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Consumer Confusion
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. Confusion Confusion occurs when a consumer fails to correctly understand or interpret products and services. 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. It is a widely studied and broad subject which is a part of consumer behaviour and decision making.Soloman, M R ''Consumer Behaviour: Buying, Having and Being''. Prentice Hall p.7 Causes Choice overload Choice overload (sometimes called overchoice in the context of confusion) occurs when the set of purchasing options becomes overwhelmingly large for a consumer. A good example is wine in the UK where supermarkets may present over 1000 different produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer
A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Rights "Consumers, by definition, include us all", said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech, John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading information, adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Decision
Purchasing is the procurement process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations. Purchasing is part of the wider procurement process, which typically also includes expediting, supplier quality, transportation, and logistics. Details Purchasing managers/directors, procurement managers/directors, or staff based in an organization's Purchasing Office, guide the organization's acquisition procedures and standards and operational purchasing activities. Most organizations use a three-way check as the foundation of their purchasing programs. This involves three departments in the organization completing separate parts of the acquisition process. The three departments do not all report to the same senior manager, to prevent unethical practices and lend credibility to the process. These depa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketeer
Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of business management and commerce. Marketing is usually conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B) or directly to consumers (B2C). Sometimes tasks are contracted to dedicated marketing firms, like a media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, is affected by the environment surro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Satisfaction
Customer satisfaction is a term frequently used in marketing to evaluate customer experience. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified Contentment, satisfaction goals".. Enhancing customer satisfaction and fostering customer loyalty are pivotal for businesses, given the significant importance of improving the balance between customer Attitude (psychology), attitudes before and after the consumption process. Expectation confirmation theory, Expectancy disconfirmation theory is the most widely accepted theoretical framework for explaining customer satisfaction. However, other frameworks, such as equity theory, attribution theory, Contrast theory of meaning, contrast theory, assimilation theory, and various others, are also used to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Behaviour
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the Purchasing, purchase, Utility, use and disposal of goods and services. It encompasses how the consumer's emotions, Attitude (psychology), attitudes, and Preference (economics), preferences affect Buyer decision process, buying behaviour, and how external cues—such as visual prompts, auditory signals, or tactile (haptic) feedback—can shape those responses. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an Interdisciplinarity, interdisciplinary social science that blends elements from psychology, sociology, Social Anthropology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (like usage rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Choice Overload
Overchoice or choice overload is the paradoxical phenomenon that choosing between a large variety of options can be detrimental to decision making processes. The term was first introduced by Alvin Toffler in his 1970 book, ''Future Shock''.Thomas W. Simon, ''Democracy and Social Injustice: Law, Politics, and Philosophy'', Rowman & Littlefield, 1995, Google Print, p.143/ref> Psychological process The phenomenon of overchoice occurs when many equivalent choices are available. 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. The satisfaction of choices by number of options available can be described by an inverted U model. In this model, having no choice results in very low satisfaction. Initially more choices lead to more satisfaction, but as the num ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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. 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 way some 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. These, in turn are often used as promotional merchandise in marketing. The chess term, novelty, is used for a move in chess which has never been played before in a recorde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Mix
The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are: * Product: This represents the physical or intangible offering that a company provides to its customers. It includes the design, features, quality, packaging, branding, and any additional services or warranties associated with the product. * Price: Price refers to the amount of money customers are willing to pay for the product or service. Setting the right price is crucial, as it not only affects the company's profitability but also influences consumer perception and purchasing decisions. * Place (Distribution): Place involves the strategies and channels used to make the product or service accessible to the target market. It encompasses decisions related to ... [...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 goods 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 and branded slaves 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 person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trademark Infringement
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, especially in relation to products or services which are identical or similar to the products or services which the registration covers. An owner of a trademark may commence civil legal proceedings against a party which infringes its registered trademark. In the United States, the Trademark Counterfeiting Act of 1984 criminalized the intentional trade in counterfeit goods and services. If the respective marks and products or services are entirely dissimilar, trademark infringement may still be established if the registered mark is well known pursuant to the Paris Convention. In the United States, a cause ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
