Inhoudsopgave
Les 1: Introduction................................................................................................................................................3
Correlatie tussen aantal reviews op amazonen objectieve consumer reports (testaankoop).......................4
Reclame en de invloed van Jennifer: de oude versus de nieuwe wereld.......................................................4
Experiment with wine glasses Plassman:........................................................................................................4
Study ice cream: Hsee (1998), “Less is better,” Journal of Behavioral Decision Making................................5
Experiment 50 new songs Salganik, Dodds, and Watts (2006).......................................................................5
Value = f(marketing mix).................................................................................................................................6
Les 2: 11/10 Managerial thinking traps...............................................................................................................6
hoe waarde wordt gecreëerd en gemeten in een bedrijf, met de nadruk op de interactie tussen het
perspectief van de klant (Value TO) en het perspectief van het bedrijf (Value OF).......................................6
What is the secret to success?.............................................................................................................................7
Quiz Competition.............................................................................................................................................7
Company perspective ≠ Customer perspective...............................................................................................8
Does perspective-taking help? NO Hattula et al. (2015).................................................................................9
Mark Twain....................................................................................................................................................10
Knowing with certainty Naguib et al. (2019).................................................................................................11
Does negative feedback and searching for contradictory evidence reduce overconfidence? YES Mahajan
(1992).............................................................................................................................................................11
Prediction tournament Ben-David et al. (2013)............................................................................................12
Backus et al. (2019)........................................................................................................................................12
Mark Twain....................................................................................................................................................13
How effective are (online) ads?..........................................................................................................................13
Abraham (2008), “The Offline Impact of Online Ads,” Harvard Business Review.........................................14
Lift..................................................................................................................................................................14
Correlation is not causation...........................................................................................................................15
Return on advertissing spent in marketing = non causal metric...................................................................16
The purchase funnel......................................................................................................................................16
Do consumers visit the eBay website less if eBay stops with brand keyword search ads? No! (Blake et al.,
2015)..............................................................................................................................................................17
Measuring Sales Impact on X (formerly Twitter)...........................................................................................17
Example Ben & Jerry's + Twitter....................................................................................................................18
Apple's Privacy Changes and Facebook’s Response......................................................................................18
Experiment, A/B Test, RCT..................................................................................................................................19
Are vaccines effective?..................................................................................................................................20
Les 3: Why consumers (don’t) buy.....................................................................................................................21
How do you win a Nobel prize?..........................................................................................................................21
Does Chocolate Consumption Lead to More Nobel Prize Winners?.............................................................21
Experiment, A/B Test, RCT..................................................................................................................................23
Chocolate Experiment and Exam Performance.............................................................................................23
2024 Nobel in Economics - Institutions and Prosperity................................................................................24
What can we learn from RCTs on digital advertising platforms?......................................................................25
Algorithmic targeting.....................................................................................................................................25
A/B Test..........................................................................................................................................................26
Divergent algorithmic targeting in “A/B tests” Braun et al. (2024 Braun and Schwartz (2024),..................27
the Example of Pink vs. Blue K Ad.................................................................................................................28
Important Concept: Divergent Delivery in A/B Tests....................................................................................29
Algorithmic Targeting and Causal Effect in Advertising................................................................................29
Figure 4: Advertising Effects by Funnel Stage................................................................................................30
Divergent algorithmic targeting in “Lift tests”...............................................................................................31
4. Psychological Drivers Example...................................................................................................................32
1
, Is it possible to approximate true causal effects with non- experimental approaches? Not closely, Gordon
et al. (2023)....................................................................................................................................................33
2. Findings: Non-Experimental Methods Perform Poorly.............................................................................33
What is Multi-Attribute Utility Theory?.............................................................................................................34
Expected Monetary Value.............................................................................................................................35
Diminishing Marginal Utility..........................................................................................................................36
Multi-Attribute Utility Theory (MAUT)..........................................................................................................36
Multi-attribute view.......................................................................................................................................37
Rating-Based Conjoint Analysis.....................................................................................................................37
Choice-Based Conjoint Analysis.....................................................................................................................37
More Alternatives = Better?..........................................................................................................................37
Les 4: Goals and reference points......................................................................................................................38
Should our professor buy travel cancellation insurance? (expected monetary wealth and expected utility.)
