Consumer Happiness: Multiple Perspectives by
This book helps quench the quest of knowledge of academicians, researchers, and others interested in developing a complete and critical understanding of consumer happiness. The relentless search of happiness by humans is sought in different ways. Scientific discussion on happiness for long was considered a forte of Philosophers. Other disciplines seldom delved into this. But today not only science but neuroscience, marketing, and other varied fields have started delving into it and have developed a keen interest. The book has been conceptualized on this line of thinking and thus divided into two parts. The first part is customized towards understanding various perspectives of happiness and the relative importance of knowing the same. The first chapter of this section is on the biological perspective of happiness. The second is titled ‘Behavioural perspective’. The third chapter is an attempt to elucidate the cultural perspective of the concept of happiness. The fourth is on the role of technology in inducing happiness. Fifth and sixth are on theories of happiness and measuring happiness, respectively. Knowledge about the different perspective and theories has a wide range of benefits. It informs us about how the brain works, interprets, and reacts. This theoretical understanding helps us to move beyond the trial and error methods towards a more scientific underpinning of adoption of measures that would generate long-lasting happiness in consumers. The second part of the book is dedicated toward understanding consumer happiness from a neuroscience perspective;, i.e. keeping consumer happy. This segment has ten chapters. The first is on differentiating the concept of happiness from satisfaction. The second is on sensory marketing and happiness. The third deals with the store design and shelving of products to generate happiness. Fourth and fifth chapters relate to persuading the consumers. While the fourth chapter is on developing persuasive messages and the fifth is on subliminal messaging sixth chapter is on pricing and seventh on advertising. The eighth chapter highlights the role of emotions and the ninth is on the different factors that induce happiness in consumers. The last chapter is about raising some unanswered questions and food for thought for readers. Together the contents of the book make for a complete understanding of the concept of happiness and how it is shaping the world of marketing.
The objective of consumer analysis is to identify segments or groups within a population that have similar needs.
Consumer analysis can help answer questions such as:
Answers to these questions help identify target markets for specific products or services and advertising efforts.
How else can consumers be identified?
-from MIT Libraries' Marketing: Consumer Analysis Research Guide
To use the Consumer Expenditure Survey (CE) data to identify the best marketing channels for a new product, follow these steps:
Understand the Consumer Expenditure Survey (CE) data: The CE program provides data on expenditures, income, and demographic characteristics of consumers in the United States. The data is primarily used to revise the relative importance of goods and services in the market basket of the Consumer Price Index (CPI). The survey consists of two components: the Interview Survey for major and/or recurring items and the Diary Survey for more minor or frequently purchased items.
Access the CE data: The CE data is available on the U.S. Bureau of Labor Statistics (BLS) website. You can also use the Public Use Microdata (PUMD) for more detailed analysis.
Identify your target market: Determine the demographic characteristics of your target market, such as age, income, and household size. This information can help you filter and analyze the CE data to focus on relevant consumer segments.
Analyze consumer spending patterns: Use the CE data to understand how consumers in your target market allocate their expenditures across different categories, such as housing, food, education, transportation, and health. This analysis will give you insights into the relative importance of various goods and services for your target market.
Identify potential marketing channels: Based on the consumer spending patterns, identify the goods and services that are closely related to your new product. For example, if you are launching a new fitness product, you may want to focus on marketing channels that are popular among consumers who spend a significant portion of their budget on health and wellness products.
Evaluate the effectiveness of marketing channels: Once you have identified potential marketing channels, use market research techniques to analyze the demand for groups of goods and services in those channels. This analysis will help you determine the best marketing channels for your new product, considering the preferences and spending habits of your target market.
Sources:
https://www.bls.gov/cex/
https://www.bls.gov/cex/pumd-getting-started-guide.htm
https://www.census.gov/programs-surveys/ce.html
