Flashcards
Lectures 1+2
Cards in this deck (24)
- 1Definition of Consumer BehaviorConsumer behavior is defined as the acts of individuals directly involved in obtaining and sing economic goods and services, including the decision processes that precede and determine these acts
Engel et al. 1995, S. 5 - 2The Importance of Consumer BehaviorConsumer behavior concerns everyone, because
everyone is a consumer
several times a day
Understanding consumer behavior is crucial for organizations in order to develop and implement innovative marketing strategies - 3The importance for Govt.The government needs to understand consumer behavior in order to develop reasonable regulatory policies
- 4The importance for consumer protectionConsumer protection organizations need insights from consumer behavior research in order to represent the interests of consumers effectively
- 5The Importance of Consumer Behavior Research- a deeper understanding of psychological functioning
- a foundation and guidance for market research projects
- insights into “mysterious” consumer behaviors
=> A scientific foundation for crucial marketing decisions - 6CB Importance for Product policy• How do consumers perceive certain products?
• Which emotions (e.g. joy) are associated with certain products
(e.g. a sports car)? - 7CB Importance Price policy• How do consumers perceive the price of a product?
• How important is the price for consumers in the buying decision?
• How do consumers react to changes in prices? - 8CB Importance in Communications policy• How do consumers assimilate information (e.g. information in
advertisements)?
• Under which circumstances are consumers able to assimilate
information respectively when do they react to emotional stimuli? - 9Multitude of Digital Media- Email
- Telephone
- Live-Chats
- Twitter
- Apps
- Communities
- Self Services
- Likes (rating)
- Co-browsing - 10The “Rise” of Customer Experiences: Customer experiences (Short‐term perspective)the result of the comparison of all functional (transactional) and emotional perceptions, the customer made along the customer touchpoints regarding the entire customer journey and the
expectations he/she had (with regard to the customer journey) - 11The “Rise” of Customer Experiences: Customer experiences (Long‐term perspective)the sum of the consciously reflected experiences the customer made
with regard to all individual perceptions, interactions and quality of
products or services (of the company) - 12Customer touchpointA Touchpoint (contact point, customer contact, Moment of Truth, point of contact) describes the interface of a product, service or brand withcustomers/users, non-customers, employees and other stakeholders, before, during and after a transaction. This may be applied in business-to-business as well as business-to-consumer environments.
- 13Customer journey mapA customer journey map is a diagram or several diagrams that depict the stages that customers go through in interacting with a company, from buying products online to accessing customer services on the phone to airing grievances on social media.
- 14Focus of Consumer Behavior Research Is the consumer even familiar with the
product?
Does the consumer understand the
product (functioning, etc.)?
Does the consumer realize the value of the new product?
Does the product satisfy the consumer? - 15Customer Value ChainCustomer Value => Customer Satisfaction => Customer Loyalty => Market Success => Economical Success
- 16Successful RelationshipsValue, Satisfaction,
and Retention - 17Customer Value Defined as the ratio between the customer’s perceived benefits and the resources used to obtain those benefits
Perceived value is relative and subjective
Developing a value proposition is critical - 18Customer value examples=> Customers have to Perceive the Value of a Product The Example of the Premium Economy Class of Lufthansa
=> The Example of OUTFITTERY - 19How does Outfittery create value for the consumer?Find it out yourself.
- 20How does outfittery communicate this value?By the personalized letter in the box.
- 21Customer Profitability‐Focused Marketing Tracks costs and revenues of individual consumers
Categorizes them into tiers based on consumption behavior
A customer pyramid groups customers into four tiers
Platinum, Gold, Iron, Lead - 22Customer Satisfaction The individual's perception of the performance of the product or service in relation to his or her expectations
Satisfaction is a necessary precondition for customer loyalty - 23Customer Retention The objective of providing value
is to retain highly satisfied
customers
Loyal customers are key;
They buy more products
They are less price sensitive
Servicing them is cheaper
They spread positive word of
mouth - 24—
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- Final OCB Flashcards on Lectures 1+2, created by aemalreg on 17/02/2016.
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- aemalreg
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