B2C
Business-to-Consumer (B2C), a business model where products or services are sold directly to individual consumers. Essential for understanding consumer markets and developing direct marketing strategies.
86 topics found for:
“consumer behavior”
Denomination Effect
A cognitive bias where people are less likely to spend large denominations of money compared to an equivalent amount in smaller denominations. Useful for designers to understand consumer behavior and design pricing strategies that consider spending biases.
Reference Dependence
A cognitive bias where individuals evaluate outcomes relative to a reference point rather than on an absolute scale. Essential for understanding decision-making and consumer behavior.
Bye-Now Effect
The tendency for people to defer purchasing decisions to a later time, often leading to procrastination. Important for understanding consumer behavior and optimizing sales strategies.
Behavioral Economics
The study of psychology as it relates to the economic decision-making processes of individuals and institutions. Essential for understanding and influencing user decision-making and behavior in economic contexts.
ZMOT
Zero Moment of Truth (ZMOT) is a concept in marketing that refers to the point in the buying cycle when the consumer researches a product before the seller even knows they exist. Crucial for understanding consumer behavior and optimizing marketing strategies to influence decision-making at this early stage.
Mental Accounting
A behavioral economics concept where people categorize and treat money differently depending on its source or intended use. Crucial for understanding financial behavior and designing systems that align with users' mental accounting practices.
Reward Substitution
A strategy where less immediate or tangible rewards are substituted with more immediate or tangible ones to encourage desired behaviors. Important for designing systems that leverage immediate incentives to promote long-term goals.
Zero Price Effect
A phenomenon where people perceive an item as more valuable when it is free, leading to an increased likelihood of choosing the free item over a discounted one. Important for understanding consumer behavior and designing effective marketing strategies.
Prospect Theory
A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. Crucial for understanding decision-making under risk and designing systems that align with user behavior.
Paradox of Value
An economic theory that explains why some necessities, such as water, are less expensive than non-essentials, like diamonds, despite their greater utility. Useful for understanding consumer behavior and designing pricing strategies.
Scarcity
A psychological principle where people place higher value on objects or opportunities that are perceived to be limited or rare. Important for understanding consumer behavior and designing marketing strategies that leverage perceived scarcity.
Bundling Bias
A cognitive bias where individuals evaluate the value of bundled items differently than they would if the items were evaluated separately. Important for understanding user behavior and designing effective product bundles and pricing strategies.
AIDA
Attention, Interest, Desire, Action (AIDA) is a marketing model that outlines the stages a consumer goes through from awareness to decision. Crucial for creating effective marketing strategies and campaigns.
Anchor Pricing
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison. Important for shaping user perceptions of value and creating a benchmark for other pricing options.
Numerosity Bias
The tendency to perceive a greater quantity as a better value, regardless of the actual utility. Important for understanding consumer behavior and designing effective marketing strategies.
Neuroselling
The application of neuroscience principles to marketing, aiming to understand consumer behavior and improve marketing strategies. Important for creating more effective and engaging marketing campaigns.
Dual Self Model
A behavioral economics model that explains decision-making as a conflict between a present-oriented "doer" and a future-oriented "planner". Useful for understanding user decision-making and designing interventions that balance short-term and long-term goals.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option. Useful for designers to create choice architectures that effectively influence user decisions.
Pain Of Paying
The psychological discomfort experienced when parting with money, influenced by the payment method and context. Crucial for understanding spending behavior and designing payment systems that mitigate discomfort.
Bandwagon Effect
A psychological phenomenon where people do something primarily because others are doing it. Important for understanding social influences on user behavior and trends.
Market Segmentation
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics, needs, or behaviors. Important for tailoring marketing strategies and product offerings to specific customer groups.
Lovemark
A marketing concept that describes brands that inspire loyalty beyond reason, creating an emotional connection with consumers. Crucial for building strong brand loyalty and emotional engagement.
Scarcity Principle
The economic theory that suggests limited availability of a resource increases its value, influencing decision-making and behavior. Important for creating urgency and increasing perceived value in marketing.
Herd Behavior
The tendency for individuals to mimic the actions of a larger group, often leading to conformity and groupthink. Crucial for understanding social influence and designing experiences that consider group dynamics.
Brand Image
The perception of a brand in the minds of consumers, shaped by interactions and experiences with the brand. Crucial for understanding consumer perceptions and guiding brand strategy.
Standard Economic Model
A theoretical framework in economics that assumes individuals act rationally and seek to maximize utility, used to predict economic behavior and outcomes. Important for understanding traditional economic theories and designing systems that account for rational decision-making.
Chivas Regal Effect
The phenomenon where higher-priced products are perceived to be of higher quality, regardless of the actual quality. Useful for understanding consumer perceptions and designing effective pricing strategies.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values. Important for understanding decision-making and designing choices that highlight beneficial comparisons.
