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Brand loyalty importance literature review
Brand loyalty in the contemporary world
Brand loyalty importance literature review
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Consumer Behavior and Marketing 1) Do you think consumer can have too much choice in shopping? What might this depend on? Consumer can have too much choice in shopping as various choices provide consumers with a better picture of what they would like to buy. However, having too many choices can be quite a burden as it may cause confusion, make decisions difficult, and may be time-consuming. This might depend on several factors. - Customers with budget constraint may not view too many choices as favorable as they choose products base on lowest price. - Busy people with time constraints in shopping will prefer limited choices because too many choices will take too much time to choose a product. - The type of product is another factor as consumers tend to require fewer choices for commodity good and more choices for luxurious goods. - Personal preference is another factor as some people prefer variety of goods whereas others prefer not having too many choices at all. - Consumers with brand loyalty are indifferent with too many choices in shopping as they tend to ignore other brands and chooses product from their preferred brand. 2) Do you think the absolute lowest price for an item is most important for many consumers? What percent would you say comparison shop for the lowest price? What implications, if any, do you see from your estimate? Absolute lowest price for an item can be most important for many consumers but not all consumer as it depends on factors such as income distribution and product type. Income distribution has an impact on consumer's purchasing power. - Lower income population is more price sensitive and will be more concern about the absolute lowest price for an item. - Higher income population is less sensitive towards price of products and will select items base on other factors such as quality as they have higher purchasing power. The type of product is also a determinant of consumer's need for lowest price. - For commodity goods, consumers are more inelastic to price changes. As commodities are at affordable price, the price differences are rather small. Therefore, lowest price is not a main concern for most consumers. - For durable and luxurious goods when deciding to buy these products, price is one of the most important factors to be considered as the price of these products are high. Therefore, people will compare the price among various shops and purchase from the shore that offers the best deal at the same quality.
There are 3 main factors that affect the buyers decision: cultural level, such as culture and social status; personal factors like family role and
society. For example in small village with less potential buyers opening to supply the same kind
We the consumer would rather pay less for any product that is needed or want. Ultimately we are the reason for high prices as well as low prices. Prices of products do not always stay the same and more popular products have higher prices than less popular products. These fluctuations, high prices and low prices are from the idea of supply and demand. Supply and demand defines the effect that the availability of a particular product and the desire or demand for that product has on price. Generally, if there is a low supply and a high demand, the price will be high (Investopedia). To understand the idea of supply and demand, the understanding of supply and the understanding of demand must be defined. The Law of Supply states that at higher prices, producers are willing to offer more products for sale than at lower prices, also that the supply increases as prices increase and decreases as prices decrease (Curriculum Link). The Law of Demand states people will buy more of a product at a lower price than at a higher price, if nothing changes, at a lower price, more people can afford to buy more goods and more of an item more frequently, than they can at a higher price and that at lower prices, people tend to buy some goods as a substitute for others more expensive (Curriculum Link). In todays economics these ideas are seen frequently in everyday life. The laws of supply and demand are seen in many ways in the company Apple Inc. Each year Apple Inc unveils a long awaited mobile operating system and IPhone. We can also see many aspects of the law of supply and demand in Nike Inc’s Jordan Brand. Jordan Brand has released a number of...
High-end and niche merchandise: With rising disposable incomes the demand for high-end goods in increasing, which can best be catered by specialty retail stores. Large players can offer competitive prices as they buy in bulk. Smaller players can differentiate themselves by offering niche products and superior customer delight at a premium price.
Why do we buy? For some of us it would be difficult to survive without the purchases of necessities. But, rather than the needs of humans, why do we buy the products that are not necessarily, well, necessary? The brands and products we adore so much have become a habit of particular interest to us. For example, if you need laundry detergent, how often do you switch brands every so often? The answer is probably never. We stick close to our hearts during buying decisions, and even then they might be unconscious decisions that we just make. Buying used to be an overwhelming task. Sifting through multiple brands, checking prices, and ultimately making a decision that fits the personal consumer on the individual level. Now, we can finish an entire shopping list in one lap
Due to the various options of distribution channels their prices vary. Consumers take that into consideration when purchasing their products.
There may be a variety of choices in one area for the consumer, but not
Threat of substitutes in market as best quality is not always a priority for some customers as they are price sensitive.
price as the major decision-making tool for customers (“Global Consumer Electronics”, 2013). This lack of
For instance, convenience offerings are low-priced goods that consumers can effortlessly acquire because they are relatively ubiquitous while shopping offering requires the consumers’ effort in comparing and contrasting various brands and retail outlet to find the best product at a good price. Besides, while convenience products are needed on a daily basis, shopping goods may not be required on a daily basis and it has a higher price compared to convenience goods. (Tanner & Raymond, 2010). Furthermore, specialty products are different from convenience and shopping offering because it is more expensive from the previous offerings and it is also not commonly sold in retail outlets. The consumers are few and the products are purchased less frequently, which give it a high margin profit. Finally, unsought offerings are different from all because they could be acquired even when it may be unnecessary at the moment. It is a product of circumstance by any
Consumer can benefit in cheaper goods, when presented with two products that offer similar benefits, customers vote with their purchases and decide which product will survive. Customers also determine the ultimate price point for a product, which requires producers to set product prices high enough to make a profit, but not so high that customers will hesitate to make a purchase.
Price is the values entirety that consumers trade for the advantages of having or utilizing the product or services. Different places and cultural have different spending culture. Therefore the price has to be relevant according to the product offer because it can reflect the image of a
Conative way to determine consumer perception value is where the consumer's thought process about a product is based upon the likelihood of the brand purchase. It requires a company to understand the consumer’s perception about their product. And also what is the customer looking for in the product of his or her choice as compared to its competitors.
The other day I walked into the supermarket to buy a box of Kleenex. I was faced with a variety of colors, textures, box designs, and even the option of aloe. All these features designed for a product to blow my nose into! Selection wasn't limited to the Kleenex section, either…I found abundance in every aisle. We seem to always want more - more choices, more variety, more time. In fact, even the word "supermarket" implies a desire for more than just a simple market.
They can also very well influence the buying behavior of consumers. Teenagers would be more interested in buying bright and loud colors as compared to a middle aged or elderly individual who would prefer decent and subtle designs. A bachelor would prefer spending lavishly on items like beer, bikes, music, clothes, parties, clubs and so on. A young single would hardly be interested in buying a house, property, insurance policies, gold etc. Someone who has a family, on the other hand, would be more interested in buying something which would benefit his family and make their future