Impact of financial risk on U.S. apparel buyers' need for information sources and information on product characteristics and vendor reputation

Having pertinent information is a key to successful and profitable apparel purchasing. Fashion apparel buyers use information sources to obtain information on product characteristics and on vendor reputation. The perceived financial risk of the purchasing activity has been shown to affect ratings of importance of the need for information. Few studies have addressed how fashion apparel buyers evaluate and react to perceived financial risk in their purchasing task. The purpose of this study is to examine the impact of high and low perceived risk on U.S. apparel buyers' need for information sources and for information on product characteristics and vendor reputation variables during the apparel purchasing decision making process. Data (N=110) were obtained from a random sampling of apparel buyers listed in the Million Dollar Directory (1995). The questionnaire, administered through a mail survey, contained two scenarios and demographic questions about the buyers and their firms. Based on the scenarios, respondents rated the importance of the need for information sources and for information types. Data were analyzed using matched pair t-tests, analysis of variance with post-hoc tests, multiple regression, and Pearson product moment correlations. Matched pair t-tests showed that the respondents’ importance ratings for the information sources, product characteristics, and vendor reputation variables varied in the two risk scenarios. Analysis of variance results showed that the need for the upper management and another buyer/peer information sources and for information on consumer demand, ability to meet specifications, and delivery reliability were significantly more important than the other listed information sources or types. Multiple regression analysis showed that the ratings of a chance of a financial gain or loss were negatively related to the firms' store type in both scenarios and positively related to the buyers' experience in buying imported apparel in the high perceived risk scenario. In the low risk scenario, the buyers' frequency of being confronted with such a scenario was positively related to their rated chance of a financial loss or gain. Pearson correlations revealed mostly positive correlations between information sources and types of information. The results of this study show that perceived financial risk is an important variable in the apparel purchasing decision making process. Overall, the importance ratings of information sources and types of information are consistent with the findings of related previous studies.

Name thesis:degree_name

Ph. D.

Level thesis:degree_level

doctoral

Discipline thesis:degree_discipline

Clothing and Textiles

Department dc:contributor.department

Clothing and Textiles

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

1996

Author dc:creator

• Doss, Farrell Dean

Chair dc:contributor.committeechair

• Littlefield, James E.

Committee members dc:contributor.committeemember

• Norton, Marjorie J. T.
• Fortune, Jimmie C.
• Cloud, Rinn M.
• Moore, Carolyn L.

• fashion apparel buyers

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Language dc:language.iso

en

Dc Identifier Other

etd-10262005-143602

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/40259