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 AbstractThis article presents a theory developed to explain why consumers make the choices they do. The theory identifies five consumption values influencing consumer choice behavior. Three representative applications of the theory are illustrated pertaining to choices involving cigarette smoking. The illustrations examined include the choice to buy or not buy (or to use or not use) cigarettes, the choice of one type of cigarette over another, and the choice of one cigarette brand over another. Results of the operationalization of the theory suggest that it may be used to predict consumption behavior, as well as to describe and explain it.
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What is theory of consumption?Since consumers and, by extension, economies are risk-averse, consumption theory tells us that they should desire to use financial markets to insure against income risk, thereby smoothing the effects of temporary idiosyncratic fluctuations in income growth on consumption growth.
What is consumer consumption theory?Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget constraints. A branch of microeconomics, consumer theory shows how individuals make choices subject to how much income they have available to spend and the prices of goods and services.
What is customer value theory?Customer value was the difference between the value obtained from a product of customer possession and the cost paid in order to getting the product (Kotler 1998). Customer perceived value was overall evaluation of effectiveness of products formed between customer perceived income and perceived loss. (Zeithmal 1988).
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