.......................................................................................................................................................................38
Wasn’t there a psychologist who won a Nobel prize in Economics? Why?..................................................39
Founding Father of Behavioral Economics....................................................................................................39
Probability Perception: Non-linear Sensitivity..............................................................................................39
Life Insurance vs. Travel Insurance................................................................................................................40
Psychological Biases in Decision-Making.......................................................................................................40
Can we have a marshmallow?...........................................................................................................................41
Marshmallow Experiment Read et al. (2011)................................................................................................41
Self-Control and Hyperbolic Discounting......................................................................................................41
Behavioral Insights.........................................................................................................................................41
Hyperbolic Discounting..................................................................................................................................41
Behavioral Decision-Making Models.............................................................................................................42
How do cognitive limitations influence choice processing?...............................................................................43
Meta-Goals for Choice Processing.................................................................................................................43
Decision Strategies.............................................................................................................................................43
Simplifying Heuristics.....................................................................................................................................43
Non-Compensatory Strategies......................................................................................................................43
Compensatory vs. Non-Compensatory Strategies........................................................................................44
Effort-Accuracy Tradeoff................................................................................................................................44
Decision Processes in a Two-Dimensional Space..........................................................................................45
Practical Implications.....................................................................................................................................45
Les 5: Goals and reference points (cont’d).........................................................................................................45
Can you present more applications of Prospect Theory?.............................................................................45
Why Do Consumers Often Reject New Products?.........................................................................................45
The default effect...........................................................................................................................................47
Organ Donation Example: Johnson and Goldstein (2003)............................................................................47
Real-World Example: Netflix Free Trial..........................................................................................................48
Goals as reference points Heath et al (1999)................................................................................................48
The Goal-Gradient Hypothesis Hull (1934) - The Rat's Speed-of-Locomotion Gradient...............................49
Empirical Evidence in Consumer Behavior....................................................................................................49
What explains the obesity crisis?..................................................................................................................51
How do cognitive limitations influence choice processing?..........................................................................52
Les 6: Customer-based brand equity.............................................................................................................54
Meta-Goals for Choice Processing.................................................................................................................54
Reason-Based Choice Shafir et al. (1993), “Reason-based choice,” Cognition..................................................54
Vacation Preference vs. Cancellation............................................................................................................54
Apartment Search Scenarios Source: Shafir et al. (1993), “Reason-based choice,” Cognition.....................55
Voting Age Scenarios.....................................................................................................................................56
Behavior and Context....................................................................................................................................56
Conjoint Analysis in Market Research...........................................................................................................57
2
, Persuasion Techniques and Social Influence.................................................................................................58
Robert Cialdini's book "Influence" outlines several principles of persuasion, including:.............................59
How much are brands worth?............................................................................................................................61
Why do brands have value?...............................................................................................................................62
Brand Knowledge...............................................................................................................................................63
Associative Memory in Branding...................................................................................................................63
Brand Recall...................................................................................................................................................63
Brand Image and Its Components.................................................................................................................64
1. Brand Image...............................................................................................................................................64
Gastles 1: WHYFIVE: Introduction to Market Research (2024)..........................................................................67
