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Consumer Behavior and Marketing Strategy

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: closed (30 August 2022) | Viewed by 147030

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Special Issue Editor

Prof. Dr. Anica Hunjet

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Guest Editor

Sveuciliste Sever, University North, 42000 Varaždin, Croatia
Interests: marketing communication; entrepreneurship; organizational behavior; knowledge management; Higher Education

Special Issue Information

Dear Colleagues,

This Special Issue of JRFM focuses on the broad topic of “Consumer Behavior and Marketing Strategy” and includes research methods and techniques for the modelling of consumer behavior and marketing strategies. It also covers a wide range of other research topics and areas, including empirical and theoretical articles dealing with issues such as artificial intelligence, comparative analysis, the psychological influence of prices and sustainable development. Quality research papers, content relevance and methodological grounding represent an unquestionable framework of the journal’s editorial policy that strives for excellence. The role of consumer behavior has become increasingly important under conditions of high uncertainties, such as economic and pandemic crisis, for both empirical and theoretical reasons. Therefore, the Special Issue “Consumer Behavior and Marketing Strategy” is an attempt to encourage and develop the practice of applying current marketing strategies in creating value for all stakeholders, and thus to encourage the creation of models of applicable marketing strategies that anticipate and adapt to standards in an effort to put a business organization ahead of the competition and ensure a better market position. Therefore, this issue should contribute to further development of marketing and the study of consumer behavior as a science and their establishment within the economic and social sciences.

Prof. Dr. Anica Hunjet
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

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Keywords

consumer behavior
marketing strategy
comparative analysis
psychological influence of prices
strategic and ethical aspects of neuromarketing
artificial intelligence

Published Papers (11 papers)

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Research

15 pages, 545 KiB

Open AccessArticle

Social Identity Dimensions as Drivers of Consumer Engagement in Social Media Sports Club

by Željka Marčinko Trkulja, Jasmina Dlačić and Dinko Primorac

J. Risk Financial Manag. 2022, 15(10), 458; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15100458 - 12 Oct 2022

Cited by 2 | Viewed by 2315

Abstract

Consumer engagement is defined as a multidimensional concept in this study via the identification of members of a sports club social network and consumer identification with a sports club brand on social networks. Hence, the study focuses on sports clubs that engage with their customers through social media. The purpose of this paper is to provide a conceptual and theoretical understanding of consumer engagement, particularly among sports teams that employ interactive platforms to establish relationships with customers. Furthermore, in order to better comprehend the interaction between consumer and brand, this research approaches customer identification as consisted of two distinct constructs. Consumer identification with members of a sports club social network is separated from customer identification with a sports club brand. Research results point out that the consumer identification with members of the sports club’s social network and consumer identification with the sports club’s brand are positively related to consumer engagement. Furthermore, the value creation process is enhanced if the sport club approaches separately different dimensions of customer engagement in the social networks of the sports club. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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21 pages, 680 KiB

Open AccessArticle

Relationship between Advertising Disclosure, Influencer Credibility and Purchase Intention

by Vesna Sesar, Ivana Martinčević and Monika Boguszewicz-Kreft

J. Risk Financial Manag. 2022, 15(7), 276; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15070276 - 23 Jun 2022

Cited by 10 | Viewed by 12070

Abstract

Understanding influencer credibility and online advertising and explaining its implications is the basis for analyzing customer purchase behavior. Novelties in digital marketing are visible in the growth of advertising through digital platforms using micro-influencers, compared to the former trend of using celebrities in creating brand awareness with the purpose to reach many customers and influence their buying decisions. The aim of this study is to examine how advertising disclosure (displayed/not displayed) affects influencer credibility, while analyzing influencer type (celebrity/micro-influencer) as a moderator variable underlying this relationship. Further, this paper investigates whether brand awareness mediates the relationship between influencer credibility and purchase intention. The questionnaire was designed and data were collected from 364 respondents using the convenience sampling method on the student population from one Croatian university. Regression analysis was performed to test the set hypothesis in SPSS using the PROCESS approach and independent sample t-test. The findings show: (1) displayed advertising status increases influencers’ credibility, and (2) this relationship is not moderated by influencer type. Moreover, (3) influencer credibility has a positive and significant relationship with purchase intention, and (4) this relationship is mediated through brand awareness. Research results indicate the importance of advertising disclosure and influencer credibility in influencer marketing, since brand awareness created through influencers’ credibility increased by displayed advertising disclosure significantly affects purchase intention of participants. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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13 pages, 1160 KiB

