Retail Buying and Disposing
When it comes to the GWC Valve company, it is important for them to understand what drives their consumers to purchase their products and there are many different factors to this. The most important factor includes temporal factors, which involves both economic time and psychological time.
When it comes to making decisions based on economic time, this ahs to do with time style, which means that the consumers try to maximize satisfaction by dividing time among different tasks. Time poverty is a saying and this means that one-third of Canadians feel rushed when shopping, marketing high tech innovations allow us to save time and finally the polychromic activity/multitasking also makes consumers make certain decisions. For the psychological time, this is the consumers’ perception of time while they are shopping with an intention to purchase or just browsing around with no intention to purchase. These factors deal with the flow time, the occasion time, the deadline time, their leisure time and the amount of time they actually have to kill while in a retail store. There is said to be four dimensions of time and these include the social dimension, the temporal orientation dimension, the planning orientation dimension and the polychronical orientation dimension of time.
There are also five different metaphors used that they say capture the consumers’ perspectives on time for a retailer and this all has to do with how time is a pressure cooker, time is a map, time is a mirror, time is a river and that time is a feast. Consumers also take into consider the queuing theory which is the mathematical study of waiting lines. Consumers can feel different feelings when they are in a retail store depending on if they are waiting for a product, which is said to be a good quality, if there is too much waiting consumers will have negative feelings, and marketers can actually use tricks to minimize psychological waiting time.