Consumer Psychology: Retrospect and Prospect - PowerPoint Presentation

Slide1

Consumer Psychology: Retrospect and Prospect

Hans BaumgartnerPenn State University

Slide2

OverviewRetrospectInfluential streams of research in consumer psychology (1956-2007)Types of influential articlesProspectConsumer psychology in the third millenniumExamples of recent research originating in the substantive, conceptual and methodological domains

Slide3

Which research streams and articles have had an impact?Citation analysis (based on SSCI) for all articles published in JCR (1974-2007),

JMR (1964-2007), and

JM (1956-2007)For articles published since 1974:

(1)

Total # of articles

(2)

Total # of

citations

(3)

(2) ÷

(1)

(4)

# of articles cited ≥ 100

(5)

# of citations of articles cited ≥ 100

(6)

(4) ÷

(1)

(7)

(5) ÷

(2)

JCR

1,503

58,232

39

125

22,285

8%

38%

JMR

1,646

57,966

35

112

23,512

7%

41%

JM

1,374

58,279

42

150

32,373

11%

56%

Overall

4,523

174,477

39

387

78,170

9%

45%

Slide4

Categorization of influential articlesArticles were classified using the scheme shown on the next slide;Articles in

JCR, JMR

, and JM

were categorized;

Articles with at least 100 citations are shown (the number of citations follows each article), although articles with a smaller number of citations were also classified;

Articles reporting empirical studies are underlined;

Slide5

The purchase process

Marketing influences

Psychological

foundation

Environmental

influences

Physical environ-mental influences

Social environ-mental influences

Cognition

Affect

Motivation

&

personality

Product

programs

Price programs

Marketing communication programs

Distribution programs

Types of purchase behavior

Decision making and choice

The consumption experience

Post-purchase processes

Categorization of research streams

Slide6

Consumer knowledge, expertise and familiarityAlba and Hutchinson (1987) 579

Consumer memoryLynch and Srull (1982)

172

Consumer inferences

Meyer

(1981)

108

,

Huber and McCann

(1982)

142

,

Folkes

(1988)

135

,

Kardes

(1988)

100

Imagery processing

MacInnis

and Price (1987)

114

Consumer learning

Hoch and Ha

(1986)

193

, Johnson and Russo (1984) 190 , Hoch and Deighton (1989) 165

Psychological foundation research: Cognition

Slide7

MoodGardner (1985) 200

Consumption emotionsRichins (1997)

103

Psychological foundation research: Affect

Slide8

Perceived risk Roselius (1971) 118InvolvementConceptual essays

: Bloch and Richins (1983)

129 , Greenwald and Leavitt (1984)

213

Scales

:

Zaichkowsky

(1985)

470

,

Laurent and

Kapferer

(1985)

215

Effects on attention and comprehension

:

Celsi

and Olson

(1988)

277

Psychographics and values

Psychographics

:

Wells (1975)

123

Materialism

: Belk (1985) 189 , Richins and Dawson (1992) 219 Psychological foundation research: Motivation & personality

Slide9

Purchasing motivesShopping motives: Tauber (1972) 108Means-end chains

: Gutman (1982) 195

Consumer personality

Review of theories

:

Kassarjian

(1971)

128

Innovativeness

:

Midgley

and Dowling (1978)

141

, Hirschman (1980)

117

,

Dickerson and Gentry

(1983)

117

Scales

:

Raju (1980)

143

,

Shimp

and Sharma (1987) 152 , Bearden, Netemeyer, and Teel (1989) 146The selfSelf-concept: Sirgy (1982) 181Products as social stimuli: Solomon (1983)

195

Possessions and the extended self

:

Belk (1988)

495

Psychological foundation research: Motivation & personality (cont’d)

Slide10

Types of purchase behavior:Hedonic consumption: Holbrook and Hirschman (1982) 414

, Hirschman and Holbrook (1982) 279Utilitarian/hedonic shopping value

: Babin, Darden, and Griffin

(1994)

171

Variety seeking:

McAlister and

Pessemier

(1982)

140

Impulsive and compulsive buying

:

Rook

(1987)

171

,

O’Guinn

and Faber

(1989)

186

Decision making and choice:

Consumer search

Amount of search:

Newman and Staelin

(1972)

124 , Punj and Staelin (1983) 127 , Brucks (1985) 251 , Bloch, Sherrell, and Ridgway (1986)