Open AccessArticle

Factors Influencing Saudi Young Female Consumers’ Luxury Fashion in Saudi Arabia: Predeterminants of Culture and Lifestyles in Neom City

by Areej Algumzi

J. Risk Financial Manag. 2022, 15(7), 274; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15070274 - 21 Jun 2022

Cited by 1 | Viewed by 3733

Abstract

Saudi Arabia has been taking various initiatives (such as improving women’s rights for reduced dependency on male guardians, and creating training opportunities for skills improvement among Saudi locals) for creating an integrated community with diverse cultures and lifestyles as a part of transforming into a knowledge-based economy (Vision 2030). As a part of these initiatives, a new city, the NEOM project, is being constructed in the country, which includes diverse cultures, innovative technologies integrated into the ways of living and working, or simply put, as a new model for sustainable living, working and prospering. This never-before-attempted model in the country may have an impact on the local Saudi culture and lifestyles. In this context, the perceptions towards luxury fashion among the Saudi citizens were identified to be one of the important areas in lifestyles, which may be influenced by progress and development. Therefore, this study identifies and evaluates factors influencing Saudi young female consumers’ luxury fashion in Saudi Arabia, which can act as predeterminants of culture and lifestyles in Neom city. An online questionnaire-based survey was used for collecting data related to the various influencing factors classified from the literature review. A random sampling and snowball sampling approach was adopted to select the female participants across all the regions. A final sample of 775 participants was achieved after filtering the incomplete and ineligible responses. The results revealed that both motivational factors and store factors positively influenced the perceptions towards luxury brands, while significant differences were observed between the groups (educated and uneducated; employed and unemployed), while no differences were observed in relation to external factors. It can be concluded that the perception that luxury is intended for the wealthy and affluent was identified to be irrelevant, and there is a strong influence of external factors, such as social norms, religion, culture, and family on young female consumers’ luxury fashion in Saudi Arabia. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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24 pages, 346 KiB

Open AccessArticle

Influence of the Emotion of Fear on Patterns of Consumer Behavior toward Dietary Supplements during the COVID-19 Pandemic

by Dijana Vuković, Boris Jurič and Iva Krnjak

J. Risk Financial Manag. 2022, 15(6), 257; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15060257 - 08 Jun 2022

Cited by 4 | Viewed by 3493

Abstract

The focus of this paper is placed on the role of emotions in consumer behavior, specifically in the process of purchasing dietary supplements during the COVID-19 pandemic. The theoretical part is based on current knowledge from relevant Croatian and foreign scientific and professional literature on dietary supplements, the COVID-19 pandemic, consumer behavior, decision-making and the impact of emotions on it, while the empirical research portion of this paper details the attitudes of consumers who buy food supplements, the role and importance of different emotions that have a greater or a lesser impact on the purchase of food supplements, with special reference to the timing of the COVID-19 pandemic, and the factors that make consumers decide to purchase food supplements. This research was conducted in the form of a survey that included 257 respondents who were actual users of dietary supplements. It showed that the main drive for buying dietary supplements during the COVID-19 pandemic is the emotion of fear, as the consumers perceived this new disease as a threat to their health and life. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

19 pages, 321 KiB

Open AccessArticle

Consumer Responses to Selected Activities: Price Increases, Lack of Product Information and Numerical Way of Expressing Product Prices

by Mirela Martinčić, Dijana Vuković and Anica Hunjet

J. Risk Financial Manag. 2022, 15(6), 255; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15060255 - 07 Jun 2022

Cited by 3 | Viewed by 4698

Abstract

The importance of constant consumer testing is emphasized in order for companies to deliver the highest value for the quality of products and services. To explain the psychological impact of price on product selection, and other factors that determine consumer behavior, a survey method was applied. When deciding to buy a product, the consumer’s perception of the value of selected re-search products (clothing, footwear, children’s equipment) is crucial and it can often differ from the value derived from the price set by the seller. The conducted research proved that sellers can really influence consumers’ decision to buy a product with their price, and that a large number of consumers perceive the price incorrectly and thus buy more than they planned. Having in mind the subject of this paper, the basic scientific goal was to define a consumer model that integrates factors (variables) influencing consumer behavior to answer the question of how and why con-sumers react to rising product prices, how much they use the importance of information about product quality as a parameter of the decision, and how much consumers when choosing a product notice the price ending in a different number from the number of zeros. As consumer behavior is strongly influenced by a number of factors, it can be defined that the consumer’s response to selected activities: price increases, lack of product information and numerical way of expressing product prices may not contain all factors and their relationships and simplifies the picture of the consumer model. In order to test hypotheses about the extent to which customers are sensitive and willing to replace a product with certain substitutes, i.e., how willing they are to conclude about a product they buy based on price if they do not have enough information about the product and how much zeros are favored by consumers when shopping, an empirical study was conducted on a sample of 214 respondents. The results of the research indicate that in moments when respondents do not have enough information about the product, they are not inclined to draw conclusions solely on the basis of price, and prices ending in odd numbers or non-zero are not more attractive than those ending in zero. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

