Related Research Articles
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency advertises on behalf of an entire industry or locality, often a specific type of food, food from a specific area, or a city or region as a tourism destination.
Pricing is the process whereby a business sets 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 product.
The term "marketing mix" is a foundation model for businesses, historically centered around product, price, place, and promotion. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
Services marketing is a specialized branch of marketing which emerged as a separate field of study in the early 1980s, following the recognition that the unique characteristics of services required different strategies compared with the marketing of physical goods.
Consumer behavior is the study of individuals, groups, or organizations 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 buying decision process is the decision-making process used by consumers regarding the 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.
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.
Customer satisfaction 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. 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." Customers play an important role and are essential in keeping a product or service relevant; it is, therefore, in the best interest of the business to ensure customer satisfaction and build customer loyalty.
Co-creation, in the context of a business, refers to a product or service design process in which input from consumers plays a central role from beginning to end. Less specifically, the term is also used for any way in which a business allows consumers to submit ideas, designs or content. This way, the firm will not run out of ideas regarding the design to be created and at the same time, it will further strengthen the business relationship between the firm and its customers. Another meaning is the creation of value by ordinary people, whether for a company or not.
The study of the history of marketing, as a discipline, is meaningful because it helps to define the baselines upon which change can be recognised and understand how the discipline evolves in response to those changes. The practice of marketing has been known for millennia, but the term "marketing" used to describe commercial activities assisting the buying and selling of products or services came into popular use in the late nineteenth century. The study of the history of marketing as an academic field emerged in the early twentieth century.
Customer experience (CX) is a totality of cognitive, affective, sensory, and behavioral consumer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages. Pine and Gilmore described the experience economy as the next level after commodities, goods, and services with memorable events as the final business product. Four realms of experience include esthetic, escapist, entertainment, and educational components.
The Journal of Neuroscience, Psychology, and Economics is a peer-reviewed academic journal published by the American Psychological Association. It publishes original research dealing with the application of psychological theories and/or neuroscientific methods to business and economics and, therefore, is at the core of research in neuroeconomics, decision neuroscience, and consumer neuroscience. It is currently edited by Samuel M. McClure.
Consumer neuroscience is the combination of consumer research with modern neuroscience. The goal of the field is to find neural explanations for consumer behaviors in individuals both with or without disease.
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.
Fan loyalty is the loyalty felt and expressed by a fan towards the object of his/her fanaticism. Fan Loyalty is often used in the context of sports and the support of a specific team or institution. Fan loyalties can range from a passive support to radical allegiance and expressions of loyalty can take shape in many forms and be displayed across varying platforms. Fan loyalty can be threatened by team actions. The loyalties of sports fans in particular have been studied by psychologists, who have determined several factors that help to create such loyalties.
Christian Homburg is a German marketing researcher, director of the IMU – Institute for Market-oriented Management and chaired professor for Marketing at the University of Mannheim. His special subjects are market-oriented management, customer relationship management and sales management. Furthermore, from 2006 until the 2010, Homburg was the exclusive managing director of the Mannheim Business School. In addition to his academic position, he is chairman of the scientific advisory committee of Homburg & Partner, an international management consultancy firm.
A consumer-brand relationship, also known as a 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.
Lynn R Kahle is an American consumer psychologist and Professor Emeritus at the University of Oregon's Lundquist College of Business. From 2018 to 2020 he taught at the Lubin School of Business, Pace University in New York as a visiting scholar and professor.
Consumer value can be affected by family and also environment.
Martin Fassnacht is a German economist, professor and director of the Chair of Strategy and Marketing at the WHU – Otto Beisheim School of Managementin Düsseldorf.
References
- ↑ Reimann, Martin; Bechara, Antoine (2010). "The somatic marker framework as a neurological theory of decision-making: Review, conceptual comparisons, and future neuroeconomics research". Journal of Economic Psychology. 31 (5): 767–776. doi:10.1016/j.joep.2010.03.002.
- ↑ "Homburg, Klarmann, Reimann, & Schilke 2012".
- ↑ Reimann, Martin; Schilke, Oliver (2008). "Editorial". Journal of Neuroscience, Psychology, and Economics. American Psychological Association. 1 (1): 3–3. doi:10.1037/h0091584. ISSN 2151-318X.
- ↑ "Journal of Neuroscience, Psychology, and Economics". Association for NeuroPsychoEconomics. Retrieved December 29, 2021.
