Young users trust unknown peers more than recognized experts because they believe that experts are biased in their opinion. Young users believe that peers offer them first hand knowledge and experience without being biased about the brand or product and they don’t get paid for their input like experts. Young peers also identify more with individuals of the same age or peer group even if they are unknown to them. It is easier for them to relate to customers. The right message is more important to get to the right people rather than to get it to a large amount of people. It creates or increases customer relationship with the product. It also retains customers and builds loyalty with the product. Getting the right message to the right people also decreases the firms cost since they are not wasting money on the wrong people.
Server log is a record kept at the server level that records each file requested from a website. The process for using panel data to generate site effectiveness data is the same as using panels in the general marketing research process. The 1st step is to recruit a statistically representative panel of internet users who agree to participate in the data collection. Specialized software is downloaded onto the participant’s computer to record the click stream data. The software is polled at regular intervals to upload the data. 1st-the source of the data is unambiguous, which it often it not with server logs. 2nd-a person who uses the internet from both home and work is two separate people according to server logs, but carefully planned and maintained panel data can overcome this issue. 3rd-the measurement firm can collect demographic and behavioral data from panel households that can be useful in reporting and analyzing.
Fairness is important when pricing goods because price determines at what point the product will be purchased. Price is also looked at as quality. There are a few things that are taken into consideration when it comes to pricing–the past price, close-substitute price, and context–which is the environment in which the purchase is being made.
A product can be tangible or intangible (services) and its purpose is for transactions. There are two types of products: physical and services. Interactivity and Individualization affect product development. They also allow the firm to learn about their consumers and the personalization of the product for the preference of consumers. These also decrease the cost for its sellers.