Class notes
Summary of consumer marketing
- Course
- Institution
Summary of all lectures of consumer marketing, passed with a 7,5.
[Show more]
Seller
Follow
slcdillen1
Content preview
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, gives a unit of focus, you are not just
trying to solve a consumer problem, you are first trying to figure out
what the right problem is.
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
Segmentation 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.
Interview questions:
Explorative questions force expansion on new points of view and
uncovered
areas. Have you thought of...?
Affective questions reveal people’s feelings about something. How
do you feel about...?
Reflective questions encourage more elaboration. What do you think
causes...?
Probing questions invite a deeper examination. Can you describe
how...
Analytical questions look for the roots of a problem. What are the
causes of...?
Clarifying questions help align and avoid misunderstandings. So, you
mean that..?
Laddering technique:
Step 1: elicit attributes: ask participants to describe what kinds of
features would be useful in or distringuish different products.
Step 2: elicit consequences: ask about the reasons for their attribute
preferences. To achieve this, ask questions such as why is this
important to you?
Step 3: elicit values: similarly use why questions.
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.
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 slcdillen1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.87. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now