The time-harried shopper: Exploring the differences between maximizers and satisficers
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The time-harried shopper: Exploring the differences between maximizers and satisficers Tilottama G. Chowdhury & S. Ratneshwar & Praggyan Mohanty
Published online: 18 October 2008 # Springer Science + Business Media, LLC 2008
Abstract Schwartz and his colleagues have proposed individual differences in consumer decision goals. Maximizers are those who always strive to make the best possible decision, whereas satisficers are those who are usually willing to settle for a “good enough” option. In this study, we explore the influence of the maximizing trait in situations where consumers have to make quick purchase decisions. The context for our empirical study is online gift purchases made under a time constraint. The results support our predictions that maximizers (vs. satisficers) engage in more prepurchase browsing behavior and also perceive more decision time pressure. Furthermore, these effects are moderated by the size of the available choice assortment. The results also show that maximizers are more likely to change their initial time-constrained choices if given the opportunity to do so. We discuss the implications of the research for the study of individual differences in consumer behavior and also for customizing retail sales and Internet marketing tactics based on buyer segmentation. Keywords Consumer decision making . Maximizing trait . Time pressure . Browsing behavior . Assortment size Consider the context of buying a Christmas gift for a good friend. How many of us would strive to find the truly perfect gift? Given the unremitting shortage of time that seems to characterize modern life (Hochschild 1997), the answer is, probably not many. But recent research in psychology by Schwartz and his colleagues has shown that people vary considerably when it comes to striving for an optimal
T. G. Chowdhury (*) Department of Marketing and Advertising, Quinnipiac University, 275 Mount Carmel Avenue, Hamden, CT 06518-1964, USA e-mail: [email protected] S. Ratneshwar : P. Mohanty University of Missouri, Columbia, MO, USA
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Market Lett (2009) 20:155–167
decision (Iyengar et al. 2006; Schwartz 2004; Schwartz et al. 2002). Schwartz et al. (2002) refer to this individual difference variable as the maximizing trait. Maximizers are thought to be individuals who seek to make the best possible decision in a wide range of situations. Satisficers, in contrast, are those who are more likely in general to settle for an option that is perceived to be good enough (Schwartz 2004). Scholarly researchers agree that it is quite vital for us to understand the role of individual difference variables in consumer decision-making processes (Simonson and Nowlis 2000). In this regard, Schwartz’s maximizing construct seems intuitively very appealing and potentially quite important for illuminating certain kinds of consumer decisions. Specifically, Schwartz’s (2004) representation of the maximizer resurrects the notion of the “rational man” or the “economic man” that has been featured in the seminal work of Simon (1955, 19
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