Current trends that affect the marketing of given products

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Reference no: EM131285356

Marketers use some or all of a variety of metrics to better understand how consumers make decisions involving a marketer's brand. Below are a list of some of these metrics. Which of these metrics would be useful to better understand each item listed below. Explain how the metrics suggested could be used.
a. A firm's existing customers

b. Potential new customers for a firm

c. The market potential market for a new product

Awareness is the percentage of all customers who recognize or know the name of a brand. Unaided brand recognition for toothpaste may be measured by asking consumers to name all the brands of toothpaste that come to mind. Aided recognition is measured by asking consumers questions such as, "Have you heard of Tom's of Maine toothpaste?"

• Top of Mind Awareness (TOMA) is the first brand that comes to mind when a consumer thinks of a product category. Marketers measure TOMA with questions such as, "What brand comes to mind when you think of toothpaste?"

• Brand Knowledge is measured by asking consumers if they have specific knowledge about a brand. To measure brand knowledge, marketers may ask consumers if they believe the brand possesses certain attributes or characteristics.

• Measures of Attitudes toward a brand may include survey questions about (1) beliefs that the brand possesses certain characteristics, (2) the relative importance of those characteristics to the product category, and (3) the overall measure of how much the consumer likes the brand.

• Intentions are consumers' stated willingness to buy or their likelihood of certain behavior. A consumer survey may ask, "If you are in the market for a new pair of shoes, what is the likelihood that you would purchase a pair of Nike shoes?"

• Purchase Habits measure consumers' self-reported behavior. Marketers ask consumers questions such as, "On average, how many times a month do you eat out? Which restaurant did you go to the last time you ate out? How much do you normally spend on a dinner out with your family?"

• Loyalty is a measure of consumers' commitment to a specific brand. Marketers measure loyalty by asking such questions as, "If on your next trip to the store you plan to purchase hand soap and your favorite brand of hand soap is not available, would you buy another brand or wait until you find your favorite brand to make the purchase?"

• Customer satisfaction is generally based on a survey in which consumers are asked if they are (1) very satisfied, (2) somewhat satisfied, (3) neither satisfied nor dissatisfied, (4) somewhat dissatisfied, or (5) very dissatisfied with a brand.

Question:-
Demographic or cultural trends are important to marketers. What are some current trends that may affect the marketing of the following products?
a. Housing
b. Food
c. Education
d. Clothing
e. Travel and tourism
f. Automobiles

Reference no: EM131285356

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