Consumer behavior is the study of how individuals, groups, and organizations make decisions about acquiring, using, and disposing of goods, services, experiences, or ideas. It encompasses aspects such as the psychological, social, and cultural influences on purchasing decisions, as well as the impact of these decisions on individual and society. Consumer behavior research provides insights into why and how consumers behave the way they do and helps marketers develop effective marketing strategies.
People are not rational decision makers. Quite the contrary we are highly irrational in almost everything we do. That’s because despite best intentions to remain as objective as possible there are just so many things that influence us in any given moment — both on a conscious level and on a broader emotional and subconscious…
It’s important for brands to nurture trust, no matter big or small. In fact, it’s easier for small brands and can lead to significant financial benefits. Brand trust is all about credibility and integrity. Once you understand that you can build brand trust more effectively. Trust is important in essentially all interactions in our society….
SMEs suffer a disadvantage in the marketplace when competing against large brands. There are, however, several psychological consumer insights that SMEs can use to their advantage. These include personifying the producer, positioning as an underdog, using attractive packaging and crowdfunding their products. Startups and other small and medium-sized enterprises (SMEs) operate at a severe disadvantage…
People buy luxury goods to gain status and ultimately improve their lives. Luxury brands are expensive because they have to be. If luxury brands were cheap, they would lose their ability to ascribe social status to their buyers. Porsche is the most valuable luxury brand in the world. Brand Finance estimates its brand value at…
![What are brand communities? 3 unique qualities [+ examples]](https://brandalfblog.com/wp-content/uploads/2022/05/what-are-brand-communities-featured-image-768x432.jpg)
Brand communities are vibrant collections of brand fans that form on its own or are engineered by marketers. All brand communities have rituals and traditions and its members share consciousness and have a sense of moral responsibility to one another. Brand communities provide rich benefits for both consumers and brands. Consumers are becoming more and…
Customer based brand equity is a valuable framework that describes how consumers perceive brands and how brand equity is created. It treats brand equity as a product of brand awareness and brand image in consumers’ minds. Customer based brand equity is one of the most popular representations of the added value of a brand. In…