Recommendations The following are the key recommendations based on an analysis of these six studies included in the analysis: 1. Anticipate that social media will continue to grow in prominence and that social networks will be even more important to brands in the future than they are today (Baird, Parasnis, 2011)
The implications of social media including Facebook's effects on how brands are presented by actual vs. ideal selves is also included in this analysis (Hollenbeck, Kaikati, 2012)
The study also failed to create a suitable model of inclusion verses exclusion of pricing behavior and pricing preference data based on social networks, which would have been possible by knowing the respondents' social graph. Critical Analysis of Effects of Various Characteristics of Social Commerce (s-commerce) on Consumers' Trust and Trust Performance In the peer-reviewed article and research results Effects of Various Characteristics of Social Commerce (s-commerce) on Consumers' Trust and Trust Performance (Kim, Park, 2013) the researchers have created a methodology to isolate which social e-commerce (s-Commerce) factors and characteristics most and least contribute to trust online customer have when buying online
Overall the model is ideally suited for South Korea yet lacks enough statistical validity to be extrapolated on a broader context. Critical Analysis of Evaluation of international Brand Alliances: Brand Order and Consumer Ethnocentrism In the study Evaluation of international Brand Alliances: Brand Order and Consumer Ethnocentrism (Li, He, 2013) the authors are concentrating on the aspects of how ethnocentrism as they relate to the relative levels of growth throughout a nations; economy
Critical Analysis of Social Customer Relationship Management (SCRM): How Connecting Social Analytics to Business Analytics enhances Customer care and Loyalty The ongoing evolution of Customer Relationship Management (CRM) continues to show potential for unifying the social networks and social media platforms individuals and companies rely on daily to communicate. The intent of the study Social Customer Relationship Management (SCRM): How Connecting Social Analytics to Business Analytics enhances Customer care and Loyalty (Nadeem, 2012) is to ascertain how effective the nascent field of Social Customer Relationship Management (SCRM) is and how it is progressing over time
Social networking has created a level of real-time collaboration and communication that is also completely redefining how nationalities relate to their nations' own brands relative tot the brands of other, potentially competing nations as well. Economic growth and improved standing globally can make a nation less ethnocentric in their purchasing decisions relative to others for example (Tsai, Lee, Song, 2013)
During this process is when actuaries will use a number of different resources to include: studies, journals, books and web based information. (Beazely, 2002) Once this takes place, is when actuaries will focus on conducting their own survey
¶ … Marketing Managers Need to Understand Consumer Behavior The essence of effective marketing is defining a unique, highly defensible market position for a given product or service, supporting it with a unique value proposition that further motivates customers to buy. Marketing managers who excel in their professions have the ability to accurately interpret the consumer decision making process and align their strategies to encourage the trial and eventual purchase of their products (Foxall, 1993)
Analysis The consumer decision making process varies by the type of product, service, level of trust a consumer has in a given brand, and the extent of substitutes that exist for a given product. All of these factors taken together create the framework of how consumer learn, try and eventually become loyal to a given product or service (Markin, 1979)
Marketing managers who excel in their professions have the ability to accurately interpret the consumer decision making process and align their strategies to encourage the trial and eventual purchase of their products (Foxall, 1993). Having a solid understanding of the consumer decision making process, and within that framework, understanding how behaviors are a powerful catalyst of purchasing, are critical to the success of any marketing strategy (Rau, Samiee, 1981)
All of these factors taken together create the framework of how consumer learn, try and eventually become loyal to a given product or service (Markin, 1979). For the marketing manager, knowing how each of the attributes impact the perception of their brand, including the role of substitutes, price elasticity, extent of availability and brand previous experiences all impact why and how their products get purchased (Suranyi-Unger, 1981)
Another aspect of why marketing managers need to understand consumer behavior in general and consumer decision making specifically is to tailor their advertising, marketing and selling messages to resonate strongly with the consumer (Suranyi-Unger, 1981). As more marketers are relying on digital channels including the Internet, the in-depth expertise in consumer behavior and consumer decision making is critical for the success of any multichannel marketing strategy (Wu, 2002)
For the marketing manager, knowing how each of the attributes impact the perception of their brand, including the role of substitutes, price elasticity, extent of availability and brand previous experiences all impact why and how their products get purchased (Suranyi-Unger, 1981). Knowing the consumer decision making process is comparable to understanding a theoretical roadmap of hwo to attain marketing and selling objectives over time (Zinn, Liu, 2008)
This relationship reflects their consumption patterns and brand preference. This is the fact which business organizations must recognize about consumer behavior (Farley, 1964)
¶ … Theory Consumer Behavior The success or failure of an organization unreservedly depends upon the behavior of consumers towards its products or services (Kotler, 2010)
¶ … Theory Consumer Behavior The success or failure of an organization unreservedly depends upon the behavior of consumers towards its products or services (Kotler, 2010)
Nestle -- the worldwide market leader in food and beverages industry About Nestle: History, Location, and Industry: Nestle is the global market leader in producing a wide variety of food and beverages. It offers its highest quality products for every age group for any time requirements; from sunrise to darkness (Nestle.com, 2011)
Nestle -- the worldwide market leader in food and beverages industry About Nestle: History, Location, and Industry: Nestle is the global market leader in producing a wide variety of food and beverages. It offers its highest quality products for every age group for any time requirements; from sunrise to darkness (Nestle.com, 2011)
Nestle -- the worldwide market leader in food and beverages industry About Nestle: History, Location, and Industry: Nestle is the global market leader in producing a wide variety of food and beverages. It offers its highest quality products for every age group for any time requirements; from sunrise to darkness (Nestle.com, 2011)
Consumers have now become more knowledgeable and conscious towards choosing and consuming products. They do not just buy a product; but make a relationship with that brand and the manufacturer of that product (Oliver, 1999)