The Community Aproach: The Consumer-Based Approach
The consumer - based approach
The personality approach
The relational approach
The community approach
The cultural approach
The seven above mentioned approaches, also called schools of thought, are divided among the three periods and namely the economic and identity approach are part of the first period, whereas the consumer based, personality, relational approach are, as the names suggest, focusing on the customers and are therefore to be found in the second period. The community and cultural approach facilitate the analysis of external influential factors, thus being part of the third period.
The economic approach
From an economic viewpoint, brand value is seen as being part of the traditional Marketing Mix and consequently it is directly influenced by the four Ps, namely by distribution channels, promotions and price
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In addition, the information was always clear and the demand curve was known which meant that suppliers knew what effect a change in price would have on customers, just like buyers were familiar with all alternatives available in the market and the price differences. However scholars soon realised that this concept was not realistic and misleading. Consequently, they soon came up with a new school of thought, behavioural economics. The most prominent work was the Nobel prize winning from Herbert A. Simon 1978 who claimed that neither suppliers nor buyers strive to maximise their profits, because they are not always capable of processing the vast information available to them, which is why they most of the time settle for a simply satisfying outcome.
This new school of thought was advocated by numerous scholars who based their works on the Simon’s assumption and also won Nobel Prizes for their works. Ever since, the concept of behavioural pricing has gained additional
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