17 pages, 564 KiB

Open AccessArticle

The Impact of Fashion Brand Sustainability on Consumer Purchasing Decisions

by Doroteja Mandarić, Anica Hunjet and Dijana Vuković

J. Risk Financial Manag. 2022, 15(4), 176; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15040176 - 11 Apr 2022

Cited by 21 | Viewed by 75877

Abstract

The focus of this confirmatory research was on consumer attitudes towards the sustainability of fashion brands and how these attitudes influence their purchasing decisions. The aim was to explore if the gap between attitudes and purchasing behaviour was present within Croatian consumers to the same extent as previous research has shown. A survey was conducted of 263 respondents with purchasing power to examine their perception, awareness of, and attitudes towards sustainability and eco-fashion as consumers. The data collected were analysed using descriptive statistics and correlation analysis. The results suggest that participants have a positive attitude towards the sustainability of fashion brands. Moreover, a positive correlation was found between the importance of fashion brand sustainability and consumers’ decisions to buy sustainable clothing products. However, the sustainability of a fashion brand or product is among the least important factors in their purchasing decision. This could mean that their positive attitude may not necessarily be reflected in actual purchasing behaviour, which is consistent with previous research. The results of this study provide a framework for a greater understanding of the various factors that may influence consumer behaviour, such as the sustainability of a fashion brand or product, potentially facilitating the development of relevant strategies in the fashion industry and changing the way fashion works and is perceived in the future. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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14 pages, 675 KiB

Open AccessArticle

Xenocentrism and Formal Education: Evaluating Its Impact on the Behavior of Chilean Consumers

by Luis J. Camacho, Patricio Ramírez-Correa and Cristian Salazar-Concha

J. Risk Financial Manag. 2022, 15(4), 166; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15040166 - 06 Apr 2022

Cited by 3 | Viewed by 7063

Abstract

Understanding social behavior and explaining its implications is essential when examining consumer xenocentric behavior. This study evaluated the direct effects of consumer xenoncentrism on product attitude and purchase intention of imported products and analyzed the moderating impact of formal education on xenocentric consumer behavior considering groups with higher and low formal education levels. Structural equation modeling technique and multigroup analysis based on samples collected from Chilean consumers were used to analyze the research model. There were 295 effective online questionnaires (42.4% females and 57.6% males). This study’s findings suggest that consumer xenocentric effects are directly related to imported products’ product attitude (G: R² = 0.254; L: R² = 0.121; H: R² = 0.327) and purchase intention (G: R² = 0.454; L: R² = 0.469; H: R² = 0.365). In addition, findings exhibit that xenocentric consumer behaviors are more significant when associated with formal educational level (G: 0.575; L: 0.640; H: 0.443). Therefore, as education levels increase, the xenocentric effect also increases. An important application of these findings is that education in emerging countries and developing economies should strengthen local production valorization and promote marketing strategies that foster the sustainable consumption of products manufactured in their own countries. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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46 pages, 692 KiB

Open AccessArticle

Lessons from Remarkable FinTech Companies for the Financial Inclusion in Peru

by Patricia Vilcanqui Velazquez, Vito Bobek, Romana Korez Vide and Tatjana Horvat

J. Risk Financial Manag. 2022, 15(2), 62; https://doi.org/10.3390/jrfm15020062 - 30 Jan 2022

Cited by 4 | Viewed by 5825

Abstract

Financial inclusion, defined as the adequate access and usage of formal financial services to improve people’s lives, is a crucial area for the economic development of a country through its various angles. This paper analyzes the impact of selected FinTech companies on financial inclusion in their respective countries to obtain lessons of their business models and country environments that can help Peruvian financial inclusion. The selected FinTechs are M-PESA in Kenya, Nubank in Brazil, GCASH in the Philippines, and Easypaisa in Pakistan, which revolutionized the financial sector in their respective countries. However, a comparative study of their impact on financial inclusion in their respective country has not been conducted yet; therefore, the lessons obtained are helpful for the Peruvian situation due to their practical implications and because they raise possible areas for further and deeper research. The approach of this study considered a qualitative and quantitative method (to find a Pearson correlation between the percentage of the population of Country (A) that are users of FinTech (a) and the six selected demand-side indicators per country retrieved from the Global Findex Database) analysis to understand the results obtained. The results obtained indicate that M-PESA and GCASH, companies specialized in providing basic mobile money transactions such as remittances and withdrawals, did not impact the provision of other financial services such as savings or credit cards. In Easypaisa’s case, this company positively impacts the studied indicators, probably due to its original partnership with a microfinance institution. Regarding Nubank, despite its remarkable growth in the last years, the company does not affect financial inclusion in Brazil yet. Nonetheless, after its recent expansion to provide more financial services, future research could assess the impact of this company on Brazilian financial inclusion. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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13 pages, 572 KiB

