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samenvatting marketing H3

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chapter 3, all chapters belong together for a summary of the entire course

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  • October 3, 2024
  • 6
  • 2023/2024
  • Summary
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Marketing Nathalie Dens

Consumer buying behaviour




Consumer behaviour

- Confirmation bias
o What confirms your beliefs = foolish
o What confirms your beliefs AND what the facts say = overvalued
o What the facts say = undervalued

- Availability heuristics
= Assess the frequency of a class or the probability of an event by the ease with which
instances or occurrences can be brought to mind
o Biased by info that is
 Easier to recall
 Vivid, well-publicized or recent
 More salient (our attention is drawn to it)
 Available
example: 9/11 => 3000 people died => out of fear people started travelling
by car instead of planes BUT 3000 people per month die in car crashes
o What is covered by the news is only a small part of what actually happens in the
world

- Likeability heuristics
= we respond better to people we like
o Likeability
people we are similar to, people we recognize, people who pay us compliments,
attractive people (‘halo-effect’)

- Endowment effect:
o We overvalue goods that we own, regardless of their objective market value
o People find it hard to part with something (product, service) they already own/use

- Sunk cost fallacy
o Not wanting to get rid of things that were expensive even though you do not need
them anymore or could even be a burden to you

1

, Marketing Nathalie Dens

- Blind-spot bias
= failing to recognize your own cognitive biases is a bias in itself, you are biased because you
think you are less biased than everyone else
o Now what?
accept that you could be wrong, research, invite a third party, …

Proposition acquisition



Evaluation
Need Information Re-
of Decision Buy
recognition search evaluation
alternatives


- Motive development
= decide that we wish to obtain an offering
o Recognize the need to solve a ‘problem
o Implication
 Be aware of needs
 Be aware of need inhibitors
 Needs can be stimulated
- Information gathering
o AWARENESS
o Over active VS passive
o Internal search VS external search
o Stimulus => ZMOT => FMOT => SMOT
 Stimulus: wanting to buy something
 ZMOT = zero moment of truth: all the research consumers do online before
making a purchase
 FMOT = first moment of truth: the first interaction between a shopper and a
product on a store’s shelf
 SMOT = second moment of truth: your experience with the products which
becomes the next person’s ZMOT
- Proposition evaluation
o CONSIDERATION
o Determine the choice criteria
 Technical
reliability, durability, performance, style/looks, comfort, delivery,
convenience, taste
 Economic
price, value for money, running costs, residual value, life-cycle costs
 Social
status, social belonging, convention, fashion
 Personal
self-image, risk reduction, ethics, emotions
o Evaluate the alternatives



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