A Panoramic View: With whom and with what do I truly compete?
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.
Key takeaways
- 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.
