Discuss about the Account and Financial Management Journal for Retailing.
Products provide only minimum functional benefits. This is because most of the options of the brands give basic features which are quite similar and consumers seek additional benefits from the products beyond the basic facilities. (Pitta, 2007) People prefer the brand that has personality and an image over all the similar things due to their constant underlying needs. Any of the products can be picked up as an instance. Emphasis should be given to the clothing brands of student wears. (Müge Arslan & Korkut Altuna, 2010)
The fundamental part of an organization’s marketing performance is known as the positioning strategy. This is because it utilizes factors of the marketing structure like prices, the design of the product, marketing communication and distribution for affecting the meaning of the interpretation of the consumer. (Larsen, 2017)There lie various dimensions for uplifting the position of the brand in the marketplace. These dimensions are used by the marketers and they include:
Some of the essential sensory qualities like the sight of the design elements, colors, and even sound can be experienced in the online platform. Sensory requirements can be met in the business platform by focusing attention to design detail, color and description of the design elements to the consumer. (Kahn, 2017) One of the examples is the Banana Republic, the clothing site which highlights each and every detail of the fabric and pictures of the details to its consumers. One of the disadvantages of the online retailers is that they have less capability to manipulate the sensory experience of the consumer since shopping from home does not provide the facility to smell or hear other than seeing.
The students can prefer to support both the concepts of the argument under various concepts. The idea that consumer decisions are made rapidly without much thought is supported both by the behavioral instrumental conditioning and classical conditioning (Sarabia-Sanchez, 2005).However, the internal process of the mind is stressed by the cognitive learning theory approach. According to this perspective, people are viewed as problem solvers who effectively use global information for mastering their environment.
The approach of the cognitive learning focuses on the importance of the internal procedure of the mind. In contrast to the behavioral theories of learning, this approach sees people as issue solvers who effectively use global data for mastering their environment (Shapiro, 2011). During the process of learning, the supporters of this view also stress the position of insight and creativity.
Students are likely to agree with the statement if they have an inadequate understanding of the process of involvement. It is to be made clear that one of the potential determinants of the product involvement is the product price. It is the duty of the instructor to explain the role of the personal relevance of the product to an individual. He should also point out that it is influenced by the product, unique consumption situation and by the person. One of the best exercises for the students would be the development of the list of items of high involvement. They should also provide the estimated price for each other the item or simply note the items as no expensive or expensive under its category. This type of charts and displays will highlight the absence of the connection between price and the involvements. (Liefeld, 2004)
Purchasers would more be able to effortlessly outline their ideal digital selves and even have various forms over a few stages. Computerized things are cheap and all the more effortlessly changed in accordance with experiment with various personas and investigate how unique the digital selves feel (Pagani & Pardo, 2017).Because numerous consumption activities are identified with self-definition, it isn’t amazing to discover that customers demonstrate consistency between their qualities and the things they purchase. Self-image congruence models recommend that items will be picked when their properties are similar to some aspect of the self. These models accept a procedure of cognitive matching between the attributes of the product and the self-image of the consumers.
Students will have solid suggestions about this new course. Numerous students will see the progress emphatically and point to the way that Starbucks will additionally grow their income possibilities and boost profit potential. This is because liquor item tends to convey high margins. Other students will point to the way that Starbucks has worked hard to build their image value and their personality is clearly established as an easygoing higher-end coffee shop where buyers are allowed to take as much time as is needed. The reputation has been earned with the steady image. Students may likewise begin to think about their own encounters late around evening time amid exam season where a Starbucks area has served as a refuge. Regardless of the fact, would it still be the situation if it completely grasps this approach?
The theory of cognitive disharmony expresses that when an individual is confronted with irregularities among attitudes or practices, he or she will make some move to determine this “discord,” maybe by changing a state of mind or modifying a conduct (Wells & Martin, 2017). The theory has vital outcomes for attitudes since individuals are often confronted with circumstances in which there is some dissension between their states of mind and behavior. Hence, if an individual experiences negative data about an item after buying it, they may rebate that data and focus on positive data that would reaffirm their explanations behind the purchase.
