The sophistication of a market: From mass consumption to higher quality expectations, consumer engagement and educated decision making.
Ornelas Sánchez, Sidney Abril
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Consumer and markets are inherently dynamic. This work explores the phenomenon hereby identified as sophistication of the market. The sophistication of a market implies several changes in consumer behavior that might be relevant for strategic decision making within companies. A heightened interest in quality of the products and services might motivate consumers to look for tools that can increase their education in terms of their ability to distinguish higher levels of quality. This process might have an impact on their engagement with the product and the brand, which can ultimately lead to more loyal customers. Each one of these relationships and impact among different behaviors are explored throughout five chapters, but they all contribute to the understanding of this market process which, to the best of the author’s knowledge has been very briefly explored before.
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