160

,

Beatty and Smith

(1987)

170

Information overload: Jacoby, Speller, and Berning (1974)

140

, Jacoby, Speller, and Kohn (1974) 169 , Malhotra (1982) 111

The purchase process

Slide11

Decision making and choice (cont’d):Preference formation:Multi-attribute model: Wilkie and Pessemier (1973)

320Affective influences

: Zajonc and Markus (1982)

196

Schemas

:

Sujan

(1985)

253

,

Meyers-Levy and

Tybout

(1989)

159

Time-inconsistent preferences and affect vs. cognition in choice

:

Hoch and

Loewenstein

(1991)

134

,

Shiv

and

Fedorikhin

(1999)

125

Pioneering advantage: Carpenter and Nakamoto (1989) 193The decision making process:Decision-making strategies and constructive choice processes:Wright (1975) 157 , Bettman and Kakkar (1977)

179

,

Lussier

and

Olshavsky

(1979) 121 , Bettman and Park (1980)

281

, Park and Lessig (1981) 113 , Bettman, Luce, and Payne (1998)

225

, Luce (1998) 106Lack of decision making: Olshavsky and Granbois (1979) 131Cost of thinking: Shugan (1980) 205Noncomparable alternatives: Johnson (1984) 126 , Bettman and Sujan (1987) 126

The purchase process (cont’d)

Slide12

Decision making and choice (cont’d):Consideration sets: Nedungadi (1990)

156 , Hauser and Wernerfelt (1990)

144

Consumer choice:

Memory-based choice

:

Lynch,

Marmorstein

, and

Weigold

(1988)

120

Attraction and compromise effects

:

Huber, Payne and

Puto

(1982)

256

,

Huber and

Puto

(1983)

106

, Simonson (1989)

255

,

Simonson and

Tversky (1992) 259Regret and choice deferral: Simonson (1992) 126 , Dhar (1997) 102Post-purchase processesConsumer satisfactionExpectations:

Cardozo

(1965)

104

,

Anderson

(1973) 149ED models: Oliver (1980) 593 , Churchill and

Surprenant

(1982) 314 Repurchase and switching: LaBarbera and Mazursky (1983) 113 Alternative comparison standards: Cadotte, Woodruff, and Jenkins (1987)

149

, Tse and Wilton (1988) 205The purchase process (cont’d)

Slide13

Post-purchase processes (cont’d)Consumer satisfaction (cont’d)Equity theory: Oliver and Swan (1989)

104 ,

Oliver and Swan (1989)

186

Comparison of theories

:

Oliver and DeSarbo

(1988)

191

Desires congruency

:

Spreng

,

MacKenzie

, and

Olshavsky

(1996)

160

Positive/negative performance

:

Mittal

, Ross, and

Baldasare (1998) 106

Affective influences:

Westbrook (1987)

183

, Westbrook and Oliver (1991) 165 , Oliver (1993) 213 , Mano and Oliver (1993) 163

Satisfaction indices

:

Fornell

(1992)

239 , Fornell et al. (1996) 220

Satisfaction, loyalty, and repurchase

Oliver (1999) 197 , Garbarino and Johnson (1999) 219 , Mittal and Kamakura (2001)

112

Consequences of dissatisfactionBearden and Teel (1983) 176 , Richins (1983) 168 , Folkes (1984) 151The purchase process (cont’d)

Slide14

Situational influencesBelk (1975) 225 , Milliman

(1982) 118

Adoption of innovation

Gatignon

and Robertson (1985)

181

,

Steenkamp,

ter

Hofstede

, and

Wedel

(1999)

112

Interpersonal influences

WOM influence

:

Arndt

(1967)

109

,

Brown and Reingen

(1987) 106,

Herr, Kardes, and Kim

(1991)

135

Reference group influence: Bearden and Etzel (1982) 129Market mavens: Feick and Price (1987) 114 Household and group decision makingDavis and Rigaux (1974)

113

, Davis (1976)

133

Consumer socialization

Ward (1974)

131

Environmental influences

Slide15

Quality and valueExpectations and quality: Olshavsky and Miller (1972) 107

Quality, price, and value: Zeithaml (1988)

568

Extrinsic cues

:

Rao

and Monroe

(1988)

137

,

Rao

and Monroe (1989)

156

,

Dodds

, Monroe, and Grewal

(1991)

