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Consumerism is a social and economic order in which the aspirations of many individuals include the acquisition of goods and services beyond those necessary for survival or traditional displays of status. It emerged in Western Europe before the Industrial Revolution and became widespread around 1900. In economics, consumerism refers to policies that emphasize consumption. It is the consideration that the free choice of consumers should strongly inform the choice by manufacturers of what is produced and how, and therefore influence the economic organization of a society.
Pricing is the process whereby a business sets and displays the price at which it will sell its products and services and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of the product.
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services. It encompasses 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.
In economics, a luxury good is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a more significant 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.
Marketing communications refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on how businesses communicate a message to their desired market, or the market in general. It is also in charge of the internal communications of the organization. Marketing communication tools include advertising, personal selling, direct marketing, sponsorship, communication, public relations, social media, customer journey and promotion.
In advertising and marketing, aspirational age is an ideal age whose characteristics consumers aspire to embody. Thus, marketing messages aimed at that target age will resonate with consumers of other ages.
An advertising campaign or marketing campaign is a series of advertisement messages that share a single idea and theme which make up an integrated marketing communication (IMC). An IMC is a platform in which a group of people can group their ideas, beliefs, and concepts into one large media base. Advertising campaigns utilize diverse media channels over a particular time frame and target identified audiences.
A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. Pricing strategies and tactics vary from company to company, and also differ across countries, cultures, industries and over time, with the maturing of industries and markets and changes in wider economic conditions.
A lifestyle brand is a brand that is intended to embody the values, aspirations, interests, attitudes, or opinions of a group or a culture for marketing purposes. Lifestyle brands seek to inspire, guide, and motivate people, with the goal of making their products contribute to the definition of the consumer's way of life. As such, they are closely associated with the advertising and other promotions used to gain mind share in their target market. They often operate from an ideology, hoping to attract a relatively high number of people and ultimately become a recognised social phenomenon.
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience. In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
The term "mass market" refers to a market for goods produced on a large scale for a significant number of end consumers. The mass market differs from the niche market in that the former focuses on consumers with a wide variety of backgrounds with no identifiable preferences and expectations in a large market segment. Traditionally, businesses reach out to the mass market with advertising messages through a variety of media including radio, TV, newspapers and the Web.
Engagement marketing is a marketing strategy that directly engages consumers and invites and encourages them to participate in the evolution of a brand or a brand experience. Rather than looking at consumers as passive receivers of messages, engagement marketers believe that consumers should be actively involved in the production and co-creation of marketing programs, developing a relationship with the brand.
Digital marketing is the component of marketing that uses the Internet and online-based digital technologies such as desktop computers, mobile phones, and other digital media and platforms to promote products and services.
In the marketing and advertising industry, youth marketing consists of activities to communicate with young people, typically in the age range of 11 to 35. More specifically, there is teen marketing, targeting people age 11 to 17; college marketing, targeting college-age consumers, typically ages 18 to 24; and young adult marketing, targeting ages 25 to 34.
Premium 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 save on costs by producing at a high volume.
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
Customer experience, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral responses of a customer during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages.
Social media in the fashion industry refers to the use of social media platforms by fashion designers and users to promote and participate in trends. Over the past several decades, the development of social media has increased along with its usage by consumers. The COVID-19 pandemic was a sharp turn of reliance on the virtual sphere for the industry and consumers alike. Social media has created new channels of advertising for fashion houses to reach their target markets. Since its surge in 2009, luxury fashion brands have used social media to build interactions between the brand and its customers to increase awareness and engagement. The emergence of influencers on social media has created a new way of advertising and maintaining customer relationships in the fashion industry. Numerous social media platforms are used to promote fashion trends, with Instagram and TikTok being the most popular among Generation Y and Z. The overall impact of social media in the fashion industry included the creation of online communities, direct communication between industry leaders and consumers, and criticized ideals that are promoted by the industry through social media.
Massification is a strategy that some luxury companies use to expose their brands to a broader market and increase sales. As a method of implementing massification, companies have created diffusion lines. Diffusion lines are an offshoot of a company or a designer's original line that is less expensive in order to reach a broader market and gain a wider consumer base. Another strategy used in massification is brand extensions, which is when an already established company releases a new product under their name.
Guilt-free consumption (GFC) is a pattern of consumption based on the minimization of the sense of guilt which consumers incur when purchasing products or commercial services.
References
- ↑ Murray Hunter (2012-07-14). "What's with All the Hype – a Look at Aspirational Marketing". Norsensus Mediaforum. Retrieved 2020-09-03.
- 1 2 Michael Hemsworth (2013-03-07). "Three Tips for Creating an Aspirational Brand Strategy". TREND HUNTER Inc. Archived from the original on 2021-09-26. Retrieved 2020-09-03.
- ↑ Ward, Morgan K.; Dahl, Darren W. (1 October 2014). "Should the Devil Sell Prada? Retail Rejection Increases Aspiring Consumers' Desire for the Brand". Journal of Consumer Research. 41 (3): 590–609. doi:10.1086/676980.
- ↑ Alba, Joseph W.; Lutz, Richard J. (April 2013). "Broadening (and narrowing) the scope of brand relationships". Journal of Consumer Psychology. 23 (2): 265–268. doi:10.1016/j.jcps.2013.01.005.
- 1 2 Niraj Dawar; Charan K. Bagga (2015-06-01). "A Better Way to Map Brand Strategy". Harvard Business Review. Retrieved 2020-09-03.
- ↑ Dodoo, Naa Amponsah (2 January 2018). "Why Consumers Like Facebook Brands: The Role of Aspirational Brand Personality in Consumer Behavior". Journal of Promotion Management. 24 (1): 103–127. doi:10.1080/10496491.2017.1346536. S2CID 168758147.