Product Positioning
The process of defining how a product is perceived in the minds of consumers, relative to competing products, to create a unique market identity. Essential for differentiating a product and attracting the target market.
Discounted Utility
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones. Important for understanding user preferences and designing experiences that account for time-based value perceptions.
Mindshare
The level of awareness or popularity a product or brand has among consumers. Essential for understanding brand perception and guiding marketing and product design strategies to enhance visibility and user adoption.
Emerging Trends
Newly developing patterns or shifts in technology, behavior, or design that have the potential to influence future practices and strategies. Important for staying ahead of the curve and adapting to changes in the industry.
Category Size Bias
A cognitive bias where people judge the likelihood of an event based on the size of its category rather than its actual probability. Crucial for designers to understand how category size influences user perception and decision-making processes.
Regret Aversion
A tendency to avoid making decisions that might lead to regret, influencing risk-taking and decision-making behaviors. Crucial for understanding decision-making processes and designing systems that minimize regret.
Pseudo Set Framing
The cognitive bias where people treat a set of items as more significant when they are perceived as a cohesive group. Important for understanding user perception and decision-making.
Brand Loyalty
The tendency of consumers to continuously purchase the same brand's products over time. Essential for driving repeat business and ensuring long-term brand success.
Brand Awareness
The extent to which consumers are familiar with a brand and can recognize it. Crucial for establishing a strong market presence and driving customer acquisition.
Diversification Bias
A cognitive bias where people prefer a greater variety of options when making simultaneous choices compared to sequential choices. Important for designers to consider user preferences for variety when designing choice architectures and product offerings.
Zero-Risk Bias
A cognitive bias where people prefer the option that seems to eliminate risk entirely, even if another option offers a greater overall benefit. Important for understanding decision-making and designing risk communication for users.
Endowment Effect
A cognitive bias where people ascribe more value to things merely because they own them. Useful for understanding user attachment and designing persuasive experiences.
Familiarity Bias
A cognitive bias where people prefer familiar things over unfamiliar ones, even if the unfamiliar options are objectively better. Useful for designing interfaces and products that leverage familiar elements to enhance user comfort.
Scarcity Tactics
A dark pattern where availability is falsely limited to pressure users into making a purchase. Awareness of this deceptive practice is important to provide honest information about product availability.
Certainty Effect
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable. Important for designers to consider how users weigh certain outcomes more heavily in their decision-making.
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty. Important for understanding and mitigating user decision-making biases due to uncertainty or lack of information.
Mid-Tier Value
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users. Useful for driving sales by presenting a balanced choice that appears more attractive relative to higher and lower-priced options.
Decoy Pricing
A strategy where an additional, less attractive option is introduced to make other pricing options look more appealing, often steering customers towards a particular choice. Important for guiding user decisions and increasing the perceived value of targeted pricing tiers.
Liking Principle
A psychological principle where people are more likely to be influenced by those they like. Important for understanding social influences and improving user engagement and marketing strategies.
Brand Guidelines
A set of rules and standards that define how a brand should be represented across all media and platforms. Crucial for ensuring brand consistency and maintaining brand integrity.
Choice-Supportive Bias
The tendency to attribute positive qualities to one's own choices and downplay the negatives, enhancing post-decision satisfaction. Useful for understanding user satisfaction and designing experiences that reinforce positive decision outcomes.
Brand Standards
Guidelines that dictate how a brand should be presented across various media to ensure consistency. Crucial for maintaining brand integrity and ensuring uniformity in brand communications.
Baader-Meinhof Phenomenon
The experience of noticing something for the first time and then frequently encountering it shortly after, also known as frequency illusion. Important for understanding user perception and cognitive biases in information processing.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision. Crucial for understanding how people make decisions and the biases that influence their choices.
Cold States
Emotional states where individuals are calm and rational, often contrasted with hot states where emotions run high. Important for understanding decision-making processes and designing experiences that accommodate both states.
IKEA Effect
The tendency for people to value products more highly if they have put effort into assembling them. Important for understanding user satisfaction and product attachment.
Go-to-Market (GTM)
A strategy or plan that outlines how a company will launch a product to market, including target audience, marketing tactics, and sales strategy. Essential for successfully launching products and capturing market share.
Product Disruptor
A product that significantly changes the market or industry by introducing innovative features or a new business model. Important for understanding market dynamics and identifying opportunities for innovation.
Pratfall effect
A psychological phenomenon where individuals are perceived as more likable if they make a mistake, provided they are generally competent. Important for understanding human perception and leveraging relatability in marketing and leadership.
Mere Exposure Effect
A psychological phenomenon where people develop a preference for things simply because they are familiar with them. Crucial for designing user experiences that leverage familiarity to increase user comfort and satisfaction.
Hidden Costs
A dark pattern where additional costs are only revealed at the last step of the checkout process. It's essential to avoid this tactic and promote transparent pricing to build user trust.