The theory of risk perception explains that consumers are aware of undesirable
consequences of their buying decisions (Bauer, 1960). There are a number concepts of
risk perception, but these concepts all have many similarities. In this thesis, the
candidate chooses the definition of Schiffman & Kanuk (2000), in which risk
perception is the perception of uncertainty that consumers face when they cannot
foresee the results of their purchase decisions
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thesis is “food is used to support the function of parts of the human body, has
nutritional effects, makes the body comfortable, increases resistance. and reduce the
risk of disease”.
2.2. Theoretical basis
2.2.1. Theory of planning behavior (TPB)
The TPB assumes that human behavior is purely due to rational control. There
are three conceptually independent factors that determine the intentions: (i) attitude
towards behavior, (ii) subjective norms; (iii) behavior control perception.
Based on TPB theory, the candidate wants to focus on cognitive factors that
control behavior. Functional food are products directly related to consumers' health, the
functional food market in Vietnam has many shortcomings related to consumer
perception (will be written more detail on the research), making intentional dietary
functional food buying behavior more difficult to control. Therefore, it is necessary to
consider more carefully the issues related to perception in general and perception of
behavior control in particular when studying the buying intent of functional food in
Vietnam.
2.2.2. Theory of risk and benefit perception on buying intent
Effects of risk perception on buying intent
Schiffman and Kanuk (2000) assert that consumers are aware of uncertainty (or
risk perception) when consuming products and this affects their buying intent. Risk
perception acts as a barrier to buying intent (Peter & Ryan, 1976). Murphy and Enis
(1986) argue that risk perception creates a sense of loss that can be very large, directly
and significantly influence consumers' buying decisions and behaviors. In addition,
Wood and Scheer (1996) find that the decline of risk perception not only increases the
purchasing power, but also increases the customer's buying intent. As such, risk
perception has a negative effect on buying intent.
Effects of benefit perception on buying intent
Alka Sharma & Palvi Bhardwaj (2015) demonstrated that benefit perceptions
positively affect buying intent of customers (with the test for P - value <0.05). Arijit
Halder, Amit Panda, S Madhav & Shekhar Suman (2014) also reached similar
conclusions when studying the effects of benefit perceptions on festive shopping
online. In a study of buying street food intent, Choi, Ok & Lee (2013) showed that
benefit perceptions of street food positively affect the customers' intention to consume
street food. Thereby showing benefit perception has a positive effect on buying intent.
Effects of risk and benefit perception on buying intent
Choi, Lee, & Ok (2013) examined in detail the perceived factors that influence
consumer attitudes and behavioral intent in Korea towards street food. They makes an
important conclusion about the direction of the impact of these two types of
perceptions: risk and benefit perception both influence food buying intent, in which
risk perception has negative effects, benefit perception has positive effects.
As for the food and medicine sector, most of the research works on individual
factors, such as Schnettler et al. (2014) on the readiness to buy functional food under
the impact of benefit perceptions. MRSuplet et al. (2014) examines the relationship
between risk perception factors and buying intent in the generic drug market. Other
studies examine the effect of general perception along with other factors on direct and
indirect buying intent, such as the study by Golnaz Rezai et al (2017) on functional
food. There has not been a single study in the functional food sector that has placed
risk and benefit perceptions of benefit in the same research model to examine their
effect on buying intent.
2.3. Research background
The functional food market in Vietnam currently has three characteristics as
follows:
- The first characteristic: when it comes to the functional food market today as
well as in the future is the large market size, diversified product portfolio, variety of
types, high growth rate, and profitability. developed at a very good rate. Functional
food are considered as a preventive health tool in the twenty-first century to help
people fight the onslaught of non-communicable chronic diseases.
- The second characteristic: Vietnamese functional food market is the
production of counterfeit products, poor quality counterfeits, and deceiving consumers.
- The third characteristic: It is related to consumer perception of functional
food. Many people today still do not clearly distinguish whether a functional food is a
medicine or not.
Based on the characteristics of the functional food market in Vietnam, the
candidate has a preliminary assessment that consumers' perception is not clear about
food products, factors related to health, money, psychology, Convenience /
convenience will be factors that influence your intention to purchase the functional
food. From the first judgment based on this research context, the candidate conducts a
review of the risk and benefit perception factors and selects the appropriate factors.
