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| Author: | Landon, S. Smith, C. E. |
| Title: | The use of quality and reputation indicators by consumers: The case of Bordeaux wine |
| Journal: | Journal of Consumer Policy
1997 : SEP, VOL. 20:3, p. 289-323 |
| Index terms: | PRODUCTS QUALITY REPUTATION DECISION MAKING CASE STUDIES WINE INDUSTRY |
| Language: | eng |
| Abstract: | Based on data from market for Bordeaux wine, the article reports on examination of the relative and absolute impact of current quality and reputation variables on consumer decisions. The estimates indicate that a model of consumer decision making rejects alternative models that include current quality. The results also indicate that reputation has a large impact on the willingness to pay of consumers, and that long term reputation is considerably more important than short term quality movements, and also that consumers react slowly to changes in product quality. Collective reputation is shown to impact on consumer willingness to pay that is as large as that of individual firm reputation. In case reputation and collective reputation are ignored, the estimated impact of current quality and short term changes in quality are overstated. |
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