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M370: Understanding the Consumer
Transcript of M370: Understanding the Consumer
Every Day is Day One!
Centered on the Consumer
Focused on Creating Value for the Consumer
Captures that Value for the Firm to Create Financial Results
Allow Marketers to Focus on the Buying Decision Process and Drive Purchase Behavior
is the most effective form of Marketing
Think Long Term
Class 2 M370: Understanding the Consumer
“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.”
AMA(Approved October 2007)
“Marketing is one of the most complex areas of business decision-making. Many input variables are qualitative in nature and cannot be accurately measured, e.g., changing consumer patterns, increasing competition, and sales forecasting in an uncertain economic environment.”
Excel Models for Business and Operations Management/Barlow 2005
Also See Figure 1 in Chapter 1 of your text.
""Thus a company's marketing research
and information system must do more
than simply generate lots of information.
The Value of marketing research and marketing
information lies in how it it is used----
in the that it provides.
Insights vs. Information
Not the first
All their music
75% Market Share
Roles and Status
Beliefs and Attitudes
Market Research Identifies Saliant Features and Provides Input into the Consumer Decision Process
We tend to reinforce our Decisions! We want to believe we made the right Choice.
Search Engines are now the Number 1 Source of information about new products
More than 2,500 companies are using Klout’s data. Last week, Klout revealed that Audi would begin offering promotions to Facebook users based on their Klout score.
Last year, Virgin America used the company to offer highly rated influencers in Toronto free round-trip flights to San Francisco or Los Angeles. In Las Vegas,
The Palms Hotel and Casino is using Klout data to give highly rated guests an upgrade or tickets to Cirque du Soleil.
Avoid the Four Perils of CRM
The Mismanagement of Customer Loyalty
See You on Tuesday!
Did it Work?
Marketing in the Real World
Inputs to Purchase Decisions
Would it surprise you to know that a full 70% of Americans now say they look at product reviews before making a purchase?
Or that 79% of consumers now say they use a smart phone to help with shopping?
Or that 83% of moms say they do online research after seeing TV commercials for products that interest them?
From Figure 2 Chapter 2: Kotler
Jeff Bezo's: Everything I Know
Is Bezo's a marketer?
How do his ideas compare with the definitions you have seen and your own ideas about marketing?
No Reading Assessment