2.4. Overview of international research on risk and benefit perception factors
2.4.1. Perception factors
Risk perception factors
Financial risk perception (RRTC)
The RRTC is often described as the consumer perception of a net loss,
including the possibility of the necessary repair, replacement and/or refund (Horton,
1976; Sweeney et al., 1999). More specifically, the RRTC relates to the possibility that
the product / service purchase is not worth the share of the expenditure spent (Roehl &
Fesenmaier, 1992).
Indeed, in a shopping situation where the higher the customer spend on the
product, the higher the financial risk to the customer. Meanwhile, in Vietnam, the
price of the product in this market is considered to be relatively high relative to the
average income per capita, and the risk perception may be appropriate for the purchase
of functional food in Vietnam.
H1: Financial risk perception has a negative effect on the buying intent of
functional food.
Risk perception of use (RRCD)
The RRCD is the perception of a consumer's loss when their product or brand
expectations do not come true after a purchase (Horton, 1976). In the current context
of the functional food market, when consumers are limited to obtain multi-dimensional
information about the product, in addition to the specific characteristics of the
functional food such as: the effect of the product is not immediately apparent. but need
to be used for a long time to be effective, many advertising information is vague,
customers may find it difficult and lack confidence to evaluate the quality and use of
the product, then RRCD is likely to appear in consumer mind.
H2: Utility risks perception has a negative effect on the buyng intent of
functional food.
Psychological risk perception (RRTL)
When studying RRTL, it can be understood that this consumer perception of the
ability to choose bad products hurts their egos (Nepomuceno, Laroche, Richard, &
Eggert, 2012; Schiffman, O 'Cass, Paladino, D'Alessandro, & Bednall, 2011; Stone &
Gronhaug, 1993). TPCN is also considered a food, so there is a certain degree of
psychological risk.
H3: Psychological risk perception has a negative impact on the buying intent
of functional food.
Social risk perception (RRXH)
Social risk is the perception of losing respect or respect (Murray & Schlacter,
1990). Social risk associated with buying and using products is often associated with
the risk of losing position in a social group; appearing in a foolish manner or not
following a general tendency, this is a kind of risk in some social groups (Lee, 2009).
When using TPCN, users have the ability to change their health and bodily
functions and this in some cases may be related to the consumer position, social image
(for example, product groups support physiological). Besides, the trend of consuming
functional food products as a gift is also a form of making this product become a
public consumer product.
H4: Perceptions of social risks have a negative effect on the buying intent of
functional food.
Time risk perceptions (RRTG)
RRTG is concerned with the perception of time-taking, convenience, and
efforts to get a product that must be fixed, connected, and replaced if it goes wrong
(Nepomuceno, Laroche, Richard, & Eggert, 2012; Schiffman, O'Cass, Paladino,
D'Alessandro, & Bednall, 2011; Stone & Gronhaug, 1993).
In the context of consuming functional food products in Vietnam, there are
product lines sold widely on the market, which cost customers time to inspect and
choose their own products.
H5: Time risk perception has a negative effect on the buying intent of
functional food.
Benefit perception factors
Benefit Perception (LICD)
LICD represents the beliefs of consumers about the function that the product /
service brings. In which, the functional value is the utility obtained from the
substitutability for utility, convenience, or physical activity, an alternative that
acquires the functional value through the possession of the prominent function.
functional, ergonomic, or physical "(Sheth et al, 1991). The abuse of media against
functional food products leads to the fact that the common reference sources of
consumers in Ho Chi Minh City and Hanoi are mainly friends, family members,
doctors, pharmacists. Therefore, it can be seen that consumer perception about the use
of functional food in Vietnam is only reflected in a minority of customers.
H6: Perception of utility benefits has a positive effect on the buying intent of
functional food.
Benefit perception (LITL)
According to Forsythe, et al. (2006), LITL was perceived to be able to shop
anytime from different places regardless of location and not visiting stores.
Convenience is measured based on time spent, where to shop and the purchase
process. Convenience here can take the form of time, effort, and stress. Then, when the
product is easily acquired, it's convenience in possession. In the food sector, Choy, Lee
& Ok (2013) affirms that LITL can be expressed as the perception of speed,
convenience for eating and accessibility. Considering the factor of the perception of
convenience benefits in relation to the characteristics of the functional food market in
Vietnam today, the candidate thinks that the verification of the relationship of the
perception of convenience benefits to the traditional medicine market is necessary.
