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Aspirational Brand
An aspirational brand is a term in consumer marketing for a brand or product which a large segment of its exposure audience wishes to own, but for economic reasons cannot. Because the desire for aspirational goods is relative to the consumer's purchasing power, an aspirational brand may be a luxury good if the person desires it, or it may simply be any product whether luxury or not if a consumer has less spending money. The premise of this type of marketing is that purchase decisions are made at an emotional level, to enhance self-concept. Target audience A defining feature of an aspirational product is that its target customer base cannot easily afford to purchase it, but may be able to purchase it with sacrifice or at some point in the future. This part of the exposure audience is referred to as the aspirational audience, whereas the part of the exposure audience that already can afford the product is called the consumption audience. Consumption audience and aspirational audien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Servic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand
A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Brand names are sometimes distinguished from Generic brand, generic or store brands. The practice of branding - in the original literal sense of marking by burning - is thought to have begun with the ancient Egyptians, who are known to have engaged in livestock branding as early as 2,700 BCE. Branding was used to differentiate one person's cattle from another's by means of a distinctive symbol burned into the animal's skin with a hot branding iron. If a person stole any of the cattle, anyone else who saw the symbol could deduce the actual owner. The term has been extended to mean a strategic personality for a produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product (business)
In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as '' merchandise'', and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. A related concept is that of a sub-product, a secondary but useful result of a production process. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability. Product classification A product can be classified as tangible or intangible. A tangible product is an actual physical object that can be perceived by touch such as a building, ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxury Good
In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. ''Luxury goods'' is often used synonymously with ''superior goods''. Definition The word "luxury" originated from the Latin word ''luxuria'', which means exuberance, excess, or abundance. A luxury good can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, at a different income level. When personal income increases, demand for luxury goods increases even more than income does. Conversely, when personal income decreases, demand for luxury goods drops even more than income does. For example, if income rises 1%, and the demand for a product rises 2%, then the product is a luxury good. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emotional
Emotions are mental states brought on by neurophysiological changes, variously associated with thoughts, feelings, behavioral responses, and a degree of pleasure or displeasure. There is currently no scientific consensus on a definition. Emotions are often intertwined with mood, temperament, personality, disposition, or creativity. Research on emotion has increased over the past two decades with many fields contributing including psychology, medicine, history, sociology of emotions, and computer science. The numerous theories that attempt to explain the origin, function and other aspects of emotions have fostered more intense research on this topic. Current areas of research in the concept of emotion include the development of materials that stimulate and elicit emotion. In addition, PET scans and fMRI scans help study the affective picture processes in the brain. From a mechanistic perspective, emotions can be defined as "a positive or negative experience that is assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-concept
In the psychology of self, one's self-concept (also called self-construction, self-identity, self-perspective or self-structure) is a collection of beliefs about oneself. Generally, self-concept embodies the answer to the question ''"Who am I?".'' Self-concept is distinguishable from self-awareness, which is the extent to which self-knowledge (psychology), self-knowledge is defined, consistent, and currently applicable to one's Attitude (psychology), attitudes and dispositions. Self-concept also differs from self-esteem: self-concept is a cognitive or descriptive component of one's self (e.g. "I am a fast runner"), while self-esteem is evaluative and opinionated (e.g. "I feel good about being a fast runner"). Self-concept is made up of one's self-schemas, and interacts with self-esteem, self-knowledge, and the social self to form the self as a whole. It includes the past, present, and future selves, where future selves (or possible selves) represent individuals' ideas of what ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Target Audience
A target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to said intended audience. In marketing and advertising, it is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message. Businesses that have a wide target market will focus on a specific target audience for certain messages to send, such as The Body Shops Mother's Day advertisements, which were aimed at the children and spouses of women, rather than the whole market which would have included the women themselves. A target audience is formed from the same factors as a target market, but it is more specific, and is susceptible to influence from other factors. An example of this was the marketing of the USDA's food guide, which was intended to appeal to young people between the ages of 2 and 18. The factors they had to consider outside of the standard marketing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audience Measurement
Audience measurement measures how many people are in an audience, usually in relation to radio listenership and television viewership, but also in relation to newspaper and magazine readership and, increasingly, web traffic on websites. Sometimes, the term is used as pertaining to practices which help broadcasters and advertisers determine ''who'' is listening rather than just ''how many'' people are listening. In some parts of the world, the resulting relative numbers are referred to as audience share, while in other places the broader term market share is used. This broader meaning is also called audience research. Measurements are broken down by media market, which for the most part corresponds to metropolitan areas, both large and small. Methods Diaries The diary was one of the first methods of recording information. However, this is prone to mistakes and forgetfulness, as well as subjectivity. Data is also collected down to the level of listener opinion of individ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MP3 Player
A portable media player (PMP) (also including the related digital audio player (DAP)) is a portable consumer electronics device capable of storing and playing digital media such as audio, images, and video files. The data is typically stored on a compact disc (CD), Digital Video Disc (DVD), Blu-ray Disc (BD), flash memory, microdrive, or hard drive; most earlier PMPs used physical media, but modern players mostly use flash memory. In contrast, analogue portable audio players play music from non-digital media that use analogue media, such as cassette tapes or vinyl records. Digital audio players (DAP) were often marketed as MP3 players even if they also supported other file formats and media types. The PMP term was introduced later for devices that had additional capabilities such as video playback. Generally speaking, they are portable, employing internal or replaceable batteries, equipped with a 3.5 mm headphone jack which can be used for headphones or to connect to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude oil, Maize, corn, and gold. Other definitions of commodity include something useful or valued and an alternative ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Premium Pricing
Premium pricing (also called image pricing or prestige pricing) is the practice of keeping the price of one of the products or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. Premium refers to a segment of a company's brands, products, or services that carry tangible or imaginary surplus value in the upper mid- to high price range. The practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation or represent exceptional quality and distinction. A premium pricing strategy involves setting the price of a product higher than similar products. This strategy is sometimes also called skim pricing because it is an attempt to “skim the cream” off the top of the market. It is used to maximize profit in areas where customers are happy to pay more, where there are no substitutes for the product, where there are barriers to entering the market or when the seller cannot sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conspicuous Consumption
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term ''conspicuous consumption'' to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically as a public display of economic power—the income and the accumulated wealth—of the buyer. To the conspicuous consumer, the public display of discretionary income is an economic means of either attaining or of maintaining a given social status. The development of Veblen's sociology of conspicuous consumption also identified and described other economic behaviours such as invidious consumption, which is the ostentatious consumption of goods, an action meant to provoke the envy of other people; and conspicuous compassion, the ostentatious use of charity meant to enhance the reputation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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