Predicting Consumer Decisions Using Modified Temporal Motivation Theory
Predicting Consumer Decisions Using Modified Temporal Motivation Theory

Author(s): Pranav Manjunath Bhat, Priyanshu M, S Shruti, Madhav Murthy
Subject(s): Psychology, Marketing / Advertising
Published by: Transnational Press London
Keywords: Predicting Consumer Decisions; Using Modified Temporal; Motivation Theory;
Summary/Abstract: The volatility of markets is heavily influenced by the rapidly changing dynamics of consumer behavior. Therefore, entities that can predict consumer behavior to a reasonable degree have better insights into market trends and can prepare accordingly. This advantage can give them an edge over their competitors and enable them to increase their returns on investment (ROI).The economic potential in being able to predict consumer behavior has motivated many researchers and economists to postulate several theories in the field and even borrow related theories from other fields. One theorythat has shown enormous potential is Temporal Motivation Theory (TMT). Temporal Motivation Theory is an integrative motivational theorydeveloped by Piers Steel and Cornelius J. Konig. It is an amalgamation of expectancy theory, hyperbolic discounting, cumulative prospect theory, and need theory (Steel & König, 2006). According to it, motivation is a function of expectancy, value, delay, and differences between rewards and losses of choices presented. Temporal Motivation Theory finds application in the analysis of procrastination, goal setting, strategic risk behavior, military deterrence,and unlike most other theories, accounts for behavior over time but has not yet found application in consumer behavior.

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