H7: Perception of convenience has a positive effect on the buying intent of
functional food.
Perception of social benefits (LIXH)
LIXH is seen as a benefit derived from a product's ability to enhance the social
image of users (Jillian C. Sweeneya, Geoffrey N. Soutarb, 2001). In addition to,
focusing on improving health, people are also interested in appearance, the position of
individuals in the collective, the evaluation of the community ... So, whether
functional foodwith the benefits it brings such as community acceptance, collective
recognition, appreciation, etc can become a product serving the social needs in the
consumer's life?
H8: The perception of social benefits has a positive effect on the buying
intent of functional food.
In addition to the above-mentioned NTLIs, for the case study of buying
intentfunctional food, the candidate finds that it is likely that consumers will be
interested in economic benefits. From the perspective of health protection as an
investment solution for the future, prevention is better than cure, whether consumers
are aware that they will not have to spend money on treatment (especially serious
illness) in the future (economic benefits), when consuming functional food products or
not? Perception of economic benefits, in this study, is understood as consumer
perceptions of the economic benefits that can be derived from product consumption,
and more specifically the reduction of expenses that customers may have to pay if they
do not consume the product.
H9: Perception of economic benefits has a positive effect on the buying intent of
functional food.
2.5. Research model and hypothesis
This study will inherit, develop and test the effects of risks and benefits
perception factors on the buying intent of functional food of Vietnamese consumers.
Specifically, the candidate will perform: (i) test the effect of 5 types of NTRR factors
on buying intent functional food of Vietnamese consumers and 04 types of NTLI
factors on the buying intentfunctional food. of Vietnamese consumers, including a new
factor proposed by the candidate is perception of economic benefits. According to that
orientation and on the basis of the research overview, the candidate proposes the
research model and corresponding hypotheses.
Factor NTLI
Factors NTRR
RRTC (H1)
LITL (H7)
LICD (H6)
LIXH (H8)
RRTG (H5)
RRTL (H3)
RRCD (H2)
RRXH (H4)
LIKT (H9)
Buying
intent of
functional
food
Hình 2.1: Model of the effects of risk and benefit perception on the buying intent
of functional food.
Hypothesis:
- Effect of NTRR on buying intent: (H1 - H5)
H1: Financial NTRR has a negative impact on buying intent of functional food;
H2: The use of NTRR has a negative impact on buying intent of functional food;
H3: Psychological NTRR has a negative impact on buying intent of functional food;
H4: Social NTR has a negative impact on buying intent of functional food;
H5: Time NTRR has a negative impact on buying intent of functional food.
- Effect of NTLI on buying intent: (H6 - H9)
H6: The use of NTLI has a positive impact on buying intent of functional food;
H7: Convenient NTLI has a positive impact on buying intent of functional food;
H8: Social consumers have a positive impact on buying intent of functional food;
H9: Economic NTLI has a positive impact on buying intent of functional food
CHAPTER 3:
RESEARCH METHODOLOGY
3.1.Research process
Hình 3. 1: Research process
3.2. Research methodology
3.2.1. Quanlitative reseach
Methods: Qualitative research is used with in-depth interview techniques and
focus group interviews according to pre-prepared content.
Interview content: (1) Open questions to learn about the interviewee's views on
the buying intent of functional food; (2) Open questions about the risk and benefit
perceptions factors that influence buying intent of functional food, especially the
perceived economic benefit factors; (3) List the scales of the variables in the research
model so that the interviewees evaluate the suitability of the research context in
Vietnam.
CFA
Scale
Quantitative
research
Theorical
basis
Quanlitative
research
Quantitative
research
EFA
Adjustment
Cronbach’s
Alpha Scale assessment
Variances have small EFA
Variance analysis
Scale
Draft
scale
SEM
Eleminate variance with
small CFA; Check the robust
of model.
Test the model
Data analysis: Data were collected through face-to-face interviews, the results
were aggregated, compared, contrasted and gave the most common opinion on the
research problem.
