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- Title
Buyer Behavior in a Stagflation/Shortages Economy.
- Authors
Kelley, Eugene J.; Scheewe, L. Rusty
- Abstract
The article discusses the use of behavioral economics as a measure of understanding consumer behavior. The use of behavioral economics is seen as particularly beneficial in times of economic stagnation. Analysts say when inflation erodes purchasing power and shortages restrict the availability of common goods consumers adapt their traditional buying patterns accordingly. They say marketers must use behavioral economics as a way to develop strategies for specific market segments. The most important classes of expectations governing economic behavior are identified as social/life style, product and service, and price and wage.
- Subjects
CONSUMER behavior; STAGNATION (Economics); BUSINESS cycles; PURCHASING; CONSUMPTION (Economics); PRICE inflation; RATIONAL expectations (Economic theory); CONSUMER preferences; DISCRETIONARY income; PURCHASING power; MARKETING strategy; SCARCITY; ECONOMICS
- Publication
Journal of Marketing, 1975, Vol 39, Issue 2, p44
- ISSN
0022-2429
- Publication type
Article
- DOI
10.2307/1250114