A market maven is a person who is exceptionally well-informed about the marketplace, including where to get products, how to find the best deals, and general information about the latest trends and available products.
In today’s world, with the abundance of information available, it’s easy for consumers to feel overwhelmed and suffer from information overload. But what exactly is information overload in marketing?
The extended decision process involves several stages, from recognizing a need or problem to evaluating alternatives and finally making a decision.
High involvement purchases require careful consideration and a significant investment of time, money, or effort. Low involvement purchases are usually routine and necessitate minimal research or thought.
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
Internal reference prices are a handy heuristics tool for consumers to allow them to make fast decisions, whereas external reference prices are more important in high involvement purchases.
A reference price is the expected and acceptable price range that a consumer is willing to pay for a particular product and/or brand. There are two types of reference prices that marketers need to be aware of. These are: internal reference prices and external reference prices.
The lexicographic decision rule is the simplest decision approach, as consumers are focused upon the most important individual product attribute to them and choose the product offering that best meets that one single attribute.