There is a direct relationship between these concepts, as internal reference prices are formed through continual exposure to external reference prices.
Relationship Between Internal and External Reference Prices Find Out More...
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
What is a subculture? Find Out More...
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.
Why Use Relative Market Share? Find Out More...
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.
Variations of Market Share Find Out More...
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!
Decomposing Market Share Find Out More...
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
Markets, exchange and target markets Find Out More...
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.
Age Cohorts and Gen Edge Find Out More...
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.
Study Notes for Repositioning Find Out More...
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.
Study Notes for Perceptual Maps Find Out More...
What is meant by Points-of-difference (POD)?The aspects of the product offering that are relatively distinct to the offerings of like competitors.What is meant by Points-of-parity (POP)?The aspects of the product offering that are largely similar to the offerings of like competitors.Should a brand emphasize POD or POP?Emphasize POD when…The firm is the a market leaderThe
Study notes for points-of-difference (POD) and points-of-parity (POP) Find Out More...