Open AccessArticle

Xenocentrism and Consumer Buying Behavior: A Comparative Analysis of Malaysian vs. Nigerian Consumers

by Vimala Venugopal, Mário Nuno Mata, Chiemelie Benneth Iloka, Rui D. Dantas, Anabela Batista, João Xavier Rita and José Moleiro Martins

J. Risk Financial Manag. 2022, 15(2), 58; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm15020058 - 26 Jan 2022

Cited by 4 | Viewed by 6379

Abstract

Across the globe, xenocentrism has emerged as a critical concept for understanding the behavior of consumers towards the purchase of local and foreign products. In line with this context, and based on samples collected from Malaysia and Nigeria, this study analyzed the direct effects of xenocentrism on the buying behavior of consumers towards imported products with perceived product quality, purchase intention, and product attitude as the variables used to measure consumers’ buying behavior. XSCALE was used to measure xenocentrism, and the research model was analyzed with the partial least squares form of structural equation modeling. A total of 400 responses were gathered from Malaysia, whereas 453 responses were gathered from Nigeria. Findings from the investigation show that xenocentrism has a positive influence on perceived product quality (Malaysia = 46.7%, Nigeria = 35%), purchase intention (Malaysia = 46%, Nigeria = 47.3%), and product attitude (Malaysia = 39.2%, Nigeria = 38.4%), Based on these findings, this study concluded that xenocentrism is a valid construct for assessing the purchase behavior of consumers in Malaysia and Nigeria towards foreign products competing in their local markets. On the same note, the findings from this research can be used to develop sustainable marketing strategies suitable for xenocentric consumers across Malaysia and Nigeria (in particular), and the entire developing economies (in general). Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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14 pages, 274 KiB

Open AccessArticle

Perception of Consumers’ Awareness about Sustainability of Fashion Brands

by Doroteja Mandarić, Anica Hunjet and Goran Kozina

J. Risk Financial Manag. 2021, 14(12), 594; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14120594 - 09 Dec 2021

Cited by 13 | Viewed by 12813

Abstract

Consumers’ perception, awareness, and behavior toward sustainable fashion were surveyed with a questionnaire in which 263 respondents participated, and obtained data were primarily analyzed using descriptive statistics and t-test. The focus of this research was consumer attitudes toward sustainable business practices of fashion brands. Based on the conducted research, differences were found between sexes in the perception of their own awareness of sustainability in fashion, where women consider their own awareness to be higher than men’s. The perception of fashion sustainability awareness in women younger than 35 and those over 36 was also examined. The research showed a gap between consumers’ awareness, their positive attitude toward sustainable fashion, and a lack of action in that direction when making purchasing decisions. The results of these studies provide a better understanding of one’s own perception of awareness in terms of fashion sustainability and various connected factors, as well as difference in both sexes’ awareness of these factors, which may influence consumer behavior related to sustainable fashion products. Thus they can facilitate the implementation of relevant strategies in the fashion industry. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

15 pages, 594 KiB

Open AccessArticle

Experts’ Perspective on the Development of Experiential Marketing Strategy: Implementation Steps, Benefits, and Challenges

by Ana-Maria Urdea and Cristinel Petrișor Constantin

J. Risk Financial Manag. 2021, 14(10), 502; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14100502 - 19 Oct 2021

Cited by 5 | Viewed by 10759

Abstract

Consumer needs change over time as a result of the fast-paced advancement in technology and the induction of the Internet, expansion that leads to a difficulty for brands to adapt their marketing promotion strategy and trying to remain innovative and effective at meeting their consumers’ expectations. This research investigates what effect experiential marketing campaigns have on both customers’ perception and business outcomes, aiming to develop a deeper understanding of experiential marketing, its challenges, and benefits, to understand customers’ reactions to experiential touchpoints, to explore what type of technology increases experiential perceived value, and to envisage the evolution of experiential marketing strategy. To capture all the important facets of the research objectives, an exploratory survey based on the voices of 31 marketing experts from all around the world was applied. By identifying the key drivers of experiential marketing campaigns in a hybrid setting, the present study highlighted the important role that experiential marketing has as a communication strategy, offering additional insights to marketing specialists on the experiential marketing implementation steps. A theoretical framework of the steps needed to put into practice an experiential marketing strategy was proposed. Full article

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)

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