Qualitative research results:
All experts agree that risk and benefits perception have an impact on buying
intent of functional food in which risk perception has negative effects, benefit
perception has positive effects. Experts also believe that it is reasonable to put risk and
benefit perception into the same research model, because these two concepts, although
opposing, always exist in parallel in consumer behavior.
- Scale assessment and adjustment: the scales have been evaluated, removed
and adjusted to make them easier to understand to put in the questionnaire.
- Perceived economic benefit variable: experts all agreed to include this
variable in the research model and had suggestions to help improve the scale.
3.2.2. Quantitative research
3.2.2.1. Preliminary quantitative research
Sample size: sample size for the preliminary quantitative study is n = 300.
Convenient, non-probability sampling method
Preliminary quantitative research objectives: evaluate the reliability and
distinguishing value as well as the convergence value of the scale.
Methods used: test the scale with confidence coefficients Cronbach's Alpha and
exploratory factor analysis method EFA
Preliminary quantitative research results:
- No factor is removed after two tests. Thus, the model and research hypotheses
remain the same as the original.
- There is a change in the number of observed variables: financial NTRR, utility
NTRR, psychological NTRR, time NTLI, the utility NTLI, the convenient NTLI, the
social NTLI, the economic NTLI.
The complete scales for use in quantitative research are as follows:
Research
objects Scale Code
Financial
risks
perception
I'm afraid the benefits of the functional food are not
commensurate with the money I spent earlier
RRTC_1
I think spending some money on functional foods
affects my other spending levels RRTC_2
I'd rather spend the money on something other than
buying functional foods RRTC_3
Utilities risks
perception
I'm not sure the functional food is as useful as advised
/ advised
RRCD_1
I believe that any claims to be made about the
effectiveness of functional foods are not credible
RRCD_2
I'm not sure functional foods are as useful as people
think
RRCD_3
I cannot test the real additive of functional foods
before using them RRCD_4
Psychological
risks
perception
I don't think consuming functional foods is appropriate
for my image
RRTL_1
Having to take functional foods on a regular basis
makes me uncomfortable
RRTL_2
I am afraid that the wrong consumption of functional
food can damage my beliefs and opinions
RRTL_3
Social risk
perception
I am afraid that my loved one will not be satisfied with
my taking the functional food
RRXH_1
I'm afraid my friend won't be satisfied with my
functional food
RRXH_2
I am afraid that a sales professional may advise me
inaccurate information about dietary functional foods
RRXH_3
Taking a functional food may make others think that I
have a health problem
RRXH_4
Time risk
perception
I think it takes time to go to a place that sells
functional foods RRTG_1
Research
objects Scale Code
I feel that taking functional foods is time consuming RRTG_2
Getting information about functional foods takes time RRTG_3
I can spend my time learning/using functional foods to
make other things more useful.
RRTG_4
Utility
benefits
I have found that the functional food is consistently
effective
LICD_1
I find that taking functional foods can improve overall
health
LICD_2
I have found that functional foods work to reduce the
risk of certain diseases, or to minimize negative health
effects.
LICD_3
I find that functional foods have a mental boosting
effect
LICD_4
Convenience
perception
On the market today, I see many models and brands of
functional food on sale.
LITL_1
Information about functional food has been
communicated on many media
LITL_2
I think I can easily buy functional foods. LITL_3
Functional food are sold in many channels: online,
offline (drugstores, supermarkets ...)
LITL_4
Economic
benefit
perception
Consumption of functional food will reduce costs
compared to buying other food (because functional
food contain higher nutrients, higher nutritional
content).
LIKT_1
Consuming functional foods helps me earn more
money thanks to good health and spirit
LIKT_2
Consuming functional food does not have to waste
effort, time and money to process like other food
LIKT_3
Social Consuming functional food will help improve the way LIXH _1
Research
objects Scale Code
benefits
perception
people see me
Consuming functional foods will help me impress
others
LIXH _2
Consuming functional food helps users gain
acceptance from the community
LIXH _3
I can advise relatives/friends on functional foods if I
have experience using them. LIXH _4
Buying
intent
I will actively seek and purchase functional food in the
near future
YDM_1
I am looking for information on a number of
functional foods
YDM_2
I am willing to buy functional food at reputable places YDM_3
I will recommend a dietary functional food that I
know / plan to use to friends and relatives
YDM_4
I plan to take a functional food next month YDM_5
3.2.2.2. Official quantitative research
- Sampel: 800 consumers
- Sampling method: non-probability sampling
- The candidate has conducted official quantitative research in two cities, Hanoi
and Hochiminh City. The number of questionnaires gave out 800 votes, collected
745 questionaires, however, after screening and discarding invalid votes (the
questionnaires did not have enough answers, the questionnaires did not specify the
information of respondents, the questionnaires had sentences answer the same in
most question) the candidate only used 686 valid votes for the official analysis. All
research samples intend to buy/consume functional food within the past 6 months.