Qualitative Research: Vision and Techniques...............................................................................................67
Understanding Consumer Perception and Qualitative Research..................................................................68
Case Study: PET Bottles in Beer Industry.......................................................................................................68
Challenges in Today’s Markets......................................................................................................................69
Key Principles for Marketing Research..........................................................................................................69
BEHAVIOR: ADAPTIVE ENERGY INVESTMENT....................................................................................................71
A Two-Dimensional Model of Motivations....................................................................................................72
Influencing behavior......................................................................................................................................74
Qualitative Research Techniques.......................................................................................................................75
Methods.........................................................................................................................................................75
Challenges in Qualitative Research...............................................................................................................77
Les 7 DEEL 2 Consumer learning about brands..................................................................................................78
Distinction Between Quantitative and Qualitative Research and a Critical Reflection on the Traditional
Differences Between Both Methods.............................................................................................................78
Brand Image...................................................................................................................................................79
Communication Strategies: Functional vs. Higher-Order Benefits................................................................79
Topic: Competition and Differentiation in Non-Obvious Product Categories – The Case of Renova...........82
Les 8: Consumer learning about brands (cont’d)...............................................................................................84
Reduce price?................................................................................................................................................84
Price Competition Analysis............................................................................................................................84
Why Are Private Labels So Strong?................................................................................................................85
Brand Architecture Strategies.......................................................................................................................86
Brand Relationship Spectrum........................................................................................................................87
Private Labels’ Use of Sub-Brands.................................................................................................................88
Renova’s Differentiation Strategy..................................................................................................................88
Les 9: guest lecture Tony chocolonely and mars................................................................................................90
Tony’s Chocolonely: how to increase the market share of tony show colony in belgium............................90
Effectiveness in Advertising: Summary based on Sorin Patilinet (MARS).....................................................91
Les 10: Customer heterogeneity.........................................................................................................................92
Model customer brand equity.......................................................................................................................92
How do customer differ.................................................................................................................................95
Pain of Paying and Decision-Making..............................................................................................................96
Consumer behavior
Les 1: Introduction
Why study consumers? What is marketing?
• Marketeers say that there is more value than just the product.
3
, • Critics:
o Manipulative
o Fluff
o Wasteful
• Bart:
o Not rocket science (deterministic)
o Behavioral science (probabilistic)
In business/ leven/ social science is er veel geluk
marketing is moeilijk want het kan van bad nr good gaan (en variaties)
Emerson: he says, when you create a better product, the consumers will come to you
=> product is driving value
Tegenwoordig is het gemakkelijker om te achterhalen wat anderen vinden van een product
op het gebied van kwaliteit en prijs. Vroeger beoordeelde men de kwaliteit vaak aan de hand
van factoren zoals de merknaam, de hoogte van de prijs (hoger of lager), aanbevelingen van
specifieke personen en informatie die online beschikbaar was.
Correlatie tussen aantal reviews op amazonen objectieve consumer
reports (testaankoop)
• Suppose you consider many pairs of products. The two products in each pair are
generally similar (same product category, product features, etc.), but user ratings
on Amazon of one of them are higher on average than the other.
• How often will you find that the product with the higher user ratings performs
better in standardized tests of product quality (as done by testing agencies like
Consumer Reports)?
• Als je 2 producten neemt en de verschillen in star rating zijn 0.2 (bv de ene
heeft heeft een rating 4.5 en de andere 4.6 op 5) de kans dat de gene met de
hoger ster graad het beter doet is 50%
• Als de verschillen groter worden dan .4 dan is er een kans van 70% dat degene
met de hogere ster het beter doet
Reclame en de invloed van Jennifer: de oude versus de nieuwe wereld
Oude wereld: Jennifer verschijnt in een reclame voor shampoo. Je weet dat ze is
betaald om het product te promoten en probeert je te overtuigen om het te kopen.
Dit roept bij jou meteen weerstand op: "Ik ga het niet kopen."
Nieuwe wereld: Je ziet Jennifer in de reclame, maar daarna kijk je online naar
reviews van medeconsumenten. Deze reviews wekken de indruk dat het product
goed is en geven je vertrouwen om het te kopen.
Kanttekening: Toch weerspiegelen deze reviews niet altijd de objectieve prestaties
van het product. Ze worden vaak beïnvloed door promoties en celebrity-
endorsements, waardoor de objectiviteit in twijfel kan worden getrokken.
Celebrity endorsements zijn marketingcampagnes waarbij beroemdheden een product promoten om het aantrekkelijker te maken.
Consumenten vertrouwen het product vaak meer vanwege hun bewondering voor de beroemdheid, hoewel dit niet altijd iets zegt over de
kwaliteit van het product.
Experiment with wine glasses Plassman:
5 glasses, 2 are the same two times.
4
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