,46]. Later revisions and elaborations of these limitations in the choice set model of S. Um and J. L. Crompton (1990) [40] and the hybrid choice model of J. Walker and M. Ben-Akiva (2002) [43] introduce relevant factors of possible disturbances, irrational behavior, and an unreliable memory of customers, as well as the initial stage of the awareness set [32,33,36]. Furthermore, simplified models by P. Kotler (1997) [43], P. Kotler and K. L. Keller (2006Keller ( , 2012 [44,45], and J. E. McCarthy, W. E. Perreault, and P. G. Quester (1997) [42] reflect early complex models of buyer behavior, and in this way, support the holistic approach to the decision-making process. ...
Multifold effects of the COVID-19 global health crisis and economic lockdowns are reflected in the insurance industry, and are predicted to expand to the post-COVID-19 era. It is expected that, within a short period of time, the current worldwide situation, in regards to the coronavirus pandemic, will be reflected in new trends, regarding customer behavior, organizational management, and culture, as well as reveal improved business management models, legacy infrastructure, and service systems in insurance organizations. Here, a focus on end-user preferences, data, and their behavior modeling in digital platforms are major practical drivers within the modern insurance concept, but there is a paucity of researches within the theoretical synthesis of consumer decision-making (CDM) models, information system theories, and behavioral economics concerning modern insurance-specific value chains and digitalized decision-making processes. Therefore, the following research aims to expand upon the existing scientific knowledge of end-user behavioral patterns and process frameworks in the Baltic insurance market, by including and examining a factor group of technological enablers and a digital environment. Research results in digitalization, personalization, and customization levels within the Baltic non-life insurance market are homogenous with a leading position of Estonia and overall evaluations ranging between Satisfied and Rather Good. There are also three major factor groups and process stages identified, which influence insurance purchase decision-making in digital insurance platforms in the Baltic market.
... The unexpected can happen. Acts of terrorism, natural calamities, economic crisis, and medical emergencies haunt this sector from time to time (Sausmarez 2007;Wilks and Stewart 2004;Holland 2019;Bowen et al. 2014;Bysyuk 2010). The impact of all these unforeseen events was largely localised, low and confined to only a particular geography. ...
By establishing Indonesia as a halal tourist destination in 2019. This has an impact on increasing tourists for vacation. In visiting a place, lodging accommodations such as hotels are taken into consideration. With so many hotels that have a sharia concept, there will be competing for customers. A contemporary marketing mix is a tool that marketers can use to shape a characteristic of the services offered. However, there is an integrated Islamic marketing mix which is a marketing concept by combining contemporary and Islamic marketing concepts. Therefore, this study aims to examine the effect of the integration of the Islamic marketing mix (Pragmatism and Product, Pertinence and Promotion, Palliation and Price, Peer-Support and People, Pedagogy and Physical Environment. The data collection technique used a questionnaire distributed online with a sample of 175 respondents who had stayed at Islamic hotels / inns in Indonesia. In analysing data using SPSS 21. The results of this study are Pragmatism and Product, Pertinence and Promotion, Palliation and Price and Peer-Support and People have no influence. Meanwhile, Pedagogy and Physical Environment, Persistence and Process as well as Patience and Place influence the decision to stay.
In the given project, we have attempted to incorporate varying facets of analytics into the traditional consumer decision making model. We begin by understanding the pre-existing analytical consumer decision making models as a part of literature review. Thereupon, after a brief introduction to the conventional decision-making model, we try to look at the application of analytics to this conventional model in a modern context intuitively. We then attempt to build upon the Engel-Blackwell-Miniard model by including our understanding of analytics in a modern context, and further incorporate aspects of social network analysis, which might influence consumer decision making & seem to be absent in pre-existing models.
