Summary
Summary Theories of Marketing
- Course
- Institution
I got an 8,2/10 for the final exam. This is a summary of all lectures including knowledge clips, articles and research questions.
[Show more]
Seller
Follow
hannahvicto
Reviews received
Content preview
Theories of MarketingTopic 1: Developments in Marketing Thinking and Strategy............................................. 2
Lecture 1: Introduction lecture............................................................................................2
Lecture 2: Developments in Marketing Thinking................................................................ 6
Market Orientation........................................................................................................ 6
Customer Experience Management (CEM)............................................................... 12
Lecture 3: Developments in Marketing Thinking.............................................................. 16
Marketing Development............................................................................................. 16
Marketing Changes.................................................................................................... 17
Topic 2: Consumer insights & motivations....................................................................... 21
Lecture 4: Consumer Insights and Motivations................................................................ 21
CI: What..................................................................................................................... 21
CI: How?.....................................................................................................................25
CI & Motivations......................................................................................................... 28
MEC: What?............................................................................................................... 31
MEC: How?................................................................................................................ 33
MEC in Marketing practice......................................................................................... 36
Lecture 4: Consumer Insights & Motivations....................................................................43
Topic 3: Value Equity & Innovation.....................................................................................47
Lecture 5 - Marketing Strategy......................................................................................... 47
Marketing Strategy..................................................................................................... 47
Customer Equity......................................................................................................... 51
Customer Value & Value Equity..................................................................................54
Lecture 6: Value Equity and Innovation............................................................................58
Value Innovation......................................................................................................... 60
Topic 4: Consumer Behaviors.............................................................................................65
Lecture 7 - Behavioral Theories....................................................................................... 65
Behaviorism (BMP).................................................................................................... 65
Classical Conditioning................................................................................................ 67
Operant Conditioning: Methods of Reinforcement..................................................... 71
OC: Schedules of reinforcement................................................................................ 74
Vicarious Learning......................................................................................................81
Lecture 8 - Topic 4 Recap Session...................................................................................83
OC: Methods/schedules of reinforcement.................................................................. 86
Application VL in online purchasing (Perusall 8)........................................................ 87
Topic 5 - Brand and Relationship Equity........................................................................... 91
Lecture 9: Brand, Relationship & Customer Equity.......................................................... 91
, Brand importance....................................................................................................... 91
Brand strength............................................................................................................ 94
Brand extensions........................................................................................................95
Brand architecture...................................................................................................... 99
Lecture 10 - Brand, Relationship & Customer Equity.....................................................104
Relationship Equity...................................................................................................104
Customer Equity: CLV...............................................................................................111
Research Questions...........................................................................................................116
Topic 1: Developments in Marketing Thinking and Strategy
Lecture 1: Introduction lecture
Knowledge clip
Consumer Behavior (CB): What and why?
Why do we study CB?
- Because we can (technically!)
- Because we should! (Value for customers, what do they want and need)
- Because it is fun!
Marketing: Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
Are children consumers? (McNeal 1979)
What is a consumer?
- consumer is a broad label that refers to any individuals or households that use goods
and services generated within the economy (wikipedia)
Consumers vs Customers
- consumer: someone who buys or uses goods or services
- customer: the buyer or user of the products of an individual / organization
- Strictly speaking:
- consumer: consumes/uses
- customer: purchases
- When are they different? Who should we focus on?
CB lessons
1. CB as such is descriptive
a. Is it ‘bad’ to treat children as consumers? morally questionable?
2. CB is broad
a. Consumer behavior > product purchase
i. Information search, shop visits, complaints, returning goods etc
b. Consumer Behavior > Behavior
, i. ‘consumer decision making processes’
c. Consumer Behavior has a broad theoretical basis
i. Economics, psychology, sociology, business
CB Components Lessons from McLean 1979 in a more theoretical framework
The American Marketing Association (AMA) defines consumer behavior as the dynamic
interaction of affect and cognition, behavior, and the environment by which human
beings conduct the exchange aspects of their lives. In other words, consumers.
CB involves:
- affect and cognition
- behavior
- environment
CB is:
- dynamic
- about interaction
- about exchanges
Wheel of Consumer Analysis
All of these components relate to each other,
the main component is the Marketing Strategy.
Constant interaction between stimuli that
change responses, what are mental responses
and what are behavioral responses.
CB & Marketing Strategy
, Peter & Olson 2010
Consumer insight: between research analysis and strategy. if a strong consumer insight is
developed based on research and analysis and hopefully input for strategy.
Lecture
WHAT is marketing?
- Functions & processes/activities to deliver “customer value”
A business philosophy → a way to approach the market
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller hannahvicto. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.17. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now