229

Corporate associations

: Brown and Dacin (1997) 119

Brands, brand equity, and brand relationshipsBrand concept management:

Park, Jaworski, and MacInnis (1986) 135

Brand equity: Keller (1993)

387

Brand personality: Aaker (1997) 133 Brand relationships: Fournier (1998) 254Brand extensionAaker and Keller (1990) 232 , Boush and Loken (1991) 125 ,

Park, Milberg, and Lawson

(1991)

122

,

Keller and

Aaker (1992) 138 , Loken and John (1993)

106

, Broniarczyk and Alba (1994) 122Marketing influences: Product programs

Slide16

The service encounter and servicescapesService encounter: Solomon and Surprenant (1985) 184

, Surprenant and Solomon (1987)

102 ,

Arnould

and Price

(1993)

163

Servicescapes

:

Bitner

(1990)

368

,

Bitner

(1992)

262

Crowding and delays

:

Hui

and Bateson

(1991)

111 , Taylor (1994)

114Service quality, value, satisfaction and loyalty SERVQUAL

: Parasuraman,

Zeithaml, and Berry (1985)

980

, Brown and Swartz (1989) 129 , Cronin and Taylor (1992) 526 , Teas (1993) 167, Parasuraman, Zeithaml, and Berry (1994) 230 , Cronin and Taylor (1994) 202 , Zeithaml, Berry, and Parasuraman (1996)

381

Dynamic models

:

Bolton and Drew

(1991)

235 , Bolton and Drew (1991)

124

, Boulding, Kalra, Staelin, and Zeithaml (1993) 321 , Bolton and Lemon (1999) 101

Critical incidents

: Bitner, Booms, and Tetreault (1990) 385 , Keaveney (1995) 168 , Meuter, Ostrom, Roundtree, and Bitner (2000) 128Failure, complaints, recovery, trust and loyalty: Tax, Brown, and Chandrashekaran (1998) 123 , Smith, Bolton, and Wagner (1999) 110 , Sirdeshmukh, Singh, and Sabol (2002) 101Marketing influences: Product programs

Slide17

Price knowledgeDickson and Sawyer (1990) 180Price perception and reference prices

Price perception: Monroe (1973)

184Reference prices:

Winer

(1986)

194

,

Urbany

, Bearden, and

Weilbaker

(1988)

122

,

Grewal, Monroe, and Krishnan

(1998)

111

Unit prices

Russo

(1977)

128

Price-oriented sales promotions

Loyalty and brand switching

:

Dodson, Tybout, and

Sternthal (1978)

111

Deal-prone consumers: Blattberg, Buesing, Peacock, and Sen (1978) 103 , Blattberg, Eppen, and Lieberman (1981) 122 Promotion signals: Inman, McAlister and Hoyer (1990) 123

Marketing influences: Price programs

Slide18

Advertising in generalResnik and Stern (1977) 124 , Pollay (1986)

169 ,

Richins (1991)

142

Information processing of ads

MacInnis

and

Jaworski

(1989)

161

,

MacInnis

, Moorman, and

Jaworski

(1991)

131

Information processing of pictures in ads

Edell

and

Staelin

(1983)

155

, Kisielius and Sternthal (1984)

107

, Childers and Houston (1984)

111

Affect in advertisingGorn (1982) 180 , Aaker,Stayman, and Hagerty (1986) 126 , Batra and Ray (1986) 210 ,

Edell

and Burke

(1987)

224

,

Holbrook and Batra (1987) 197 , Goldberg and

Gorn

(1987) 106 , Burke and Edell (1989) 126Attitude toward the adMitchell and Olson (1981)

347

, MacKenzie, Lutz, and Belch (1986) 254 , Mitchell (1986) 114 , MacKenzie and Lutz (1989) 213 , Brown and Stayman (1992) 138Marketing influences: Advertising programs

Slide19

Attitudes and persuasionHierarchy of effects: Lavidge and Steiner (1961) 213 Expectancy-value model:

Lutz (1975)

100

Cognitive responses

:

Wright

(1973)

181

, Wright (1980)

128

ELM

:

Petty,

Cacioppo

, and Schumann

(1983)

601

,

Park and Young

(1986)

151

Framing: Levin and

Gaeth (1988) 155

, Maheswaran and Meyers-Levy

(1990)

135

Persuasion knowledge model: Friestad and Wright (1994) 208Attitudes and behaviorFishbein model and alternatives: Ryan and Bonfield (1975) 112 , Bagozzi (1982) 116 , Shimp

and Kavas

(1984)

