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Samenvatting - Consumer Behaviour (D0R13a) - prof Bart De Langhe $15.95
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Samenvatting - Consumer Behaviour (D0R13a) - prof Bart De Langhe

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  • Course
  • Consumer Behaviour (D0R13A)
  • Institution
  • Katholieke Universiteit Leuven (KU Leuven)

This summary of the course “consumer behavior” given by Bart De Langhe includes everything discussed from his lessons. This includes the powerpoint but also additional information that he has told. It's just over 60 pages long and doesn't contain any unnecessary information. This summary of ...

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Document information

  • December 23, 2024
  • 67
  • 2024/2025
  • Summary

Subjects

  • bart langhe
  • kuleuven
  • consumer behaviour
  • tew
  • marketing
  • consumer behavior
  • psychologie
  • sociologie
  • bart de langhe
  • de langhe
  • consumer behaviour sessions from b langhe kul

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  • Katholieke Universiteit Leuven (KU Leuven)
  • Unknown
  • Consumer Behaviour (D0R13A)
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CONSUMER BEHAVIOUR


INHOUDSOPGAVE

why study consumers? ................................................................................................................. 5

What is marketing? ...........................................................................................................................5

Reviews ...........................................................................................................................................5

Famous people in champagnes.........................................................................................................6

study with wine, Plassman et al. (2008) ..............................................................................................6

Study with ice cream ........................................................................................................................6

Study with songs ..............................................................................................................................7

what is a good costumer? ............................................................................................................. 7

thinkin trap 1: what is the secret to success................................................................................... 8

Brand value ......................................................................................................................................8
HOW MUCH ARE BRAND WORTH? .................................................................................................8
WHY DO BRANDS HAVE VALUE? ....................................................................................................8

BRAND AWARENESS ........................................................................................................................9
Brand recall ..................................................................................................................................9
Brand recognition .........................................................................................................................9

associative memory ..........................................................................................................................9

The questions of the 8 quizzes: ........................................................................................................ 10

Egocentrism ................................................................................................................................... 10

Egocentrism undermines effective marketing ................................................................................... 10

Does perspective taking help? ......................................................................................................... 10

People are overconfident ................................................................................................................ 11

Does negative feedback and searching for contradictory evidence reduce overconfidence? ............... 11

Prediction tournament .................................................................................................................... 12

Unknow unknows ........................................................................................................................... 13

thinking trap 2: How effective are (online) ads? .............................................................................13

Common advertising metrics .......................................................................................................... 13

HBR article: the offline impact of online ads ..................................................................................... 13

Correlation is not causation ............................................................................................................ 14

The purchase funnel ....................................................................................................................... 14

Do consumers visit the ebay website less if ebay stops with brand keyword search ads? .................... 14

Personalized ads ............................................................................................................................ 14

Are vaccines effective? ................................................................................................................... 15
Pfizer’s press release on November 9, 2020 .................................................................................. 15
Moderna’s press release on November 16, 2020 ........................................................................... 15



1

,CONSUMER BEHAVIOUR

2024 nobel in economics .............................................................................................................17

What can we learn from RCT’s on digital advertising platforms? ....................................................17

A/B TESTING .................................................................................................................................. 18

Divergent algorithmic targeting in ‘lift tests’ ...................................................................................... 18

Is the pink K ad more effective than the blue K ad? ............................................................................ 18

Is it possible to approximate true causal effects with non-experimental approaches? ........................ 19

What Is multi-attribute utility theory.............................................................................................19

Why should the rich get richer, and the poor get poorer? ................................................................... 20

The theory ...................................................................................................................................... 21

Multi-attribute utility ....................................................................................................................... 21
Multi-attribute view ..................................................................................................................... 21
conjoint analysis ......................................................................................................................... 22
More alternatives is better? ......................................................................................................... 22
Independence of alternatives ...................................................................................................... 23
3 alternatives .............................................................................................................................. 24

Should our professor buy travel cancellation insurance? ..............................................................26

nobel price of economics : kahneman ............................................................................................. 26
Prospect theory’s probability weighting function ...................................................................... 26
Its also emotional: availability heuristic...................................................................................... 27
Prospect theory of Kahneman (similar to bernouilli) ..................................................................... 28

Can we have a marshmallow? ......................................................................................................29

What do you want for DESSERT? ...................................................................................................... 29

What do you PREFER? .................................................................................................................... 29

RIchard H. THALER: nobel price winner economics .......................................................................... 30

summary ....................................................................................................................................... 31

How do cognitive limitations influence choice processing? ...........................................................31

Weighted additive rule .................................................................................................................... 32

equal weight heuristic ..................................................................................................................... 32
lexicographic heuristic ................................................................................................................ 32
elimination-by-aspects heuristic ................................................................................................. 32
Satisficing heuristic ..................................................................................................................... 33

Summary ....................................................................................................................................... 33

why do consumers often reject new products? .............................................................................34

Barriers to adaptation ..................................................................................................................... 34

Free trials....................................................................................................................................... 35

Goals as reference points ............................................................................................................... 35




2

,CONSUMER BEHAVIOUR

Purchase acceleration .................................................................................................................... 36

what explains the obesity crisis ...................................................................................................36

Why do people consume more calories? ......................................................................................... 36

