What are Reference Prices in Marketing?
In this detailed article, internal and external reference prices are discussed and their implications for marketers.
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.
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 …
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.
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.
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!
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 market The overall market consists of …
Age Cohorts and Gen Edge
When studying consumer behavior and/or the marketing environment, the concept of age cohorts is often discussed within the marketing textbook. Age cohorts of very large groups of populations that were born in the same time – usually within the same 10 or 20 year period. The broad thinking is that they are somewhat influenced in …
Study Notes for Repositioning
What is 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. Why repositioning is used? Changes in consumer needs and lifestyles may reduce the relevancy of the product New or stronger competition in their product’s positioning …
Study Notes for Perceptual Maps
What is a perceptual map? A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace. The following chart is an example of a perceptual map. What are the Main Types of Perceptual Maps? 1. Using two determinant …
