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Consumer
A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Rights "Consumers, by definition, include us all", said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech, John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading information, adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Protection
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product (or its production) even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles. Consumer protection is linked to the idea of consumer rights and to the formation of consumer organizations, which help consumers make better choices in the marketplace and pursue complaints against businesses. Entities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption (economics)
Consumption refers to the use of resources to fulfill present needs and desires. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists, only the final purchase of newly produced goods and services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g., the selection, adoption, use, disposal and recycling of goods and services). Economists are particularly interested in the relationshi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Segmentation
In marketing, market segmentation or customer segmentation is the process of dividing a consumer or business market into meaningful sub-groups of current or potential customers (or consumers) known as ''segments''. Its purpose is to identify profitable and growing segments that a company can target with distinct marketing strategies. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify ''high-yield segments'' – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries, while business-to-consumer (B2C) selle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand
In economics, demand is the quantity of a goods, good that consumers are willing and able to purchase at various prices during a given time. In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. Demand is always expressed in relation to a particular price and a particular time period since demand is a flow concept. Flow is any variable which is expressed per unit of time. Demand thus does not refer to a single isolated purchase, but a continuous flow of purchases. Factors influencing demand The factors that influence the decisions of household (individual consumers) to purchase a commodity are known as the determinants of demand. Some important determinants of demand are: The price of the commodity: Most important determinant of the demand for a commodity is the price of the commodity itself. Normally there is an inverse relationship between the price of the commodity and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses (B2B Marketing, B2B) or directly to consumers (B2C). Sometimes tasks are contracted to dedicated marketing firms, like a Media agency, media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prosumer
A prosumer is an individual who both consumes and produces. The term is a portmanteau of the words '' producer'' and ''consumer''. Research has identified six types of prosumers: DIY prosumers, self-service prosumers, customizing prosumers, collaborative prosumers, monetised prosumers, and economic prosumers. The terms ''prosumer'' and ''prosumption'' were coined in 1980 by Alvin Toffler, an American futurist, and were widely used by many technology writers of the time. Technological breakthroughs and a rise in user participation blurs the line between production and consumption activities, with the consumer becoming a prosumer. Definitions and contexts Prosumers have been defined as "individuals who consume and produce value, either for self-consumption or consumption by others, and can receive implicit or explicit incentives from organizations involved in the exchange." The term has since come to refer to a person using commons-based peer production. In the digital and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personalized Marketing
Personalized marketing, also known as one-to-one marketing or individual marketing, is a marketing strategy by which companies use data analysis and digital technology to show adverts to individuals based on their perceived characteristics and interests. Marketers use methods from data collection, analytics, digital electronics, and digital economics then use technology to analyze it and show personalized ads based on algorithms that attempt to deduce people’s interests. Technology Personalized marketing is dependent on many different types of technology for data collection, data classification, data analysis, data transfer, and data scalability. Technology enables marketing professionals to collect first-party data such as gender, age group, location, and income, as well as connect them with third-party data such as click-through rates of online banner ads and social media participation. Data Management Platforms: A data management platform (DMP) is a centralize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Goods In The Soviet Union
Consumer goods in the Soviet Union were usually produced by a two-category industry. Group A was "heavy industry", which included all goods that serve as an input required for the production of some other, final good. Group B was "consumer goods", final goods used for consumption, which included food, clothing and shoes, housing, and such heavy-industry products as appliances and fuels that are used by individual consumers. From the early days of the Stalin era, Group A received top priority in economic planning and allocation so as to industrialize the Soviet Union from its previous agricultural economy. The consumer industry and Soviet economic development Following the October Revolution of 1917, the economy of the Soviet Union, previously largely agrarian, was rapidly industrialized. From 1928 to 1991 the entire course of the economy was guided by a series of ambitious five-year plans (see Economic planning in the Soviet Union). The nation was among the world's three ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within an economy. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupation, and geography is very ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commerce
Commerce is the organized Complex system, system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale exchange (distribution through Financial transaction, transactional processes) of goods and services, goods, services, and other things of value at the right time, place, quantity, Quality (business), quality and price through various Distribution (marketing)#Channels and intermediaries, channels among the original Economic production, producers and the final consumers within local, regional, national or international economies. The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges. Commerce consists of trade and aids to trade (i.e. auxiliary commercial services) taking place along the entire supply chain. Trade is the exchange of goods (includi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crowdfunding
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and Alternative Finance, alternative finance, to fund projects "without standard financial intermediaries". Mollick, E. (2014). ''The dynamics of crowdfunding: An exploratory study.'' Journal of Business Venturing. Vol. 29, pp. 1–16. In 2015, over was raised worldwide by crowdfunding. Although similar concepts can also be executed through mail-order subscriptions, benefit events, and other methods, the term crowdfunding refers to internet-mediated registries. This modern crowdfunding model is generally based on three types of actors – the project initiator who proposes the idea or project to be funded, individuals or groups who support the idea, and a moderating organization (the "platform") that brings the parties together to launch the idea. The term crowdfunding was coined in 2006 by entrepreneur an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production (economics)
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics. The production process and output directly result from productively utilising the original inputs (or factors of production). Known as primary producer goods or services, land, labour, and capital are deemed the three fundamental factors of production. These primary inputs are not significantly altered in the output process, nor do they become a whole component in the product. Under classical economics, materials and energy are categorised as secondary factors as they are byproducts of land, labour and capital. Delving further, primar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
