Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms and channels to increase its sales and achieve sustainable competitive advantage within its corresponding market.
Consumer behaviour is the study of individuals, groups, or organisations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer's emotions, attitudes, and preferences affect buying behaviour. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an interdisciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics.
The loyalty business model is a business model used in strategic management in which company resources are employed so as to increase the loyalty of customers and other stakeholders in the expectation that corporate objectives will be met or surpassed. A typical example of this type of model is: quality of product or service leads to customer satisfaction, which leads to customer loyalty, which leads to profitability.
Organizational behavior or organisational behaviour is the: "study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself". Organizational behavioral research can be categorized in at least three ways:
J.D. Power is an American data analytics, software, and consumer intelligence company founded in 1968. The company specializes in the use of big data, artificial intelligence, and algorithmic models examining consumer behavior. The firm's business model has evolved to emphasize data and analytics and software products. Industry benchmarking studies are used to evaluate detailed consumer interactions and trends across the automotive, financial services, healthcare, home, insurance, technology, media and telecom, travel and hospitality, senior living, and utilities industries.
In marketing and consumer behaviour, brand loyalty describes a consumer's persistent positive feelings towards a familiar brand and their dedication to purchasing the brand's products and/or services repeatedly regardless of deficiencies, a competitor's actions, or changes in the market environment. It can also be demonstrated with other behaviors such as positive word-of-mouth advocacy. Corporate brand loyalty is where an individual buys products from the same manufacturer repeatedly and without wavering, rather than from other suppliers. Loyalty implies dedication and should not be confused with habit, its less-than-emotional engagement and commitment. Businesses whose financial and ethical values rest in large part on their brand loyalty are said to use the loyalty business model.
Psychographics is defined as "market research or statistics classifying population groups according to psychological variables" The term psychographics is derived from the words “psychological” and “demographics” Two common approaches to psychographics include analysis of consumers' activities, interests, and opinions, and values and lifestyles (VALS).
Buyer's remorse is the sense of regret after having made a purchase. It is frequently associated with the purchase of an expensive item such as a vehicle or real estate.
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 satisfaction goals." Enhancing customer satisfaction and fostering customer loyalty are pivotal for businesses, given the significant importance of improving the balance between customer attitudes before and after the consumption process.
Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
Customer experience, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral customer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages.
The service recovery paradox (SRP) is a situation in which a customer thinks more highly of a company after the company has corrected a problem with their service, compared to how they would regard the company if non-faulty service had been provided. The main reason behind this thinking is that successful recovery of a faulty service increases the assurance and confidence from the customer.
Alliance marketing is joining two or more organizations on the purpose of sharing marketing strategy, promoting concepts, services or products. Basically, alliance marketing can imply to any business as long as it finds an organization that has a mutual goal.
Followership are the actions of someone in a subordinate role. It may also be considered as particular services that can help the leader, a role within a hierarchical organization, a social construct that is integral to the leadership process, or the behaviors engaged in while interacting with leaders in an effort to meet organizational objectives. As such, followership is best defined as an intentional practice on the part of the subordinate to enhance the synergetic interchange between the follower and the leader.
A consumer-brand relationship, also known as brand relationship, is the relationship that consumers think, feel, and have with a product or company brand. For more than half a century, scholarship has been generated to help managers and stakeholders understand how to drive favorable brand attitudes, brand loyalty, repeat purchase, customer lifetime value, customer advocacy, and communities of like-minded individuals organized around brands. Research has progressed with inspiration from attitude theory and, later, socio-cultural theories, but a perspective introduced in the early 1990s offered new opportunities and insights. The new paradigm focused on the relationships that formed between brands and consumers: an idea that had gained traction in business-to-business marketing scholarship where physical relationships formed between buyers and sellers.
Consumer value is used to describe a consumer's strong relative preference for certain subjectively evaluated product or service attributes.
Sensory tourism is a form of tourism, that caters for people with vision impairment. Those suffering from vision impairment face many difficulties based around mainstream tourism such as access to information, navigation, safety and the knowledge of others around them. This has caused the visionless members of society to travel much less than those with no vision impairment. Combining the theories behind tourism in terms of its psychology and its relation to the senses, an inclusive experience for the visually disabled was developed. Sensory tourism engages the physical and multi-sensory aspects of tourism, enhancing the tourism experience specifically for those with, but also benefitting those without vision impairment.
Utpal Dholakia is an Indian American researcher and professor. He is the George R. Brown Professor of Marketing at the Jones Graduate School of Business, Rice University, and the founder of marketing insights consultancy, Empyrean Insights.
Dwayne D. Gremler is a social scientist, academic, and author. He is a Professor of Marketing, Distinguished Teaching Professor, and Distinguished Research Professor in the Schmidthorst College of Business at Bowling Green State University. He is a co-author of the textbook Services Marketing: Integrating Customer Focus Across the Firm, now in its 8th edition.
Maree Thyne is a New Zealand academic, and is a full professor of marketing at the University of Otago, specialising in consumer behaviour, particularly cruise tourism.
