Based on the latest science on decision-making, this paper highlights how your competition can be captured no matter where they come from. It presents a clear panoramic view of a consumer’s mental set up, their options, and how they make decisions in our increasingly interconnected world when they are provided with multiple options.
Purchasing is a two-stage decision-making process. It is flexible and context-dependent, allowing for the quick screening of many products with minimal hassle. A bird's-eye view of what characterizes today can determine the trajectory of the future, resurrecting brand value. A frequent assumption is that if people are led toward one brand, they would be drawn to it.
This paper looks at the marketing implications of having a single product category or a specific brand appears in the self-generation stage. This approach provides a one-of-a-kind opportunity to develop strategies, build brand equity, and generate brand preferences.
- Consumers make decisions by first self-generating options and then choosing one, but then choosing from a brand list does not capture this reality.
- A critical missing piece in current research is the examination and understanding of the self-generation stage.
- A better understanding of this stage can provide marketers with a broader view of who they compete with, an understanding of the relative salience of categories versus brands, and the determination of where branding opportunities are.
[EVENT] Europe launch of Global Business Influencers 2018
September 25 - Global Business Influencers make business decisions worth trillions of dollars and wield significant power when it comes to deciding how to manage and spend their personal wealth, representing the key to profitability for many industries, including B2B, finance, luxury, travel and others.