Expectancy Value Model
Expectancy value model is defined as the theory that states people or consumers will tend to evaluate the features of a service or produce based on preferences and in order of importance. In simple terms, if any service or product has numerous favorable qualities, it is likely that the buyer will buy the product or service on basis of the total sum of the attributes that appeal to them most.
According to the model, weights will be allotted to all features on the terms of fondness. For instance, a consumer is in the market shopping for a laptop and they have 3 choices to work with. These 3 options include the overall design, memory power of the machine and its portability. With these alternatives to work with, the buyer will begin to rat the attributes of the 3 options on a numerical scale.
They will then multiply the numbers they get with the weights given to each. Once the work of numbers is completed, the laptop that has the highest score is ultimately the best choice. Expectancy value model is also known as Fishbein model. However, when the consumers are rating the product or service, there is no minimum rate on a characteristic that is a must to be met.
As a matter of fact, a high rate on any one of the characteristic can compensate for the low rating of another. It is because of this fact that the model is known as one of the compensatory models. For instance, someone shopping for a car might not be happy with the price but they will end up buying it anyway because it exceeds their consumer expectations for braking performance and fuel efficiency.
Expectancy value model is also linked to the gratifications and uses theory. It was founded in the 1970s by Martin Fishbein and the core of the model is that behavior is the key function of expectancies that individuals have and the values of the goals towards which they are working. It predicts that when there is more than one behavior the behavior selected will have the greatest combination of expected value and success.
The model has proven to be extremely beneficial in explaining achievement motivation, social behaviors as well as work motivation. Some of the elaborated aspects of the model include the Fishbein’s theory of behavioral intentions and action, expectancy value of achievement motivation model and Rotter’s social learning theory etc.
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