Consumers’ self-image can be inferred from the brands they use, their attitudes toward different brands and the meanings brands have for them. The perceptions consumers have of themselves influences their brand decisions. Consumers form favourable attitudes toward those products which possess images most similar to the images they either prefer or wish of themselves. Accordingly, they buy those products which match their desired self-image because those products help consumers express themselves (Zinkham& Hong,
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
If consumers perceive that the product has comparative advantages with other products and that element is very meaningful to the consumer, so the consumer will choose the product even though the product is relatively similar to others. Last things to be analyzed in this study is consumer attitude toward global products. The relationship between affinity towards global brands and brand preferences have acknowledged by recent studies (Sengupta, 2014). Therefore, this study analyzes how the brand is recognized, how the brand is appraised and to what extent consumers are entrust to the
Satisfaction is recognized as an important element for loyalty in both the consumers and business marketing. Satisfaction with previous purchase experiences plays an important role in determining the future purchase behaviors particularly call as an effort-minimization strategy (Jones and Suh, 2000: Pritchard et al, 1999). Oliver (1999) has developed the definition of brand loyalty as “a deeply held commitment to re-purchase or re-patronize a preferred product or service consistently in the future and
How would these differences influence the process in which value are assigned to competing offers which are being compared? The motivation behind purchasing decisions made by businesses and consumers differ significantly. When organization purchase equipment, they plan to utilize them in ways that will help the business attain the set goals and objectives. The purchased items are strategically sought after as they play a major part in helping the organization generate value in ways that will help cover the costs incurred and increase the overall profit. On the other hand, the consumers buy products depending on their need and wants.
This approach can enable the organisation under consideration to gain benefit in controlling costs while fulfilling the demands of consumer services (Basu, 2001). The function of consumer service is considered as a designed standard for the satisfaction of consumers in such a way that the business intends to deliver to its consumers. Moreover, the order processing is designed for taking the consumer orders while executing the specific aspects of the consumers’ demand related to the products (Ellis,