ISSN 2394-5125
 

Research Article 


A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb.

Abstract
Consideration set comprises of all those brands that a consumer judge before purchasing a product. The set size may be determined by consumer‟s limitation on information processing abilities, purchasing power or consumer‟s inability to make explicit utility comparisons across all the brands. The consideration set for purchasing a product is one of the interesting aspects for market researchers. Due to globalization one of the major focuses of market research is understanding and predicting of consumer‟s brand choice behavior. The main purpose of this paper is to estimate the size of the consideration set for some selected staple goods and to compare between the consumers of rural and urban area. The staple goods viz. rice, salt, edible oil and tea are considered for the study. The shrinkage Bayes estimator is used to estimate the consideration set size for each of the staple goods. The paper also looks into the factors which influence consumer‟s consideration set size. To identify the factors responsible for the size of the consideration set for the different goods, Poisson regression is used. The study reaches the conclusion that size of the consideration set of urban is greater than that of the rural customers for the staple goods rice, edible oil and tea. However, in case of salt, the size of the consideration set does not differ.

Key words: Bayes estimator, Monte Carlo simulation, Poisson regression, staple goods.


 
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How to Cite this Article
Pubmed Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. JCR. 2020; 7(16): 3438-3453. doi:10.31838/jcr.07.16.442


Web Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. http://www.jcreview.com/?mno=138706 [Access: April 10, 2021]. doi:10.31838/jcr.07.16.442


AMA (American Medical Association) Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. JCR. 2020; 7(16): 3438-3453. doi:10.31838/jcr.07.16.442



Vancouver/ICMJE Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. JCR. (2020), [cited April 10, 2021]; 7(16): 3438-3453. doi:10.31838/jcr.07.16.442



Harvard Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb (2020) A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. JCR, 7 (16), 3438-3453. doi:10.31838/jcr.07.16.442



Turabian Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. 2020. A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. Journal of Critical Reviews, 7 (16), 3438-3453. doi:10.31838/jcr.07.16.442



Chicago Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. "A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach." Journal of Critical Reviews 7 (2020), 3438-3453. doi:10.31838/jcr.07.16.442



MLA (The Modern Language Association) Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb. "A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach." Journal of Critical Reviews 7.16 (2020), 3438-3453. Print. doi:10.31838/jcr.07.16.442



APA (American Psychological Association) Style

Manash Pratim Kashyap, Seema Sarma, Mrinal Kanti Deb (2020) A Quantification of Consideration Set Size of Rural and Urban Customers: A Bayesian Approach. Journal of Critical Reviews, 7 (16), 3438-3453. doi:10.31838/jcr.07.16.442