MKT 401 Module C at Universität Mannheim

Flashcards and summaries for MKT 401 Module C at the Universität Mannheim

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Study with flashcards and summaries for the course MKT 401 Module C at the Universität Mannheim

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Customer behavior (D)

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Problem recognition (describe)

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Evaluation of alternatives (explained)

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what happens between the evaluation of alternatives and purchase decision?

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Purchsase decision eplained

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Normative decision theory (D)

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SLIDE 168 customer decision process als karte machen

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Prospect theory (D)

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Editing phase Prospect theory 

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Evaluation phae prospect theory

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Implications of the prospect theory

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Customer irrationality: 2 examples

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Exemplary flashcards for MKT 401 Module C at the Universität Mannheim on StudySmarter:

MKT 401 Module C

Customer behavior (D)

study of individuals, groups and orgas and processes they use to select, secure, use and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the customer and society

MKT 401 Module C

Problem recognition (describe)

Start of the buying process when the customer acknowledges a problem/need

  • can be triggered by internal or external stimuli

MKT 401 Module C

Evaluation of alternatives (explained)

The alternatives are put into different categorie sets:

  • Total set
    • general available products/brands
  • Awarness set
    • number of those the customer will become aware of
  • evoked set aka considerations set
    • those considered by the customer
  • choice set
    • number of prudcts for which more info is processed
  • decision
    • the one the customer chooses

MKT 401 Module C

what happens between the evaluation of alternatives and purchase decision?

photo folie 164 einfügen

MKT 401 Module C

Purchsase decision eplained

executing a purchase decision, the customer msx make several sub decisons

I.e. with computer:

  • brand
  • specific features (i.e. RAM)
  • reatiler
  • quantity
  • timing
  • payment mmethod

MKT 401 Module C

Normative decision theory (D)

is concerned with identifying the best decision to take, assumind an ideal decision maker who is fully informed, able to compute with perfect accuracy and fully rational.

MKT 401 Module C

SLIDE 168 customer decision process als karte machen

bitte!

MKT 401 Module C

Prospect theory (D)

is a descriptive theory that describes decisions between alternatives that involve risk (i.e. alternatives with uncertain outcomes) where the probabbilities are known. In this sense the theory predicts real-life choices rather than optimal decisions


Consists of 2 phases in the choice process:

  • the early phase of editing (preliminary analysis)
  • subsequent phase of evaluation (prospect is chosen)

MKT 401 Module C

Editing phase Prospect theory 

Many anomalies of preference result from the editing of prospects

  • Coding
    • outomes are often perceived as gains and losses instead of a new status of wealth; gains and losses are redefined relative to some neutral refeence point which usually is the current asset position
  • Combination
    • prospects can be simplified by combining the probabilities associated with identical outcomes
  • Segregation
    • riskless components are often segregated from risky components (300 @ 80% and 200@ 20% are segregated into a sure gain of 200 and a risky prospect of 100 @ 80%)

MKT 401 Module C

Evaluation phae prospect theory

Individuals choose the alternative with the highest subjective vallue (SV)

  • Value of option is treated as a function with two arguments:
    • current asset position => reference point
    • Magnitude of change from reference point (gains or losses)

the function relating the subjective value and corresponding losses is steeper than that for gains

MKT 401 Module C

Implications of the prospect theory

Improved the understanding of human decisions substantially

Yielded implications for marketing

  • Wthat markets respond to what type of offer
  • how advertising message is framed
  • how a product is priced and premium customer is wiling to pay
  • how a products price is perceived relative to the competition and customer expectation
  • how a new product is positioned

MKT 401 Module C

Customer irrationality: 2 examples

endowment effect

status quo bias

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MKT 401

MKT 401 B

MKT 401 C

MKT 401 D

MKT 401 E

Spanisch

Accounting

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