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Research Proposal What attributes of eco-labels are important to consumers - Essay Example

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Eco-labels refers to the seals of approval that products that have minimal impact on the environment are given (Leopold Center & Iowa University Business Analysis Laboratory, 2004). The use of eco-labels continues to gain popularity among manufacturers and consumers…
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Research Proposal What attributes of eco-labels are important to consumers
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Download file to see previous pages This research proposal seeks to ascertain the eco-label attributes that consumers consider important.
Eco-labelling has the fundamentals of information economics written all over it. Eco-labels help consumers in understanding the impact of a product on the environment. They use the information to make a decision on whether to support the product or not (FAO, n.d.). In economics, Stigler portrays information is a valuable resource. For example, a consumer will go around asking for product prices from different sellers. The consumer will continue asking until he or she gets the lowest price. It is apparent that the consumer will not relax until the marginal cost of the product equals the marginal cost of obtaining additional information (FAO, n.d.) Eco-labels provide valuable information on product characteristics, history, and cost, which influences consumer decisions (Delmas & Lessem, 2014).
The level of importance that consumers attach to eco-labelling is high because eco-labels contain information about the product quality (Teisl, Roe, & Hicks, 2002). Research has shown that information of product quality is very difficult to obtain in the marketing compared to information on prices (Leopold Center & Iowa University Business Analysis Laboratory, 2004). Consequently, consumers are willing to pay higher for the information product quality (Loureiro & Lotade, 2005). It helps them avoid purchasing disappointing products. The level of uncertainty that come with product labels can push consumers to prefer information on quality. Therefore, consumers prefer the quality attribute of eco-labels on products (Delmas, 2010).
Eco-labels influence consumer product preferences. A comprehensive theoretical analysis of the economics of analyzes reveals that some consumers will make purchasing decision based on the eco-labels. Typically, consumers make purchase decisions based on product quality and price. In fact, some consumers can purchase products at ...Download file to see next pagesRead More
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