E-commerce is a comparatively classical concept that emerged into the business language in the 1970s. However, the theoretical and empirical conceptualization of the concept in marketing or consumer behaviour and economics is scanty. Therefore, we seek to statistically examine the impact of marketing strategies measured by the E-commerce index on household consumption in the United States (U.S.). Thus, the study used annual time series for data from 1990 to 2021. The study employed the autoregressive distributed lag approach, bounds cointegration, and the error correction model to establish the long-run relationship among the variables. Empirical findings revealed a positive relationship between e-commerce marketing and real household consumption in the U.S. For example, a one-unit improvement in e-commerce marketing results in a 0.72 per cent point increase in real household consumption in the long run. Unemployment also depicted a rare positive relationship, and we attributed the phenomenon to consumer confidence in the economy. Furthermore, the results showed that inflation negatively influences real household consumption in the U.S. in the long run. The study validates Engel, Kollat, and Blackwell’s model in the United States, through which we argue that the better the information firms feed consumers, the higher the household consumption and the more the sales revenue and profitability a firm earns.
The purpose of this paper is to assess the dynamics of the interactions of physicians with patients in healthcare, as a result of mapping the pathways of the treatment of the latter. In this context, the influence factors of the decision process of a therapy need to be defined as the output of the interaction of the stakeholders involved in the decision process. The external landscape of healthcare is examined in depth and relevant literature focusing on the behavioral response models and the hierarchy of the effects models, is leveraged to identify the gaps and answer the key questions. The research of the study contains two surveys with 89 respondents in total, to patients, family caregivers, healthcare professionals, and healthcare business leaders, to define the treatment pathways of patients with severe diseases, as well as the influence factors shaping the decision process of the treatment. This leads to the development of the healthcare patient referral path and influence drivers' model that attempts to create value and utility within the healthcare industry. STATEMENT OF KEY CONTRIBUTIONS In terms of theoretical and managerial implications of the study, the healthcare patient referral path and influence drivers' model, can add value both on the theory and on its practical implementation as it helps to extend and advance existing theory by also being a useful tool for patients, healthcare professionals and healthcare companies and organizations. Specifically, there are benefits for patients and healthcare professionals, who look to get the right and most credible information they need, and for healthcare organizations that may use the model to develop the right marketing plans, and the right content that will be distributed via the right channels of communication. But is this work delivering on the initial objective of the study? The aim of this dissertation was to primarily understand how the decision-making process of serious chronic diseases works for patients and healthcare professionals, and secondarily what are the factors triggering, influencing, and shaping the final decisions towards treatment or therapy. Both queries are answered with the findings of the research and the Journal of Marketing Development and Competitiveness Vol. 17(2) 2023 77 model developed, given that the model is indeed mapping the potential stages of the patient pathway and the decision process and then it includes all the forces and the inputs that shape and influence the final decision. Finally, one key reflection of the project lies on the realization that recent technology changes that democratized information, the continuous breakthrough innovations in healthcare tools as well as the effects of recent global pandemic COVID-19, have massively disrupted the nature of the habits, relationships, connections, channels of communication and pathways of modern patients. What needs to be granularly examined further, is whether in this new world, we have the right fundamentals, the right regulations, and the right platforms to meet the same or even better quality of patient care.
Cruise tourism, which was achieving an average growth always higher than the global economic growth, had a global presence and saw participation from all the continents during this decade. The COVID-19 pandemic very adversely affected the global travel and tourism sector perhaps more than the other sectors of the economy. Since the time COVID-19 was declared a pandemic, in March 2020, the cruise tourism market went into a swift decline. The prospects of recovery of this market crucially hinges on how the pandemic is overcome and thereafter measures taken to rebuild confidence in the minds of the passengers. We present a sweep of cruise tourism in this paper covering the nature of the cruise market, demographic composition of passengers, challenges, and opportunities, and show the relevance of cruise tourism as an industry contributing to global tourism. We also dwell upon the internal and external risks and uncertainties experienced by the cruise industry. In the light of several measures taken all over the world to address the pandemic, we examine the measures taken by the cruise companies to rebuild the lost confidence as the cruise industry operates in an elastic market.