Key lessions ................................................................................................................................... 37

How do cognitive limitations influence choice processing .............................................................37

When is accuracy high? .................................................................................................................. 37

Premium VS generic bandages ........................................................................................................ 38

S&P company description ............................................................................................................... 38

modified foods ............................................................................................................................... 39

Explanation reduces extremity ........................................................................................................ 40

The 4th meta-goal of choice processing .........................................................................................41

Which vacation spot do you prefer? ................................................................................................. 41

do you continue searching? ............................................................................................................ 41

Voting age ...................................................................................................................................... 42

Reading/listening to news ............................................................................................................... 42

united ............................................................................................................................................ 43

modern family ................................................................................................................................ 43

survey ............................................................................................................................................ 44

deodorant ...................................................................................................................................... 44

taxes ............................................................................................................................................. 44

How much are brands worth? .......................................................................................................45

What is the most valuable brand in the world? .................................................................................. 45

Why do brand have value? ...........................................................................................................45

Brand knowledge............................................................................................................................ 45

Associative memory ....................................................................................................................... 45

Limited attention ............................................................................................................................ 46

Brand recal .................................................................................................................................... 46

Brand recognition ........................................................................................................................... 46

Brand image ................................................................................................................................... 46

Attributes ....................................................................................................................................... 46

What really motivates people? .....................................................................................................48

So what? ........................................................................................................................................ 48

Why is PET such a challenge in beer? ............................................................................................... 49




3

,CONSUMER BEHAVIOUR

Markets today ................................................................................................................................ 49

Always take a step back .................................................................................................................. 49

Motivation bridges the gap between need and satisfaction ................................................................ 49

Models can help interpreting the collages ........................................................................................ 49

qualitative diagnostic research ........................................................................................................ 50

Continue discussion on why brands have value ............................................................................53

Affiliation/belonging........................................................................................................................ 54

Store brands (continue last session) ............................................................................................56

How you grow a brand-portfolio? ..................................................................................................56

Reduce price? Break even analysis .................................................................................................. 57

Renova – key learnings .................................................................................................................... 57

Measure ......................................................................................................................................58

What works .................................................................................................................................59

To improve ..................................................................................................................................59

Create awareness .......................................................................................................................61

Lead by example..........................................................................................................................61

Inspire to act ...............................................................................................................................61

Elaboration on brand knowledge: strength of brand association & uniqueness of brand assotiations
...................................................................................................................................................63

How do customers differ? ............................................................................................................64

Unobservable & general .................................................................................................................. 65

Ground truth: wea dked 300 men ..................................................................................................... 66

Product specific observable ............................................................................................................ 67




4

,CONSUMER BEHAVIOUR



SESSION 1
WHY STUDY CONSUMERS?

WHAT IS 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.



- Rocket science
o Strong correlation between the quality of the process and the quality of the outcome
o Good process → good outcome
o Bad process → bad outcome
- Behavioral science (probabilistic)
o No correlation
o You can follow a good process, but it won’t guaranty a good outcome




“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”

REVIEWS

Influence decisions

- Many reviews don’t compare other products
- There is a difference between the quality reviews on amazon or reviews of professionals




5

,CONSUMER BEHAVIOUR

How often will you find that the product with the higher user ratings of amazon score performs better in
consumer reports quality score? → correlation is 0.15: so there is a correlation but it’s weak

If two products differ by less than 0.4 stars, there’s only a 50%
chance that the other one with the higher rating is also the one
that performs better in consumer reports tests




FAMOUS PEOPLE IN CHAMPAGNES

Old world → people wouldn’t buy it because they think they would be manipulated

New world → people are influenced faster because they believe the ‘opinion’ of celebrities

STUDY WITH WINE, PLASSMAN ET AL. (2008)

Study where you need to taste wine and they test the oxygen in your
brain when you taste them

5 wines, but in reality: wine AB are same (wine1), CD are the same
(wine2) and then you have E (wine3)



Liking without price

- Results 1>2>3

Liking with price (tester know the price of the wines, but they aren’t true)

- They like the more expensive wines more than the cheaper ones
- Their brain registers a more enjoyable feeling




STUDY WITH ICE CREAM

Ice cream vendor: for each server she asks how much are you willing to pay for a cup that’s

- Bigger but not filled to the top
- Smaller but filled above the top

Results: they want to pay more for the smaller one




6

, CONSUMER BEHAVIOUR

STUDY WITH SONGS

List of unknown songs → we made this available to markets and see which songs will be listened to the
most

- Independent market A: they can’t interact with each other
- Independent market B:
- Social market A: they see the number of listeners of each song
- Social market B:




Results:

- Correlation (rank market A, rank market B) highest?→ independent market
o people will be much more influenced in the social market bcs you see with song are
more popular so you will listen to that one more
o the difference can be much higher in 2 markets than in the independent market when
they only will be influenced by the songs itself

independent: value = f(product) → consistent/predictable

social: value = f(place) → inconsistent/unpredictable demand

WHAT IS A GOOD COSTUMER?

Value TO consumers

value = f(marketing mix)

- place - Costumer acquisition
- product - Cosumer development
- price - Customer retention
- promotion

value OF consumers

Firm value → happy with product?




7

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