Discounts have a profound psychological impact on consumers. The mere sight of a discounted price tag triggers a sense of urgency and excitement, tapping into the human desire for a good deal.
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Loss Leader Pricing is a strategic method used by retailers to attract customers by offering products at a price lower than their cost.
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Porter’s Five Forces Model is built around five key forces that shape the competitive intensity and attractiveness of an industry.
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Effective marketing plays a key role in the successful introduction of new-to-the-world products, given the novelty and distinctiveness of these offerings.
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Variety-seeking in consumer behavior refers to the tendency of individuals to seek new and diverse experiences, products, or services.
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Classical conditioning can influence consumer behavior significantly by building positive associations with a brand or product.
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Classical conditioning is a process of learning where a previously neutral stimulus, when paired with another stimulus, elicits a response. This response is originally evoked by the second stimulus alone.
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Motivation in consumer behavior is what drives a customer to seek, select, and purchase a particular product or service.
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Consumer motivation, in essence, refers to the reasons or aspirations driving consumers to make decisions or behave in a certain pattern in the marketing context.
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Classical conditioning plays a critical role in impulse buying. By striking the right balance between conditioned stimuli and desired consumer responses, marketers can foster beneficial relationships with consumers and encourage healthy purchase behaviors.
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