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Consumer Confusion
Consumer
Consumer
confusion is a state of mind that leads to consumers making imperfect purchasing decisions or lacking confidence in the correctness of their purchasing decisions.[1]Contents1 Confusion 2 Causes2.1 Choice overload 2.2 Similarity 2.3 Lack of information 2.4 Information overload 2.5 Lack of consistency3 Law 4 ReferencesConfusion[edit] Confusion occurs when a consumer fails to correctly understand or interpret products and services.[2] This, in turn, leads to them making imperfect purchasing decisions. This concept is important to marketeers because consumer confusion may result in reduced sales, reduced satisfaction with products and difficulty communicating effectively with the consumer
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Consumer
A consumer is a person or organization that uses economic services or commodities.[1]Contents1 Economics and marketing 2 Law and politics 3 See also 4 References 5 External linksEconomics and marketing[edit] The consumer is the one who pays something to consume goods and services produced. As such, consumers play a vital role in the economic system of a nation. Without consumer demand, producers would lack one of the key motivations to produce: to sell to consumers
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Marketing Mix
The marketing mix (also known as the 4 Ps) is a foundation model in marketing. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target".[1] Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.[2] Marketing
Marketing
practice has been occurring for millennia, but marketing theory emerged in the early twentieth century
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Consumer-to-business
Consumer-to-business (C2B) is a business model in which consumers (individuals) create value and businesses consume that value. For example, when a consumer writes reviews or when a consumer gives a useful idea for new product development then that consumer is creating value for the business if the business adopts the input. Excepted concepts are crowd sourcing and co-creation. C2B model, also called a reverse auction or demand collection model, enables buyers to name or demand their own price, which is often binding, for a specific good or service. The website collects the demand bids then offers the bids to participating sellers. Another form of C2B is the electronic commerce business model in which consumers can offer products and services to companies, and the companies pay the consumers. This business model is a complete reversal of the traditional business model in which companies offer goods and services to consumers (business-to-consumer = B2C)
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Digital Object Identifier
In computing, a Digital Object Identifier or DOI is a persistent identifier or handle used to uniquely identify objects, standardized by the International Organization for Standardization
International Organization for Standardization
(ISO).[1] An implementation of the Handle System,[2][3] DOIs are in wide use mainly to identify academic, professional, and government information, such as journal articles, research reports and data sets, and official publications though they also have been used to identify other types of information resources, such as commercial videos. A DOI aims to be "resolvable", usually to some form of access to the information object to which the DOI refers. This is achieved by binding the DOI to metadata about the object, such as a URL, indicating where the object can be found. Thus, by being actionable and interoperable, a DOI differs from identifiers such as ISBNs and ISRCs which aim only to uniquely identify their referents
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Likelihood
In frequentist inference, a likelihood function (often simply the likelihood) is a function of the parameters of a statistical model, given specific observed data. Likelihood functions play a key role in frequentist inference, especially methods of estimating a parameter from a set of statistics. In informal contexts, "likelihood" is often used as a synonym for "probability". In mathematical statistics, the two terms have different meanings. Probability
Probability
in this technical context describes the plausibility of a future outcome, given a model parameter value, without reference to any observed data
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Brand
A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer.[2][3] Brands are used in business, marketing, and advertising. Name brands are sometimes distinguished from generic or store brands. The practice of branding is thought to have begun with the ancient Egyptians who were known to have engaged in livestock branding as early as 2,700 BC.[4] 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 would steal the animals, anyone could detect the symbol and deduce the actual owner
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Point Of Sale
The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically.[1][2][3] To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers
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Novelty
Novelty (derived from Latin word novus for "new") is the quality of being new, or following from that, of being striking, original or unusual.[1] Novelty may be the shared experience of a new cultural phenomenon or the subjective perception of an individual. From the meaning of being unusual usage is derived the concept of the novelty dance (a type of dance that is popular for being unusual or humorous); the novelty song (a musical item that capitalizes on something new, unusual, or a current fad); the novelty show (a competition or display in which exhibits or specimens are in some way novel); and novelty architecture (a building or other structure that is interesting because it has an amusing design). It is also this sense that applies to a novelty item, a small manufactured adornment, toy or collectible
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Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice, which may or may not prompt action. Decision-making
Decision-making
is the process of identifying and choosing alternatives based on the values, preferences and beliefs of the decision-maker.Contents1 Overview 2 Problem analysis2.1 Analysis paralysis 2.2 Information overload 2.3 Post-decision analysis3 Decision-making
Decision-making
techniques3.1 Group 3.2 Individual4 Steps4.1 GOFER 4.2 DECIDE 4.3 Other 4.4 Group stages5 Rational and irrational 6 Cognitive and personal biases 7 Cognitive limitations in groups 8 Cognitive styles8.1 Optimizing
Optimizing
vs. satisficing 8.2 Intuitive vs. rational 8.3 Combinatorial vs
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Customer Satisfaction
Customer satisfaction (often abbreviated as CSAT, more correctly CSat) is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation
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Choice Overload
— From Alvin Toffler, Future Shock, 1971 Overchoice or choice overload[1] is a cognitive process in which people have a difficult time making a decision when faced with many options. The term was first introduced by Alvin Toffler
Alvin Toffler
in his 1970 book, Future Shock.[2]Contents1 Psychological process 2 Preconditions 3 Psychological implications 4 Reversal when choosing for others 5 In an economic setting5.1 Variety and complexity6 See also 7 References 8 External linksPsychological process[edit] The phenomenon of overchoice occurs when many equivalent choices are available.[3] Making a decision becomes overwhelming due to the many potential outcomes and risks that may result from making the wrong choice. Having too many approximately equally good options is mentally draining because each option must be weighed against alternatives to select the best one
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Special
Special
Special
or specials may refer to:Contents1 Music 2 Film and television 3 Other uses 4 See alsoMusic[edit] Special
Special
(album), a 1992
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Trademark Infringement
Trademark
Trademark
infringement is a violation of the exclusive rights attached to a trademark without the authorization of the trademark owner or any licensees (provided that such authorization was within the scope of the licence). Infringement may occur when one party, the "infringer", uses a trademark which is identical or confusingly similar to a trademark owned by another party, in relation to products or services which are identical or similar to the products or services which the registration covers
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Purchasing Decision
The buying decision process is the decision-making process used by consumers regarding market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives.[1][2] Common examples include shopping and deciding what to eat. Decision-making is a psychological construct. This means that although a decision can not be "seen", we can infer from observable behaviour that a decision has been made. Therefore, we conclude that a psychological "decision-making" event has occurred. It is a construction that imputes commitment to action. That is, based on observable actions, we assume that people have made a commitment to effect the action. Nobel laureate Herbert A. Simon sees economic decision-making as a vain attempt to be rational
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Consumption Function
In economics, the consumption function describes a relationship between consumption and disposable income.[1][2] The concept is believed to have been introduced into macroeconomics by John Maynard Keynes in 1936, who used it to develop the notion of a government spending multiplier.[3]Contents1 Details 2 See also 3 Notes 4 Further reading 5 External linksDetails[edit] Its simplest form is the linear consumption function used frequently in simple Keynesian models:[4] C = a + b × Y d displaystyle C=a+btimes Y_ d where a displaystyle a is the autonomous consumption that is independent of disposable income; in other words, consumption when income is zero. The term b × Y d displaystyle btimes Y_ d is the induced consumption that is influenced by the economy's income level
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