What is the preference revealed?
The exposed preference is a theory that has to do with determining consumers' shopping preferences, as these consumers continue to buy. The idea of this approach is to record the phases that consumers go through when deciding between a selection of similar products, and then decide to choose a specific option. The selected product is considered to be the exposed consumer preference based on its individual process of comparison, evaluation and final selection of one product in all other options.
The basic concept of exposed preference has existed since the second part of the 30th year. The theory developed by Paul Samuelson decided that by observing the methods used by the consumer in choosing products, it was possible to find out which considerations eventually influenced the purchase of a particular product. On the basis of data obtained from observations, manufacturers and retailers of Explitete could in a way that would motivate more consumers to make the same decision, and eventually youThey formed other profits for manufacturers and sellers.
together with the use of exposed preferences to develop strategies that are aimed at increasing the sale of existing products, data revealed to consumers can also prepare a way for the development of new product lines during the selection process. For example, the information obtained can lead the product manufacturer to determine that the use of the same preferences reported to consumers, including factors such as efficiency, fragrance and price, to develop a new window cleaning product would result in a successful start of this new product. From this point of view, preference is not only a tool for understanding why consumers buy products that make, rather than other offers on the market, but also what I have to blame to attract the same consumers to accept a new product before other options that are already available to them.
revealed prefErence is just one of the several types of consumer analyzes that companies use to assess the response of the public to their product lines. This particular consumer theory is often used together with other strategies to evaluate the potential of new products in development and also improved products that are already available on the market. There are also different approaches to the revealed preference in that not all evaluation of consumers' purchase habits allow the same set of considerations that consumers use in decision -making.