A verbal message is most appropriate for high-involvement situations since it requires more effort to process. One of the examples is in printing context where the reader is encouraged to pay attention to the advertisements. These messages require more frequent exposures to obtain the desired effect since verbal material decays more rapidly in memory. Chunking information during the time of encoding by the receiver is permitted in case of visual images. This process results in the trace of a stronger memory that assists in retrieval over the time frame. There are one or two ways by which the brand attitudes may get affected by the visual elements. First, Consumer may form a perception of the brand and change his preferences due to an imagery illustration. Example, in a study, people who viewed an advertisement of a facial tissue accompanied by a picture of sunset had this perception in their mind that the brand offers attractive color ranges. Secondly, attitudes of the bands can also be affected directly. Example, a strong positive or negative reaction to the visual elements will affect the attitude of the consumer towards the advertisement (Aad) that will then affect the attitude of the brand (Ab) (Slater, Olson & Finnegan, 2010).
While having a discussion on the utility of studying ration decision making or extended solving of problems, it is important for the instructor to highlight the importance of the usage of different methods for investigating the complicated nature of the decision making of the consumer. It is also to be clear that other less utilized method also plays a role. For understanding and applying experimental consumptions to the strategies of marketing, it is essential to have more knowledge on how consumers develop their overall perception of a product and how they utilize it in their decision making procedure. Contributions from sociology and psychology will also be essential. The real challenge lies in the application of this dissimilar data to the strategies of marketing (Faisal, 2016).
Both the product placement blatancy and the popularity of product placement have been increasing as a promotional technique. An agent’s phone rings at a 2005 episode of CSI New York. His partner enquired about the song and he replied that it is the new cold play music. He then goes on very apathetic. The obvious nature of the plug is transcended by the fact that the first advertisement in the next commercial break is for the latest release of the Cold Play.
References
Faisal, A. (2016). Marketing Strategies in Online/Digital Marketing. Account And Financial Management Journal, 1(8) https://dx.doi.org/10.18535/afmj/v1i8.01
Kahn, B. (2017). Using Visual Design to Improve Customer Perceptions of Online Assortments. Journal Of Retailing, 93(1), 29-42. https://dx.doi.org/10.1016/j.jretai.2016.11.004
Larsen, H. (2017). The ‘mental topography’ of the Shanghai city brand: A netnographic approach to formulating city brand positioning strategies. Journal Of Destination Marketing & Management. https://dx.doi.org/10.1016/j.jdmm.2016.12.005
Liefeld, J. (2004). Consumer knowledge and use of country-of-origin information at the point of purchase. Journal Of Consumer Behaviour, 4(2), 85-87. https://dx.doi.org/10.1002/cb.161
Müge Arslan, F., & Korkut Altuna, O. (2010). The effect of brand extensions on product brand image. Journal Of Product & Brand Management, 19(3), 170-180. https://dx.doi.org/10.1108/10610421011046157
Pagani, M., & Pardo, C. (2017). The impact of digital technology on relationships in a business network. Industrial Marketing Management, 67, 185-192. https://dx.doi.org/10.1016/j.indmarman.2017.08.009
Pitta, D. (2007). Selection as a new product development process: the case of Vertical Branding, Inc. Journal Of Product & Brand Management, 16(6), 432-436. https://dx.doi.org/10.1108/10610420710823807
Sarabia-Sanchez, F. (2005). Consumer attitudes towards the future and some purchase patterns. Journal Of Consumer Behaviour, 4(6), 407-419. https://dx.doi.org/10.1002/cb.27
Shapiro, S. (2011). Marketing thought and the further development of marketing theory. Marketing Theory, 11(4), 479-481. https://dx.doi.org/10.1177/1470593111418803
Slater, S., Olson, E., & Finnegan, C. (2010). Business strategy, marketing organization culture, and performance. Marketing Letters, 22(3), 227-242. https://dx.doi.org/10.1007/s11002-010-9122-1
Wells, V., & Martin, D. (2017). Research frontiers in cognitive, socio-cognitive, behavioural, social and applied psychology: implications for marketing theory and consumer research. Journal Of Marketing Management, 33(11-12), 873-877. https://dx.doi.org/10.1080/0267257x.2017.1337668
Yano, M., & Komatsubara, T. (2017). Price competition or price leadership. Economic Theory. https://dx.doi.org/10.1007/s00199-017-1080-x
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