The perception of power: why consumers rule (or think they do)

In today’s marketplaces, we are witnessing a redistribution of power from producers to consumers, particularly due to factors such as advances in ITC, the proliferation of information sources, the Internet of Things, artificial intelligence, hypercompetition, and the sharing economy. Consumer empowerment cannot be overlooked in the context of marketing strategies, and it is prompting a renewed interest in the study of power as a psychological construct. What does it mean for consumers to have power? Can power exist in an individual’s mind independently of actual power and control? The sense of power refers to an individual’s perception of power and is the most proximate determinant of power-driven psychological functioning and behavior, beyond structural conditions and objective measures of power. By unraveling the intricacies of consumer power, this book equips researchers, practitioners, and graduate and undergraduate students in business, marketing, and consumer behavior with the knowledge and tools they need to effectively navigate the ever-changing landscape of the modern marketplace.