BrandA brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Brand names are sometimes distinguished from generic or store brands.
BehaviorBehavior (American English) or behaviour (British English) is the range of actions and mannerisms made by individuals, organisms, systems or artificial entities in some environment. These systems can include other systems or organisms as well as the inanimate physical environment. It is the computed response of the system or organism to various stimuli or inputs, whether internal or external, conscious or subconscious, overt or covert, and voluntary or involuntary.
Focus groupA focus group is a group interview involving a small number of demographically similar people or participants who have other common traits/experiences. Their reactions to specific researcher/evaluator-posed questions are studied. Focus groups are used in market research to understand better people's reactions to products or services or participants' perceptions of shared experiences. The discussions can be guided or open. In market research, focus groups can explore a group's response to a new product or service.
Behavioural sciencesThe behavioural sciences explore the cognitive processes within organisms and the behavioural interactions between organisms in the natural world. It involves the systematic analysis and investigation of human and animal behaviour through naturalistic observation, controlled scientific experimentation and mathematical modeling. It attempts to accomplish legitimate, objective conclusions through rigorous formulations and observation. Examples of behavioural sciences include psychology, psychobiology, anthropology, economics, and cognitive science.
Market segmentationIn marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on shared characteristics. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar s.
Behavioral economicsBehavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion.
Goods and servicesGoods are items that are usually (but not always) tangible, such as pens, physical books, salt, apples, and hats. Services are activities provided by other people, who include architects, suppliers, contractors, technologists, teachers, doctors, lawn care workers, dentists, barbers, waiters, online servers, a digital book, a digital video game or a digital movie. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.
Impulse purchaseIn the field of consumer behavior, an impulse purchase or impulse buying is an unplanned decision by a consumer to buy a product or service, made just before a purchase. One who tends to make such purchases is referred to as an impulse purchaser, impulse buyer, or compulsive buyer. Research findings suggest that emotions, feelings, and attitudes play a decisive role in purchasing, triggered by seeing the product or upon exposure to a well crafted promotional message.
PsychographicsPsychographics is defined as "market research or statistics classifying population groups according to psychological variables" The term psychographics is derived from the words “psychological” and “demographics” Two common approaches to psychographics include analysis of consumers' activities, interests, and opinions (AIO variables), and values and lifestyles (VALS). Psychographics have been applied to the study of personality, values, opinions, attitudes, interests, and lifestyles.
Attitude (psychology)In psychology, attitude is a psychological construct that is a mental and emotional entity that inheres or characterizes a person, their attitude to approach to something, or their personal view on it. Attitude involves their mindset, outlook and feelings. Attitudes are complex and are an acquired state through life experience. Attitude is an individual's predisposed state of mind regarding a value and it is precipitated through a responsive expression towards oneself, a person, place, thing, or event (the attitude object) which in turn influences the individual's thought and action.
