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What are the different forms of attention?

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Attentional orienting --> channeling attention to a specific direction


Selective attention --> attention directed to one stimulus 


divided attention --> attention directed to multiply stimulus


Sustained attention --> full attention; no distractions

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What are Defaults? 


and what is its importance to mass customization?

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Defaults are basic options the customer automatically gets when he does nothing. 

--> automatische sitzplatzreservierung


Production is still the same, yet the product feels highly customized


Mass Customization a strategy that creates value by some form of company-customer interaction at the fabrication/assembly stage of the operations level to create customized products with production cost and monetary price similar to those of mass-produced products. K 

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What are the effects of branding from a companies perspective?

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Halo effect --> biased towards a certain brand (e.g. Porsche)

Price effect --> comes from the halo effect, certain brands stand for quality or status and therefore can charge higher prices (e.g. Porsche)

Sales effect --> low prices as part of a companies identity (e.g. Ryan Air)


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What is Price differentiation?

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offering the same (or slightly different) product to different target groups at varying prices


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How can a brand be managed?

(4 Tasks)

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Develop a deep knowledge of how your consumers > make a decision --> what influences decisions?


Conduct market research to identify bottlenecks

> Circumstances under which you do not perform

 

What are the reasons for these bottlenecks?

> Why do they exist/how can they be avoided?


Repeat the cycle… it’s a dynamic problem

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TESTE DEIN WISSEN

What are expecting errors? 


How to overcome errors?

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TESTE DEIN WISSEN

People often make mistakes 

--> expect and forgive errors


1. Procedural Error: error in the execution of a known task ( not because of lack of knowledge)

2. Postcompletion error: Error after the main task is completed 


Overcome --> give feedback and tell customers when they are making a mistake --> low battery --> alert



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What is pay what you want?

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complete integration of customer into price setting


buyer sets price (seller has to accepted, even if 0)


Drivers: 

Fairness

quality

income

reference Price

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What is the Net Present value definition? 

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TESTE DEIN WISSEN

Difference between the present value of cash inflows and the present value of cash outflows. 


Used to analyze the profitability of a project

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What is a unique selling proposition? (USP)


What is the competitive cost advantage? (CA)

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USP --> compared to competitors, offer is more unique (better)


CA --> Provides a higher net benefit than all competitors, but is also efficient --> Price is greater than product costs

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Differentiate marketing from sales? 

 Explain Push vs Pull?

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Push(sales) --> Provider pushes products onto customers (promotions,sales team)


Pull (Marketing) --> customers are pulled to provider (advertisement)

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What is a brand?

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  • One of the most valuable assets of a company
  • The face of the company
  • Logo & Slogan
  • key signals in consumers buying decisions
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What is Net Benefit? (NB)


What is relative Net Benefit? (RNB)

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NB --> utility - costs

utility (nutzen) from an offer is higher than its costs.


RNB --> Offer provides a higher NB than all competitors' offers.

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Q:

What are the different forms of attention?

A:

Attentional orienting --> channeling attention to a specific direction


Selective attention --> attention directed to one stimulus 


divided attention --> attention directed to multiply stimulus


Sustained attention --> full attention; no distractions

Q:

What are Defaults? 


and what is its importance to mass customization?

A:

Defaults are basic options the customer automatically gets when he does nothing. 

--> automatische sitzplatzreservierung


Production is still the same, yet the product feels highly customized


Mass Customization a strategy that creates value by some form of company-customer interaction at the fabrication/assembly stage of the operations level to create customized products with production cost and monetary price similar to those of mass-produced products. K 

Q:

What are the effects of branding from a companies perspective?

A:

Halo effect --> biased towards a certain brand (e.g. Porsche)

Price effect --> comes from the halo effect, certain brands stand for quality or status and therefore can charge higher prices (e.g. Porsche)

Sales effect --> low prices as part of a companies identity (e.g. Ryan Air)


Q:

What is Price differentiation?

A:

offering the same (or slightly different) product to different target groups at varying prices


Q:

How can a brand be managed?

(4 Tasks)

A:

Develop a deep knowledge of how your consumers > make a decision --> what influences decisions?


Conduct market research to identify bottlenecks

> Circumstances under which you do not perform

 

What are the reasons for these bottlenecks?

> Why do they exist/how can they be avoided?


Repeat the cycle… it’s a dynamic problem

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Q:

What are expecting errors? 


How to overcome errors?

A:

People often make mistakes 

--> expect and forgive errors


1. Procedural Error: error in the execution of a known task ( not because of lack of knowledge)

2. Postcompletion error: Error after the main task is completed 


Overcome --> give feedback and tell customers when they are making a mistake --> low battery --> alert



Q:

What is pay what you want?

A:

complete integration of customer into price setting


buyer sets price (seller has to accepted, even if 0)


Drivers: 

Fairness

quality

income

reference Price

Q:

What is the Net Present value definition? 

A:

Difference between the present value of cash inflows and the present value of cash outflows. 


Used to analyze the profitability of a project

Q:

What is a unique selling proposition? (USP)


What is the competitive cost advantage? (CA)

A:

USP --> compared to competitors, offer is more unique (better)


CA --> Provides a higher net benefit than all competitors, but is also efficient --> Price is greater than product costs

Q:

Differentiate marketing from sales? 

 Explain Push vs Pull?

A:

Push(sales) --> Provider pushes products onto customers (promotions,sales team)


Pull (Marketing) --> customers are pulled to provider (advertisement)

Q:

What is a brand?

A:
  • One of the most valuable assets of a company
  • The face of the company
  • Logo & Slogan
  • key signals in consumers buying decisions
Q:

What is Net Benefit? (NB)


What is relative Net Benefit? (RNB)

A:

NB --> utility - costs

utility (nutzen) from an offer is higher than its costs.


RNB --> Offer provides a higher NB than all competitors' offers.

Marketing

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