reference group

Examples of reference group in the following topics:

• Reference Groups

  • Reference groups are groups that consumers will look to for help in making purchasing decisions.
  • Reference groups are groups that consumers compare themselves to or associate with.
  • Reference groups are considered a social influence in consumer purchasing.
  • Reference groups can be either formal or informal.
  • Additionally, celebrities can be used as a reference group.

• Opinion Leaders

  • Our purchase decisions are influenced by any number of people or groups.
  • Sometimes, these opinion leaders can actually be groups, known as reference groups.
  • If a marketer can identify key opinion leaders for a certain group, she can then direct her efforts towards attracting these individuals.

• Decision-Making Units

  • The group of individuals responsible for making a buying decision in a B2B context are labelled the decision making unit (DMU).
  • In the business-to-business (B2B) context (as opposed to B2C), buying decisions are made in groups.
  • The group responsible for making the buying decision in companies is referred to as the decision making unit (DMU).
  • In some cases, the buying center acts as an informal ad hoc group.
  • In other cases, the buying center is a formally sanctioned group with specific mandates, criteria, and procedures.

• Customer Feedback

  • Customer feedback can be collected via direct conversations with consumers, telephone or focus group interviews, surveys, and online communities.
  • Service quality generally refers to a customer's comparison of service expectations as it relates to a company's performance.
  • Focus groups: This involves gathering a number of customers, sitting them down, and discussing a range of issues relevant to a company's business.
  • In-person focus groups and one-on-one interviews are helpful tools that provide explanation of product or consumer-related issues because you are going to the main source directly .
  • Customer feedback can be gathered via focus group discussions that elicit their opinions and inquire about their experiences.

• Researching Using Digital Media

  • Thus, the practice is also referred to as Internet research, Internet science, or iScience.
  • These private communities can engage customer groups or target consumers who might be difficult to reach using traditional offline tactics.

• Estimating the Addressable Market

  • Total addressable market (TAM) is a term that is typically used to reference the revenue opportunity available for a product or service.
  • Total addressable market (TAM), also called total available market, is a term that is typically used to reference the revenue opportunity available for a product or service.
  • The market can be categorized into separate groups called segments.

• The Dynamic Environment

  • The company aspect of micro-environment refers to the internal environment of the company.
  • Marketing intermediaries refer to the people that help the company promote, sell, and distribute its products to final buyers.
  • Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation.
  • The political environment includes all the laws, government agencies, and groups that influence or limit organizations and individuals within a society.
  • The cultural environment consists of institutions and the basic values and beliefs of a group of people.

• Advertising

  • These methods are collectively referred to as Marketing Communications (MarCom) Matrix, and include direct marketing, public relations/publicity, new media, and advertising.
  • Through advertising, a marketer hopes to communicate a message to a targeted consumer group via means including print, electronic (radio and television), the Internet and mobile phones.
  • Developing a brand character statement sets the tone of the campaign and defines what the targeted consumer group should do or feel when they are exposed to it.
  • A target group or audience is defined through information gathered from focus groups, demographics and by psycho-graphics, i.e. statistics illustrating how a certain group thinks and ultimately buys.
  • The placement of advertisements along with their size and positioning are based upon data associated with the targeted consumer group.

• Defining Product

  • In general, a product is defined as a "thing produced by labor or effort" or the "result of an act or a process. " The word "product" stems from the verb "produce", from the Latin prōdūce(re) "(to) lead or bring forth. " Since 1575, the word "product" has referred to anything produced.
  • Commodities are usually raw materials such as metals and agricultural products, but the term can also refer to anything widely available in the open market.
  • Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure.
  • A product line is "a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. " Many businesses offer a range of product lines which may be unique to a single organization or may be common across the company's industry.

• Product Line Breadth

  • You may also hear the product line breadth referred to as the product width, product assortment width, and merchandize breadth.
  • A product line is a group of products within the product mix that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets or fall within given price ranges.