Consumers make purchase decisions based on a product’s symbolic meanings and images, which can be used to create and enhance self-image. According to Graeff, (1997) brands associated images let consumers express who they are, what they are, where they are and how they want to be viewed. A person expects positive reactions from his significant referents, and brand image becomes a symbolic tool for goal accomplishment (Grubb and Hupp, 1968; Grubb and Stern, 1971). A person attempts to communicate to his significant references certain things about himself by using symbolic products. Consumers’ purchase decisions are significantly influenced by social value in that consumers perceive various brand images as either congruent or incongruent with the norms of the reference groups to which they belong or aspire (Grubb and Stern, 1971; Solomon, 1983).
Waitrose’s can create items in view of either product situated approach or a marketing focused approach. The marketing focused approach means Waitrose’s responds to what clients need. Marketing introduction is the best introduction Waitrose’s can receive on the grounds that market introduction has the advantages of centering and meeting the expressed or concealed needs or needs of clients; or it express an advertising discernment which put the client's needs in the center of every one of company's exercises. Along these lines, Waitrose’s advantages from choices in view of clients' needs and needs as opposed to what Waitrose’s believes is a good fit for the clients. When all is said in done, organizations take after market approach since market situated approach brings a few advantages and expenses to Waitrose’s.
The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.
Three factors in celebrity-source can manipulate the consumer behavior: physical attractiveness of the celebrity, likability and product involvement by the celebrity. In the factors that celebrity-source includes, physical attractiveness plays the major part in the study of consumer behavior. The consumer is largely positively affected by the attractiveness of the celebrity endorser because this leaves remembrance of the product and the brand in consumer’s conscious as well as subconscious mind. This somewhere also puts its impact on consumer’s intentions of purchase of the product. The whole process of attractiveness of the celebrity endorser is directly linked with the acceptance of the
Impact: What value a product would augment better than the competitors and how a product is facilitating the target market better than the alternatives. Proof: It is the endorsement that a specific product has delivered specific values in the most cost effective manner to gain customer satisfaction. Cost: It is the value a customer is expecting to get from a product paying a certain amount of money. Customer compares the value of the product with the cost that they have to pay and evaluate whether it delivers what is expected or not? Dimensions of Value proposition from company’s perspective are Value Creation: The basic step where the idea of value specification is presented and processed.