Behavioral Science and Interpretivism
Behavioral science is a field that draws lessons from studies about how people and animals respond to different circumstances in their lives. Interpretivism, on the other hand, is a qualitative approach that assists skilled researchers in measuring specific social activities through insights and, in some cases, interviews.
Advantages of Researching Market Preferences
The key advantages of researching market preferences include gaining a greater understanding of consumers' preferences, designs, and trends, delivering goods that meet customers' needs, and generating high profits for companies as a result of customer loyalty.
Main Underlying Principles of Market Segmentation
The following are the main underlying principles of market segmentation: isolating the market segment with the highest response implies the attainment of the marketing mix with the highest number of customers and that high sale is a direct result of segmentation.
a. The perceptual map represents groups mountain bikes into four groups based on price and quality. The upper right box shows high price and high quality, upper left box shows high price and low quality, lower right box shows high quality and low price, and finally, lower left box shows low price and low-quality mountain bikes in the market.
b. Usually, customers prefer quality products at relatively lower prices while many firms tend to offer high-quality products at high prices. Consequently, little or no firms are willing to offer high-quality products at low prices, and that represents a great opportunity for our company.
c. The rejuvenation of products can be done through innovative techniques such as unique branding.
d. Managers can build strong brand names through offering high-quality products at relatively low prices. For example, the Cannondale brand has impressed many cyclists because of its magnificent performance and low costs.
In-store food samples promote sales because consumers get to experience the products before they actually buy them. Conversely, when there are no food samples, the experience is minimal, and only a few customers tend to test new products.
Most consumers tend to have little time for market search and mostly rely on real experience in making purchase decisions.
