What is Consumer Preferences? Definition of Consumer Preferences, Consumer Preferences Meaning and Concept
Consumer preferences are determined by those goods or services that provide a utility to it.
In other words, these products satisfy the different needs that consumers have. However, always taking into account their respective budget restrictions.
Characteristics of consumer preferences
Usually, consumer preferences tend to have some common characteristics. In this sense, characteristics such as the preference for innovative and durable products. Products whose information, incidentally, is present and understandable thanks to its packaging and the marketing actions that surround it.
The work, in terms of advertising, by the producers acquires great importance when trying to influence people's behavior and tastes. As well as, also, in order to achieve its objectives and the success of its products. The main objective in terms of marketing will then be to provide as much information as possible about the articles. Especially in a globalized world with high competition.
Other factors that usually influence the configuration of consumer preferences have to do with marketing processes. Processes such as One-to-one marketing, "word of mouth" and product analysis by friends, acquaintances or opinion leaders present on the Internet or in the media.
Consumer preferences by sectors
Sectors such as technology, the digital world or body care are some of the most prominent among the preferences of today's consumers. This is because they are increasingly interested in their leisure and well-being. At the same time, also being focused on saving your resources (time and money) as much as possible.
On the other hand, thanks to the different influences, in the form of opinions on the Internet or in other media, the individual consumer has a base of knowledge and comparison between the different products that can be found on the market. That is, he has a lot of useful information to set his preferences, as well as make decisions between goods and services.
In this sense, companies are committed to directing their actions andadvertising campaigns more and more. All this, in search of greater market segmentation. In this way, adapting its products to the different groups of consumers or «targets» that exist.
Consumer tastes and behaviors can be represented on a preference map. Through this technique, the different attributes of the products can be located, as well as the needs presented by potential customers. Thanks to this type of study, it is easier to locate in which sectors of the population to work and identify possible market niches. Especially when it comes to launching new products.
Consumer preferences are represented by indifference curves.