ISSN:
1087-8572
Source:
Emerald Fulltext Archive Database 1994-2005
Topics:
Economics
Notes:
Purpose - Knowing which of the hundreds of elements that comprise a consumer's purchasing decision are the most important is essential if leaders are to wisely allocate resources and support actions that will have an expedient impact on growth. Design/methodology/approach - IBM Consulting is testing consumer decision process (CDP) modeling in a variety of industries. Findings - A new tool, CDP modeling, offers companies a combination of traditional market research and unique quantitative modeling can take the guesswork out of why consumers do or do not buy. Research limitations/implications - Comparative testing with other consumer decision research tools needs to be done. Practical implications - Achieving the benefits of CDP requires starting with strategic issues like competitive gaps, selecting consumer decisions that provide the best information for this issue, like why consumers choose a particular retailer, and implementing changes based on insights discovered. Originality/value - Armed with insights based on CDP modeling that better explain why consumers choose certain products, channels and competitors over others, companies can market existing products more effectively than their rivals and take market share from them.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1108/10878570510594433
