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Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services.It encompasses how the consumer's emotions, attitudes, and preferences affect buying behaviour.
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Consumer value is used to describe a consumer's strong relative preference for certain subjectively evaluated product or service attributes. [1] [2] [3] [4]The construct of consumer value has widely been considered to play a significant role in the success, competitive advantage and long-term success of a business, and is the basis of all marketing activities. [5]
Quantitative marketing research. Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns. [11]
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. [1]
Value in marketing can be defined by both qualitative and quantitative measures. On the qualitative side, value is the perceived gain composed of individual's emotional, mental and physical condition plus various social, economic, cultural and environmental factors.
Marketing is the act of satisfying and retaining customers. [3] It is one of the primary components of business management and commerce. [4] Marketing is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses or directly to consumers . [5]
Consumers experience few difficulties assigning a personality to a brand and marketing communications often encourage consumers to think about brands as possessing human characteristics. [61] When brands are infused with human-like characteristics, it can assist in communicating a brand's values and creating distinctive brand identities that ...