Preferences are how a consumer chooses a certain product. Whether you drink Coke or Pepsi usually depends on which you prefer. Personally I prefer to drink Coke. Some people argue though that markets are becoming homogenized such as Dr. Levitt. He argues that since the world preferences are becoming more the same, companies should standardized their products. This help to drive prices down and push the quality of a product up. (D. Theodore Levitt). There are others who argue another point such as Douglas and Wind. They said that while there maybe market segments with similar wants and needs, this does not suggest that this is a universal trend. They are both right to some degree.
There are market idiosyncrasies that would prevent all products from being standardize. This includes varies incomes people have, different life stages a personal is at or the culture they identify with. People do not all have the same amount of disposable so even if they prefer to buy a Mercedes Benz, they drive a Ford Escort because it is what they can afford to buy. The life stage a person is in changes their preference on product they will buy. A family with small children would not have the same wants and needs as a college student. Culture plays a big part on a person’s preferences. If you live in a culture that does not believe in the eating of beef, you would not run down to you local McDonalds for a Big Mac. Companies realize this and adapt there product. McDonald can be found in many countries, but they have adapted there product to fit in with the local cultures. Customization is needed for these reasons and many more. Some say there is evidence to suggest that consumer as increasing as willing to sacrifices products features or quality for lower prices. There really is no evidence of this because of there are finding from PIMS project that suggest product quality is the driver behind many successful markets. If you have a standardized product at a...
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