Class notes

Notities Consumer Behaviour - TEW 16/20

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Course
Consumer Behaviour (D0R13A)

Institution
Katholieke Universiteit Leuven (KU Leuven)

This document contains notes about all lessons given by Prof. De Langhe. It also includes summaries of the readers who are part of the course material. ! English language course, english notes! 3rd Bachelor TEW first semester of . The course is assessed on the basis of 8 tests, achieved point...

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Uploaded on December 26, 2023
Number of pages 46
Written in 2023/2024
Type Class notes
Professor(s) Bart de langhe
Contains All classes

consumer
behaviour
consumer behaviour
two
hair
psychology
business engineer
kul
ku leuven
3rd beach
applied economic sciences

Institution
Katholieke Universiteit Leuven (KU Leuven)
Education
Toegepaste Economische Wetenschappen
Course
Consumer Behaviour (D0R13A)

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Consumer behavior

Les 1: 29/09 Introduction

Why study consumers?
What is marketing?
 Marketeers say that there is more value than just the product.
 Critics:
o Manipulative
o Fluff
o Wasteful
 Bart:
o Not rocket science (deterministic)
o Behavioral science (probabilistic)

 Emerson: he says, when you create a better product, the consumers
will come to you => product is driving value
 Experiment with wine glasses Plassman:
o 5 glasses, 2 are the same two times.
o Without the price, people are not fooled by the fact that the
wine is in different glasses, they are able to express their
likings and see that some wines are alike
o Informed about price: people’s liking is almost a perfect match
with the price of the wine.
o The perceived value is more driven by price than the
quality of the product
o This is NOT SUPERFICIAL, the perceived VALUE is really
different, this is because value is created in your brain
 Hsee study ice cream

, o The product here is ice cream, but here the packaging
influences the value and even creating it

o Is this deception or is true value created? (later)

 Experiment 50 new songs Dodds and Watts
o First group A is independent just as market B
o Social group A and B also exist, here there is a form of
communication => social influence
o The correlation between the independent groups A and B is
greater than the correlation between the 2 social groups, this
is bcs there is no social interaction, the liking of the song is not
influenced by other people and their liking in the independent
groups
o Hits will be more popular in the social market, people hype
each other up, bcs when ppl are new to the platform, they see
what others have been listened to the most and start there

o Value = f(marketing mix)
 4 p’s:
1. Place
2. Price
3. Promotion
4. Product

 Two sides of customer value
o Value OF customers, the value you extract from these
customers
o Value TO customers, you create as a business
o These are not always equal

, Which result do you prefer
o Jones and Sasses:

 Customers that give a five are way more valuable, the
black line is more realistic
 The numbers of Starbucks reflect this, the difference
between very satisfied and satisfied is bigger than
satisfied and unsatisfied this is bcs Starbucks is in the
business to delight customers
 It can differ, bcs an internet provider is in the business of
not pissing off customers, here the purple curve is more
realistic
 The curves a dependent of the market and the amount
of competitors and switching costs

,  Howdo you measure value of customers
o CAC = customer acquisition cost
o Customer margin
o Retention rate
o It is al balancing acts between these 3 => CLV= customer
lifetime value
o You need behavioral sciences to do the process right

What is the secret to success in marketing?
 Fischoff:

o Horizontal: confidence, how many % you are sure
o Vertical: accuracy, how many % you are accurate
o Diagonal means: if you are 60% sure you should be correct in
60% of the time
o We almost never observe this diagonal
o If I tell you that I am wrong or I don’t know, I don’t know. If you
think that you are 100% correct you have a bigger chance of
being wrong
o There is asymmetry between confidence and the accuracy, the
meta knowledge. The knowledge about knowledge

 Quiz competition

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