Purchasing behavior under time constraints differs from purchasing behavior without time constraints because of the pressure felt by consumers. This situation is called "time pressure." This paper summarizes the methodologies and findings of prior research regarding time pressure and finds that (a) despite investigations of the impact of time constraints, time pressure has not been directly measured; and (b) the length of the time constraints in these studies was short, ranging from several seconds to several minutes, so the practical meaning for marketing is unclear. Although the term "time pressure" itself may be a bit dated, marketing research on time pressure is an unexplored field that holds promise for the future.
The mutual learning model described in "Exploration and Exploitation in Organizational Learning" (March, 1991) concludes that "slow learning on the part of individuals maintains diversity longer, thereby providing the exploration," based on the results of computer simulations. However, the simulations of March (1991) excluded both ends of the socialization rate domain. When compensating for those missing portions, there is an optimal socialization rate that actually maximizes the average knowledge level. This is because low learning on the part of individuals actually causes frequent lock-ins and impedes learning. This optimal socialization rate may be a common rate for socialization, and we cannot deny this possibility by using only computer simulations. Moreover, this high knowledge level is achieved in a non-equilibrium state.
The time pressure felt by consumers in a limited time situation has long been of interest. However, there have been no discussions in the existing literature regarding time pressure in long-term time constraints, which run from a few days to a few weeks for limited time edition products. In this research, a web survey was conducted on how the perceived quality of limited edition products with time constraints changed with the strength of time constraints in limited edition products. Results showed that limited edition products with a time constraint of 1 week were assessed to be of higher quality than those that had a time constraint of 1 month, with consumers feeling stronger time pressure.
In recent years, global demand for Japanese whisky has been growing. Venture Whisky, a Japanese venture launched in 2004, is a born-global company exporting whiskies since 2006. It was able to win born-global status through resource-based venturing. Although the founder did not inherit assets or control of his family business, he recovered 400 casks of whisky that had once passed into other hands and was able to establish his business with these 400 casks as its basis. It was this "resource-based venturing" that proved to be a critical factor in the company's success. That is to say, businesses that start with some sort of resource basis have a higher success potential than those starting from scratch, and sticking with succession of the existing business would have hardly led to success. The very key to this success is in resource-based venturing.
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