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Written summary of sessio 2, Consumer Behavior (Prof De Langhe). All i...
Session 2 (Oct 6): The (in)stability of preferences – part 1
Questions/wrap-up about the previous session:
Marketing is creating value to your customers AND your firm!
There’s two sides to customer value
→ value to the customers
→ value of the customers to the firms
3 big components of customer lifetime value:
- CAC = How costly to acquire you
- Retention rate = how likely are you to renew your membership
- Margins = how much are you spending in each time period
→ if you put those together, you have a customer lifetime value
How do I influence those 3 components?
By the decisions that I make using the 4 P’s (=marketing mix)
If business want to do that well, they need an understanding of behavioural science, customer
psychology and customer economics!
- Getting into the minds of customers
- Understanding how to influence the preferences
- Trying to quantify the value of those customers
→ you need a combination of psychology, data analytics and economics/finance
Readings:
1. Everything is obvious
2. The adaptive decision maker (book) → one chapter on Toledo
3. Harnessing the science of Persuasion (book) → summary article on Toledo
you need to know the different types of influences
What explains the obesity crisis?
US:
In 1990: there was no state with obesity rate larger than 15%
In 1995: half of the states has an obesity rate larger than 15%
In 2000: one state left where with obesity rate under 15%
In 2005: 3 states left with obesity rate lower than 20%
In 2010: no state left with obesity rate lower than 20%
, → how come? Criteria have been changed during the years
What is the most important cause/main driver of obesity crisis?
- People eat more/consume more calories
- People move less/burn fewer calories
But if you have to pick one? What is the MAIN driver?
→ although there are so many changes during the past years, are they substantial enough to
cause the major change in obesity rate?
30 min to burn 500 calories ←→ 1-3 min to gain 500 calories
→ Behavioral change required to gain calories is much smaller than to burn calories!
Small behavioral changes can be very significant for individual consumer, companies…
Bv. eating 1 Twix bar (= 250 calories) more each day
What changed?
The context? The environment?
The person?
Behavior = f (person, context)
→ Details matter: small changes can have big effects!
The principle of least effort = ??????
Contextual changes are often times going to have a larger effect
→ analyze and make changes in the environment
Things that have really changed:
- Packed sizes have increased/larger portions
= Whatever comes in your home, you eat
Larger packages are easier to bring to your house so you consume more and eat more
- People estimate the number of calories they see on a plate
→ the actual number of calories is much more than estimated
(overestimating starts when the portion sizes get larger)
How do people prefer eating food or eating faster?
à When you make thing easier to put in your mouth and swallow, people eat more
à The bites are soft and doesn’t have a rap
à If you have candy with a wrap, after 3 wraps you think ‘hmm, maybe I’ve had enough’ but
without the wraps, there is no prove
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