Comparative analysis of chinese and korean consumers’ response to credence goods

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Abstract

Genetically modified (GM) food products are credence goods which remain undetected even after consumption. It is difficult, if not impossible, for consumers to determine whether a GM product has health or safety risks. Thus, GM food continues to advance and new GM food is continuously being developed and diversified with industry globalization, yet stakeholders such as government, food industry and consumers are reluctant to accept GM products comfortably due to its credence nature. In developing and implementing policy and marketing strategies for successful commercialization of a GM product, it is important to assess factors affecting consumers' purchase intention as for GM products. This study assesses consumers in China and Korea regarding their response to credence goods such as food products with GM characteristics. By conceptualizing the main determinants of consumers' choice behaviour for credence goods with structural equation modelling (SEM), the paper provides insights regarding future strategies and recommendation for marketing and policy development of GM products in these countries. China and Korea showed different levels of awareness and concerns toward GM food. This suggests that development of policy and marketing strategies for GM products should be differentiated for these two markets.

Original languageEnglish
Pages (from-to)238-248
Number of pages11
JournalActual Problems of Economics
Volume2010
Issue number12
StatePublished - 2010

Keywords

  • China
  • Consumer behaviour
  • Credence goods
  • Genetically modified food
  • Korea
  • Multi-attribute model

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