chapter 11 flashcards
what is Queuing Theory?
the psychological dimension of time-how we experience it
what are the two sides of Queuing Theory?
- a consumer’s experience of waiting can radically influence their perceptions of what they get at the end of the wait. although we often assume that something must be pretty good if we have to wait for it, the negative feelings aroused by long waits can quickly turn customers off
- on the other hand, they reasons that a bigger purchase compensates for the extra time they had to spend waiting
what is show rooming ?
the practice of visiting physical retail spaces to experience product before purchasing the same product online
what does the growth of showrromtng mean?
that there is increasing pressure to offer the lowest price, and price matching is one way brands have countered this behaviour. it also highlights that, for some products and some consumers, been able to visit a physical store and see the product is person is important
what is the Evolution of Product Ownership?
people no longer want to buy things. We are witnessing the rise of the sharing economy, or what is sometimes called collaborative consumption, where consumers purchase and own fewer tangible goods and shift toward other models that allow for temporary ownership, shared ownership, or even experiences of products
what is fuelling the Revolution of Product Ownership?
- primarily due to the technology that dramatically lowers transaction costs, so it’s much easier to share assets and track them across large numbers of people.
- the weak relationship researchers find between knowing more “stuff” and happiness.
- many people appreciate the intimacy of exchange items with “real people” rather than getting them from big companies
