An Integrative Decision-Making Mechanism for Consumers’ Brand Selection using 2-Tuple Fuzzy Linguistic Perceptions and Decision Heuristics

Abstract

AbstractConsumers perform decision-making (DM) processes to select their preferred brands during their entire consumer journeys. These DM processes are based on the multiple perceptions they have about the products available in the market they are aware of. These consumers usually perform different DM strategies and employ diverse heuristics depending on the nature of the purchase, ranging from more pure optimal choices to faster decisions. Therefore, the design of realistic DM approaches for modeling these consumer behaviors requires a good representation of consumer perceptions and a reliable process for integrating their corresponding heuristics. In this work, we use fuzzy linguistic information to represent consumer perceptions and propose four consumer DM heuristics to model the qualitative linguistic information for the consumer buying decision. In particular, we use 2-tuple fuzzy linguistic variables, which is a substantially more natural and realistic representation without falling in a loss of information. The set of selected heuristics differ in the degree of involvement the consumers give to their decisions. Additionally, we propose a heuristic selection mechanism to integrate the four heuristics in a single DM procedure by using a regulation parameter. Our experimental analysis shows that the combination of these heuristics in a portfolio manner improves the performance of our model with a realistic representation of consumer perceptions. The model’s outcome matches the expected behavior of the consumers in several real market scenarios.