Consumer Behaviour

you look after the customer, all the other elements of success will fall into place.

retention encourages consumers to stay with the company rather than switch to another company

Consumer satisfaction is the individual’s perception of the performance of the product or service in relation to his or her expectations.

Consumer value is defined as the ratio between the consumer’s perceived benefits (economic, functional and psychological) and the resources (monetary, time, effort, psychological) used to obtain those benefits

the extent that it can do better than its competitors, it achieves a competitive advantage.

benefits they offer.

To simplify buying decisions, companies organise products into categories — they ‘position’ products, services and companies in the minds of consumers. A product’s position, therefore, is the complex set of perceptions, impressions and feelings that consumers hold for the product in comparison with competing products

A product’s position is the way the product is defined by consumers on important attributes

undifferentiated, differentiated and concentrated marketing

Marketing segmentation reveals the market-segment opportunities an organisation can avail of