What are Reference Prices in Marketing?
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
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Relationship Between Internal and External Reference Prices
There is a direct relationship between these concepts, as internal reference prices are formed through continual exposure to external reference prices.
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What is a subculture?
One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture.Let’s firstly check out the definitions of culture and subculture and how they are interrelated.What is culture in marketing?Here are three definitions of
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Why Use Relative Market Share?
Why should marketers review relative market shares? Let’s find out why relative market shares are often a more insightful metric than ‘normal’ market shares.
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Variations of Market Share
It would be a mistake for a firm to rely upon one market share measure only. Assuming that the firm has access to competitive sales information, then a variety of market share metrics should be calculated and reviewed.
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Decomposing Market Share
Did you know that market share is made up of three underlying components? The factors are share of customer, penetration share and usage index. Find out more!
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Markets, exchange and target markets
When studying marketing it is important to understand the concept of a market and the exchange process.When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s.Overall marketThe overall market consists of all potential buyers
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Age Cohorts and Gen Edge
Generation Edge, also known as Gen Z, is a demographic group that is currently coming of age and significantly impacting consumer culture. Born after the Millennials, they are the children of Gen Xers.
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Study Notes for Repositioning
Repositioning is the task of implementing a major change the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
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Study Notes for Perceptual Maps
A perceptual map is a powerful visual tool used in marketing to depict how consumers perceive and position various products or brands in relation to each other within a marketplace.
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