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Marketing is the act of satisfying and retaining customers. It is one of the primary components of business management and commerce.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
In marketing, market segmentation or customer segmentation is the process of dividing a consumer or business market into meaningful sub-groups of current or potential customers known as segments. Its purpose is to identify profitable and growing segments that a company can target with distinct marketing strategies.
Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes that make up an individual product or service.
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.
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.
Neuromarketing is a commercial marketing communication field that applies neuropsychology to market research, studying consumers' sensorimotor, cognitive, and affective responses to marketing stimuli. The potential benefits to marketers include more efficient and effective marketing campaigns and strategies, fewer product and campaign failures, and ultimately the manipulation of the real needs and wants of people to suit the needs and wants of marketing interests.
Frank Myron Bass was an American academic in the field of marketing research and marketing science. He was the creator of the Bass diffusion model that describes the adoption of new products and technologies by first-time buyers. He died on December 1, 2006.
Andrew Ehrenberg was a statistician and marketing scientist. For over half a century, he made contributions to data reduction/analysis and presentation, and to understanding buyer behaviour and how advertising works.
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The following outline is provided as an overview of and topical guide to marketing:
Brand awareness is the extent to which customers are able to recall or recognize a brand under different conditions. Brand awareness is one of two dimensions from brand knowledge, an associative network memory model. It is a key consideration in consumer behavior, advertising management, and brand management. The consumer's ability to recognize or recall a brand is central to purchasing decision-making because purchasing cannot proceed unless a consumer is first aware of a product category and a brand within that category. Awareness does not necessarily mean that the consumer must be able to recall a specific brand name, but they must be able to recall enough distinguishing features for purchasing to proceed. Creating brand awareness is the main step in advertising a new product or bringing back the older brand in light.
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive (thinking) and affective (feeling) stages culminating in a behavioural stage.
The hedonic music consumption model was created by music researchers Kathleen Lacher and Richard Mizeski in 1994. Their goal was to use this model to examine the responses that listening to rock music creates, and to find if these responses influenced the listener's intention to later purchase the music. The article begins with a discussion of why the issue of music consumption is important. Music is then explored as an aesthetic product, prior to a discussion of what hedonic consumption is, as well as its origins, and concludes with an in-depth look at the model itself.
Byron Sharp is a Professor of Marketing Science at the University of South Australia, known for his work on loyalty programs.
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The Buy Till You Die (BTYD) class of statistical models are designed to capture the behavioral characteristics of non-contractual customers, or when the company is not able to directly observe when a customer stops being a customer of a brand. The goal is typically to model and forecast customer lifetime value.
Joannes Evangelista Benedictus Maria "Jan-Benedict" Steenkamp is a marketing professor and author. He is the Knox Massey Distinguished Professor of Marketing at Kenan-Flagler Business School, University of North Carolina at Chapel Hill. He is also the co-founder and executive director of AiMark, a global center studying key marketing strategy issues. Steenkamp is the author of Time to Lead, Retail Disruptors, Global Brand Strategy, Brand Breakout and Private Label Strategy. He is one of the most cited scholars in business and marketing.
Richard Paul Bagozzi is an Italian American behavioral and social scientist most known for his work in theory, methodology and empirical research. He is the Dwight F. Benton Professor Emeritus of Marketing at the University of Michigan.
Zillur Rahman is a professor of management studies at the Indian Institute of Technology Roorkee in Roorkee, Uttarakhand, India.
References
- ↑ "OBITUARY: GERALD GOODHARDT". Research live. Retrieved 1 January 2021.
- ↑ Goodhardt, Gerald J.; Ehrenberg, Andrew S. C.; Chatfield, Christopher (1984). "The Dirichlet: A Comprehensive Model of Buying Behaviour". Journal of the Royal Statistical Society . 147 (part 5): 621–55. doi:10.2307/2981696.
- ↑ Ehrenberg, Andrew S.C., Mark D. Uncles, and Gerald G. Goodhardt (2004), "Understanding Brand Performance Measures: Using Dirichlet Benchmarks," Journal of Business Research, 57 (12), 1307-25.
- ↑ Sharp, Byron, Malcolm Wright, and Gerald Goodhardt (2002), "Purchase loyalty is polarised into either repertoire or subscription patterns," Australasian Marketing Journal, 10 (3), 7.
- ↑ Schmittlein, D. C.; Bemmaor, A. C.; Morrison, D. G. (1985). "Why Does the NBD Model Work? Robustness in Representing Product Purchases, Brand Purchases and Imperfectly Recorded Purchases". Marketing Science. 4 (3): 255–266. doi:10.1287/mksc.4.3.255.
