Monday, February 10, 2020

Advanced consumer behaviour Essay Example | Topics and Well Written Essays - 2500 words

Advanced consumer behaviour - Essay Example This market situation is evident in every industry on a global basis and apparently is under great research in order to conclude upon the fundamentals of the consumer behavior. Consumer behavior as defined by Luna and Gupta (2001) is the ongoing study that explores the reasoning behind the buying decision process. In more details, consumer behavior is a systematic approach that attempts to identify patterns that analyze the following questions: what consumers buy, why they buy the specific product, when they buy and how they buy. (Foxall, 1993) It is more than clear that the essence that underlines the issue in account lies in explaining and eventually predicting the purchase actions of individuals within specific markets and given products or services. Therefore, consumer behavior is directly associated with the overall buying decision processes that people exhibit. Although academic background on the exact definition of private label products does not explicitly state a single or widely accepted term, for simplicity reasons and convenience building we provide a rather general description, which indicates that Private label goods are product brands that carry or suggest the retailer’s name (Sheinin and Wagner, 2003). In other words, as defined by Hernstein and Tifferet (2007), retail brands are indeed consumer products produced by or on behalf of, distributors and eventually sold under the distributor’s own name or trademark through its own outlet. A third proximity approach to providing an accurate and full description in just few words is the one given by Sethuraman and Cole (1999), describing them as general brands owned, controlled and sold exclusively by retail outlets. All three contextual terms highlight the key issues in retail brand development; the process, the product range and the unique product availability (Burt, 200 0). Today, private label goods have

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