118

, Sheppard,

Hartwick

, and Warshaw (1988) 535 , Bagozzi

and

Warshaw (1990) 123Direct experience: Smith and Swinyard (1983) 123 , Fazio, Powell, and Williams

(1989)

135Marketing influences: Advertising programs

Slide20

Buyer-seller relationshipsSchurr and Ozanne (1985)

137 , Crosby and Stephens (1987) 136

, Crosby and Evans (1990)

359

Electronic shopping

Alba et al. (1997)

273

, Hoffman and Novak (1996)

409

Marketing influences:

Personal selling and distribution programs

Slide21

Cultural/interpretive papersSherry (1983) 127, McCracken (1986)

230

, Belk,

Wallendorf

, and Sherry

(1989)

231

, Mick (1986)

152

,

Belk, Sherry, and

Wallendorf

(1988)

134

,

Wallendorf

and

Arnould

(1988)

138

, McCracken (1989)

105

,

Mick and Buhl

(1992)

111

,

Celsi, Rose, and Leigh (1993) 130 , Schouten and McAlexander (1995) 122 , Firat and Venkatesh (1995)

120

,

Muniz and

O’Guinn

(2001)

115Methodological papersConjoint analysis: Green and Srinivasan

(1978)

627 , Green (1974) 114SEM: Gerbing and Anderson (1984)

109

, Steenkamp and Baumgartner (1998) 307 , Jarvis, MacKenzie, and Podsakoff (2003) 141Qualitative approaches: Kassarjian (1977) 297 , Thompson, Locander, and Pollio (1989) 170 , Kolbe and Burnett (1991) 122 , Spiggle (1994)

107

Other papers

:

Calder, Phillips, and

Tybout

(1981)

243

, Blair and Burton (1987)

121

, Peter, Churchill, and Brown (1993)

106

, Peterson (1994)

155

Miscellaneous research in JCR

Slide22

Proportion of total citations accounted for by different areas and journals

JCR

JMR

JM

All

Psychological

Foundations

12

2

2

17

Prepurchase

processes

15

3

1

19

Postpurchase

processes

3

6

4

12

Environmental influences

3

0

1

4

Product programs

3

4

17

23

Price programs

1

1

1

4

Advertising programs

10

4

3

17

Distribution

programs

0

0

3

3

Total

48

21

31

100

Slide23

Types of influential articlesMethodological articles:New methodological techniques and procedures(e.g., Fornell and Larcker 1981; Thompson, Locander, and Pollio 1989; Bitner, Booms, and Tetreault

1990)Guidelines on how to use particular techniques and procedures(e.g., Green and Srinivasan 1978; Kassarjian 1977; Steenkamp and Baumgartner 1998; Calder, Phillips, and

Tybout 1981)Syntheses of research evidence on a particular technique(e.g., Peterson 1994)

Slide24

Conceptual articles:New perspective/idea essays(e.g., Lavidge and Steiner 1961; Holbrook and Hirschman 1982; Zajonc and Markus 1982; Belk 1988; Friestad and Wright 1994)Minitheories of particular substantive phenomena(e.g., Parasuraman, Zeithaml, and Berry 1985;

Zeithaml 1988; Keller 1993; Fornell et al. 1996)Analytical frameworks(e.g., Shugan 1980; Hauser and

Wernerfelt 1990)Propositional reviews of a research area(e.g.,

Gatignon

and Robertson 1985; Alba and Hutchinson 1987;

Bettman

, Luce, and Payne 1998)

Quantitative and qualitative syntheses of research evidence

(e.g., Sheppard,

Hartwick

, and

Warshaw

1988; Gardner 1985;

Wilkie

and

Pessemier

1973)

Types of influential articles (cont’d)

Slide25

Empirical articles:Studies that introduce a new concept, effect, or modelMitchell and Olson (1981); Winer (1986); Aaker and Keller (1990); Fournier (1998)Huber, Payne, and Puto (1982); Simonson (1989)Oliver (1980); MacKenzie, Lutz, and Belch (1986)Studies that test, extend, or challenge prior concepts, effects, or models

Petty, Cacioppo, and Schumann (1983) Sujan (1985); Simonson and Tversky (1992)

Cronin and Taylor (1992) Studies in popular research areasBettman and Park (1980);