CHAPTER 4:
RESEARCH RESULTS
4.1. Scale testing using confirmatory factor analysis (CFA)
4.1.1. CFA test scale of the group of risk perception factors
Hình 4.1: CFA test results scale a group of risk perception factors
CFA results obtained in Figure 4.1 are as follows: CMIN / df = 1.78; GFI = 0.933; TLI
= 0.953; CFI = 0.961; RMSEA = 0.048. The above results show that the scale of
manifestations of risk perception is consistent with market data.
The risk perception scales all meet the criteria for their own evaluation: the robust of
the scale of the group is guaranteed because of CR> 0.7, the convergence value of the
scale is guaranteed because AVE> 0.5 and scale because MSV <AVE, SQRTAVE
values are greater than all Inter-Construct Correlations.
4.1.2. CFA test scale of the group of benefits perception factors
Hình 4.2: CFA test results scale a group of benefit perception factors
CFA results obtained in Figure 4.2 are as follows: CMIN / df = 1,670; GFI = 0.950 (>
0.9); TLI = 0.973 (> 0.9); CFI = 0.979 (> 0.9); RMSEA = 0.044 (<0.05). The above
results show that the scale of manifestations of perceptions of benefits is consistent
with market data when assessed against common standards.
The robust of the scale of the group of perceptions of benefits is guaranteed because
CR> 0.7, the convergence value of the scale is guaranteed because AVE> 0.5 and the
scale reaches discriminant validity because MSV <AVE, SQRTAVE value is greater
than all Inter-Construct Correlations.
4.1.3. Structural Equation Model
CFA test results are obtained in Figure 4.3: CMIN / df = 1.513; GFI = 0.876
(approximately 0.9); TLI = 0.946 (> 0.9); CFI = 0.953 (> 0.9); RMSEA = 0.039
(<0.08), proving that the critical theoretical scale model is consistent with market data.
The robust of the scales is guaranteed because CR> 0.7, the convergence of the scale is
guaranteed because AVE> 0.5 and the scale reaches the discriminant value because
MSV <AVE, the SQRTAVE values are all greater than all both the Inter-Construct
Correlation.4.2. Kiểm định mô hình và các giả thuyết nghiên cứu
Hình 4.3: SEM result of 1st theoretical research model
The results of testing the suitability of the research model by SEM analysis (Figure
4.3) are as follows: Chi-square / df = 1,868; GFI = 0.848; TLI = 0.988; CFI = 0.916;
RMSEA = 0.050. The above results show that the research model is completely
suitable with market data.
Bảng 4.1: Model test results
Standard
deviation
P
meaning
Buying intent <--- Financial risks perception 0,072 0,003
Buying intent <--- Utilities risks perception 0,057 ***
Buying intent
<---
Psychological risks
perception 0,031 ***
Buying intent <--- Social risk perception 0,049 ***
Buying intent <--- Time risk perception 0,040 ***
Buying intent <--- Utility benefits 0,061 0,022
Buying intent <--- Convenience perception 0,052 ***
Buying intent
<---
Economic benefit
perception 0,043 ***
Buying intent <--- Social benefit perception 0,083 0,228
Ghi chú: P:meaing; ***= P < 0,001.
The test results of Table 4.1 for factors RRTC, RRCD, RRTL, social risk,
RRTG, LICD, LITL, LKT in the theoretical research model are significant at P-value
0.05. So LIXH
variable will be disqualified. The candidate conducted to test this model when
removing the variable LIXH. The candidate has appended the arrow to create the
correlation between the remainder e1- e1.
Hình 4.4:
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