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Lectures summary Consumer Marketing
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All lectures summarized of consumer marketing, including examples to better understand the concepts.
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Lecture 1: Introduction to consumer marketingA lot of new products launched in the market fail, because it doesn't target
a job that people want.
JIBS (jobs-to-be-done)
o Job = what an individual really seeks to accomplish in a
circumstance.
o People hire a product to get a job done.
Advantage of this logic: it shifts perspective to costumer; it has
predictive power because it is solution free.
It is a simple framework that puts emphasis on the ‘why' behind
what a consumer is doing.
There are different types of needs crucial for purchase decisions, not only
the aware needs.
Latent needs = unconscious or hard-to-articulate wishes, desires,
dreams.
Combination of needs:
Functional needs
Emotional needs
Social needs
Lecture 2: Understanding consumers
Habitual products: products mostly less than 10 euros and based on
heuristics. The decision process of this product is different.
DMP (Decision making process): steps consumers go through while
making a purchase.
Understanding the decision-making process (DMP) helps with recognizing
opportunities.
AIDA: Awareness, interest, desire, action -> marketing funnel
,Cross model
Segmentation:
Why segment: different buyers have different needs: heterogeneity
Segmentation tries to divide the market into subsets of costumers
with different members between segments and similar within.
Benefits:
o To the firm (leads to sustainable profit growth):
Identification of valuable costumers (higher CLV)
More targeted promotions and marketing
communications
o To the costumer (leads to satisfaction and loyalty):
Costumized products and services
Personalized experience
Segmenation base: descriptor = characteristics that help identify
segments.
All consumers -> descriptors (who) -> behaviors (what) - >
motivations (why).
o Geographic: countries, cities, IP adress
o Demographic: age, gender, level income, education
o Psychographic: interests, personality, social status
o Behavioural: occasion, loyalty, buyer readiness
o Persona: persona segmentation divides costumers into
groups based on blended data as well as costumer goals: JIBS,
pain/gain, behavioural and demo data.
o Predicitve: uses historical behavioural patterns to predict and
influence future costumer behaviours.
, Segmentation leads to targeting: evaluating segment attractiveness and
targeting most attractive ones.
Lecture 3: Consumer attention, perception and memory
Impact of attention in marketing:
Attention is selective, limited and can be divided.
Attention to brand in magazine ad improves the brand memory.
Attention to brand predicts preference.
Attention is not perception.
What consumers see is a lot determined by what they expect: they see
patterns where there are none and try to fit it to personal beliefs and
ideas.
Perception is reality: what is percieved is not true, marketers need to be
aware that perception is as influential as what is real.
Memory increases fluency of future processing and this can enhance
the evaluations of brands.
Primacy effect: tendency to remember first piece of information.
Recency effect: tendency to remember last piece of information.
o These influence consumer judgements over long and short
term.
Consumers are influenced by forces:
Internal: attention, motivation, memory.
Social: norms, authority, comparison.
External: marketing mix, surroundings, trends.
What can you do about it:
Make it stand out (color, contrast)
Attractive
o Make stimuli suprising and novel, personally relevant,
pleasant.
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