Brucks

(1985);

Edell

and Burke (1987);

Celsi

and Olson (1988)

Scale development studies

Zaichkowsky

(1985);

Richins

and Dawson (1992)

Types of influential articles (cont’d)

Slide26

Consumer psychology in the third millenniumFragmentation of the fieldBehavioral, managerial and quantitativePositivistic vs. interpretiveBDT vs. information processing/social cognitionMany empirical findings – few integrative theoriesSome personal thoughts on needed researchWhat we don’t need more ofWhat we need more of

Slide27

What we don’t need more ofPhenomenon-, theory-, and method-of-the-month papersPreoccupation with esoteric phenomena, theories, and methodsCounter-intuitive or theory-inconsistent findings that are not germane to consumer behaviorStudies that are more relevant to a foundational discipline than to consumer behavior and marketing

Slide28

What we need more ofCB-relevant substantive phenomena as the starting point of researchGreater concern with ecologically valid manipulations, measures, and research settingsContextualized theories of the middle range that integrate empirical findingsELMExtended ED model of consumer satisfactionGAP model of service quality

Slide29

The purchase cubeBased on Baumgartner (2002, forthcoming)

Slide30

The purchase cube (cont’d)Based on Baumgartner (2002, forthcoming)

Slide31

Recent research streamsSubstantively-motivated researchPrice fairnessThe mere-measurement effectOther examplesConceptually-motivated researchPromotion and prevention focusOther examplesMethodologically-motivated researchConsumer neuroscienceImplicit association test

Slide32

Price fairness as a prototype of recent substantively-motivated researchPrice fairness as a “consumer’s assessment and associated emotions of whether the difference (or lack of difference) between a seller’s price and the price of a comparative other party is reasonable, acceptable, or justifiable” (Xia, Monroe, and Cox 2004; see also Bolton, Warlop, and Alba 2003)Xia et al. (2004) list 21 studies relevant to price fairness (including research outside marketing and non-price research);Consumer perception of price fairness is a topic uniquely suited to consumer research;Rich literature base related to fairness in other areas;

Potential for theory building in the pricing area is huge;Implications for pricing management are substantial;

Slide33

Asking questions about future behavior can change the behavior in question;Morwitz, Johnson, and Schmittlein (1993) showed that asking respondents once whether they planned to buy an automobile (PC) in the next 6 months increased the incidence of purchase by 37 (18) percent;Similar results for voting, volunteering, recycling, etc.Theoretical explanations include increased accessibility of attitudes, avoidance of dissonance, etc.Fitzsimons and Moore (2008) discuss the implications of this research for screening adolescents for risky behaviors such as drug and alcohol use or sexual behaviors;

The mere-measurement effect as a prototype of recent substantively-motivated research

Slide34

Other substantively-motivated research developmentsNew marketing technologies (internet recommendation systems, on-line communities, design of web pages, virtual product experiences, customization, self-service technologies)Customer relationship managementFinancial consequences of satisfactionCross-cultural consumer behaviorReally new productsBrand communitiesIdentity signaling

Sales promotion (loyalty and frequency programs)Product assortmentsTransformative consumer behavior and consumer welfareCorporate social responsibility and consumer boycotts

Slide35

Two types of regulatory focus (Higgins 2002):Promotion focus as self-regulation w/r/t the presence or absence of positive outcomes; concern with ideals and accomplishments; preferred means of goal attainment is eagerness; emotional reactions of cheerfulness and dejection;Prevention focus as self-regulation w/r/t the presence or absence of negative outcomes and a concern with oughts and security; preferred means of goal attainment is vigilance; emotional reactions of quiescence and agitation;Regulatory focus theory as a prototype of recent conceptually-motivated research

Slide36

The unconscious consumer and automaticity (Bargh 2002; Dijksterhuis et al. 2005)Self-control and ego-depletion (Baumeister et al. 2008; Vohs and Faber 2007);Construal Level Theory (Trope, Liberman and Wakslak 2007)Terror management (Arndt, Solomon, Kasser, and Sheldon 2004)Metacognitive

experiences (Schwarz 2004)Regret theory (Zeelenberg and Pieters 2007)Other conceptually-motivated

research developments

Slide37

In the brand personality literature, humanlike traits are ascribed to brands;Yoon et al. (2006) investigated, using fMRI, whether trait judgments about people and products (both self-relevant and nonself-relevant) are processed in similar regions of the brain;the findings indicated that brand personality was processed differently from human personality; Consumer neuroscience as a prototype of recent methodologically-motivated research

