College aantekeningen
ALL lectures Consumer Marketing
- Instelling
- Vrije Universiteit Amsterdam (VU)
ALL the lectures of the course Consumer Marketing for you in one document! Including some sample exam questions!
[Meer zien]Voorbeeld 4 van de 43 pagina's
Voorbeeld 4 van de 43 pagina's
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Voorbeeld van de inhoud
LECTURES CONSUMER MARKETING 2022Taught by: Lalin Anik
Overview of all the lectures for the course Consumer Marketing
Session 1: Introduction to Consumer Marketing p1
Session 2: Understanding Consumers p3
Session 3: Consumer Attention, Perception and Memory p5
Session 4: Consumer Behavior Refresher p10
Session 5: The Art of Choosing p15
Session 7: Price Promotions p20
Session 8: Influence & Persuasion p26
Session 9: Ethics of Marketing p29
Session 10: Customer Loyalty p31
Session 11: Consumer Happiness p37
Session 12: Bringing it All Together p42
1
,Session 1: Introduction to consumer marketing
Direct-to-consumer (DTC) brands
- DTC brands sell products directly to end users through their own e-commerce sites,
cutting the middleman out of the traditional retail process.
- Many of them are online brands.
Why do consumers like DTC brands?
- Relationship with the brand
o Alignment with the company and consumer (e.g., values)
- Variety
o Customized products and promotions
o Customers feel heard and seen
o Bigger variety of products.
- Customer service
o Direct communication between company and consumer
o Fast and easy
o Building brand trust and loyalty
- Sense of impact
o Helping the small business and you are happy with your purchase
- Price
o Cheaper; smaller supply chain.
- Access
Benefits/disadvantages of DTC from a company’s point of view:
New dawn Fad
Rely less on retailers Might actually cost more because you need
- Easy to start/cheap to fail to do everything yourself
- Take control of your destiny - The money you save has to be spend
- Independent, where to store your on advertising.
products and how many. - Hard to keep prices low (without
mass production)
Improve customer engagement Acquiring customers is not easy
- Easy to communicate and understand - Where is the customer? How are you
- Identify your target group and their going to acquire your customer?
needs. - It is increasingly more costly
Better margins Will the customer trust the new company?
- Use margin to improve (the quality
of) the product and other marketing
areas.
Access to data What do you do with the returns? Especially
- Information, data, feedback if it is customized.
- Understand the consumer better
Expand your reach (offer broader product Brand building takes time
assortment) - Harder to scale up.
Control your brand story Have to compete against big players
- Control over your values
2
,How did DTC become so successful?
The rise of DTC brands can be attributed to at least 3 major shifts:
1) Legacy players used to have a strong hold on retail channels and it was impossible for
a new product to get shelf space. Rise of e-commerce and direct distribution
significantly reduced this barrier.
2) Democratized marketing where smaller players can reach and capture the attention of
consumers with much lower budgets.
3) Each part of the value chain has become modular and many third-party players have
emerged to take of production, warehousing, logistics, web hosting, and distribution.
These services are often on-demand and are flexible. So, young entrepreneurs can
launch new products at minimal cost.
Takeaways
- Marketing has undergone a dramatic shift in the last decade (e.g., new distribution and
media channels to build new brands and stronger relationship with customers).
- Unmet customer needs, not technology, are often the cause of disruption: don’t lose
sight of your customer and their needs as the consumer experience drives business.
- Customer centricity aims to manage how individual customers, not only products or
brands, create profitability.
- Good products do not sell themselves.
- You can’t ignore the #s as they will help you understand the gaps in your business.
Session 2: Understanding Consumers
DMU = decision making unit (who you interview)
DMP = decision making process
Utilitarian products
- Triggers may be based on (basic) needs
- Shorter research process, maybe not a key decision (low price)
- Deliberation process is short/non-existent
- Repeat purchases shorten the process
- Based on emotions
- It depends on the need, context, convenience what comes first; what to buy or where
to buy
AIDA funnel
Awareness
Interest
Desire
Action
(Recurring)
3
, Ego-expressive products
- Long decision-making process (e.g., time, search)
- You take other people’s opinions into consideration
o They might know better
o Might had relevant experience
o Ego – validated
- Take into consideration alternatives
- Consider opportunity cost
Cross model
Context, culture dependent
Design, packaging, price, values (e.g., sustainability), and influencers can impact the place
a product stands.
We start with the customer
Why segment?
Segmentation: discovering and profiling groups of customers with similar needs and
preferences.
Benefits to segmentation
- Segmentation aims at dividing the market into subsets of customers.
o It is too much to serve everyone.
o Personalize (communication, product, brand, design)
o People have different preferences
- Members are different between segments, but similar within.
However, having too many segments is also not good.
Benefits:
To the firm To the customer
Identification of valuable customers (higher Customized products & services
CLV)
More targeted promotions & marketing Personalized experience
communications
Sustainable profit growth Satisfaction & loyalty
Descriptors (Who?)
Behaviors (What?)
Motivation (Why?)
4
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