Slide38

IAT as a measure of implicit consumer social cognition (Brunel, Tietje, and Greenwald, 2004);Useful when people are unable (e.g., because of lack of conscious awareness) or unwilling (e.g., because of social desirability concerns) to reveal their opinions;Disguised, unstructured procedure for assessing the strength of automatic associations between concepts (e.g., brand attitudes, consumer-brand relationships, attitudes toward ethnic spokespeople in ads);IAT as a prototype of recent methodologically-motivated research

Slide39

JCP as the outlet for “extraordinary ideas” about consumer psychologyCW Park suggests the following under-researched areas:The role of learning in consumer behaviorAesthetic experience in consumptionPerspectives on consumers’ cognitive flexibility beyond the cognitive miser viewHedonic consumptionConsumers’ relationships with brandsCulture and consumer psychologyNeuroscience approaches

Temporal interdependencies between purchase and consumption activitiesJoint decision making of users, deciders, disposers, and purchasers

Slide40

Additional readingsHaugtvedt, Curtis P., Paul M Herr, and Frank R. Kardes, eds. (2008), Handbook of Consumer Psychology, New York, NY: Lawrence Erlbaum.Loken Barbara (2006), “Consumer Psychology: Categorization, Inferences, Affect, and Persuasion,” Annual Review of Psychology, 57, 453-485.

Simonson, Itamar, Ziv Carmon, Ravi Dhar, Aimee Drolet

, and Stephen M. Nowlis (2001), “Consumer Research: In Search of Identity,” Annual Review of Psychology

, 52, 249-275.

Slide41

The three domains of research

(Brinberg and McGrath 1985; Lutz 1989)

Conceptualdomain

Substantive

domain

Methodo

l

ogical

domain

Slide42

ELM as a prototype of conceptually-motivated research

persuasive

communication

motivation

to process ?

ability

to process ?

nature of cognitive processing ?

favorable

thoughts

predominate

unfavorable

thoughts

predominate

neither or

neutral thoughts

predominate

central positive

attitude change

central negative

attitude change

yes

yes

no

no

peripheral

attitude shift

peripheral

cue present ?

yes

yes

yes

yes

Based on Petty and

Cacioppo

(1986)

Slide43

Conceptually sophisticated theory of the middle range that integrates many disparate persuasion findings;Useful mental model for thinking about persuasion problems in practice – variables can influence the extent and direction of attitude change by:serving as persuasive arguments (e.g., weak vs. strong arguments);serving as peripheral cues (e.g., source expertise or attractiveness, number of arguments);affecting the extent and direction of message elaboration (e.g., involvement as a determinant of motivation to process and distraction as a determinant of ability to process);

ELM (cont’d)

Slide44

perceived

quality

customer

expectations

perceived

value

customer

satisfaction

customer

complaints

customer

loyalty

American Customer Satisfaction Index

(

Fornell

et al. 1996)

Slide45

The GAPS model

WOM

Personal Needs

Past Experience

External

Communication

to Consumers

Expected Service

Perceived Service

Service Delivery

Translation of Mgmt.

Perceptions into SQ specs

Management Perceptions

of Consumer Expectations

GAP 3

GAP 2

GAP 5

GAP 1

GAP 4

C

O

N

S

U

M

E

R

M

A

R

K

E

T

E

R

Slide46

Purchase motives underlying the purchase cube

Slide47

Price fairness as a prototype of recent substantively-motivated researchBolton, Warlop, and Alba (2003) show thatConsumers underestimate the effects of inflation and attribute rising prices to vendor price gouging;Consumers attribute price differences across competitors more to profit than cost; even when profits are equal, cost differences matter (e.g., quality differences are considered fair, use of a margin strategy as unfair);Consumers have poor mental models of a firm’s cost structure; less salient costs (with the exception of COGS) are often ignored and perceptions of profit margins are too high; certain costs (e.g., promotional costs) are deemed unfair;

Slide48

Schematic representation of the IATMan United or Pleasant

Chelsea or Unpleasant

√

Love

Χ

Χ

√

Χ

Vomit

√

√

Χ

Man United or Unpleasant

Chelsea or Pleasant

Χ

Freedom

√

Χ

√

√

Sickness

Χ

√

Χ