Consumer Insights an der Hochschule Darmstadt | Karteikarten & Zusammenfassungen

Lernmaterialien für Consumer Insights an der Hochschule Darmstadt

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Consumer Insights Kurs an der Hochschule Darmstadt zu.

TESTE DEIN WISSEN

Product nonuse

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TESTE DEIN WISSEN

Occurs when a consumer actively acquires a product that is not used or used only sparingly relative to its potential use. 

--> Without any stimulus at hand, consumers may not remember the intended use (timely division between purchase and decision to consume)

Examples: 

  • Campbell Soups: Many people have it at home in storage but don't use it that often --> new ads played on radio shortly before dinner time and ads with recipes, serving suggestions
  • unused gym membership
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TESTE DEIN WISSEN

Complex Decisions: Anchoring and Adjustment

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TESTE DEIN WISSEN

Humans usually first use a benchmark (anchoring) to estimate values. In the following this anchor is adjusted using further information in the direction of the true value (adjustment).

--> This adjustment is usually not done to an adequate amount.

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TESTE DEIN WISSEN

Making Pricing Decisions - Definition

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TESTE DEIN WISSEN

Pricing policy covers all contractual fixed conditions about the price for the product/service offer including possible discounts or other delivery, payment and loan term.

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TESTE DEIN WISSEN

Pattern Recognition

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TESTE DEIN WISSEN
  • Recognition of patterns as a basis for intuition
  • Brain is able to detect patterns very quickly (e.g. bio motion lab walker)
  • Color patterns - yellow and black = "danger"
  • in marketing: Lego Camping, Hut Weber
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TESTE DEIN WISSEN

Celebrity Endorsement: Applying Balance Theory in Marketing Practice

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TESTE DEIN WISSEN
  • an individual who enjoys recognition and who uses this recognition on behalf of a consumer good by appearing with it in an advertisement.
  • Aim: to increase effect of desire for the product
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TESTE DEIN WISSEN

What are the basic principles of decision theory? 

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TESTE DEIN WISSEN
  • Motivation: Understand the decision behavior of individuals or groups
  • Objective: Build a theory providing mathematical foundations and methods to formally analyze and explain the structure of various decision situations
  • Field of application: Interdisciplinary - psychology, politics, mathematics, statistics, management science...
  • Focus: Two fundamentally different questions of interest
    • Given precise decision premises, how should an individual come to a decision? (prescriptive, normative)
    • Why do individuals come to certain decisions and how does the process look like in reality? (descriptive)
Lösung ausblenden
TESTE DEIN WISSEN

Consumers' impact on the Marketing Strategy

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TESTE DEIN WISSEN

Understanding consumer behavior is essential for good business, as a basic marketing concept states that firms exist to satisfy consumers' needs.

  • Consumer response is the ultimate test of whether or not marketing strategy will succeed.
  • Data about consumers helps organizations to define the market and to identify threats and opportunities in their own and different countries.

--> The analysis of consumers is the key part of the foundation of a marketing strategy

--> It is not possible to anticipate consumers reactions, needs and desires without a deep understanding of consumer behavior. 

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TESTE DEIN WISSEN

Defining Consumer Behavior: Consumer behavior in the closer sense

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TESTE DEIN WISSEN

Behavior of people at the purchase and consumption of economic goods. (Kroeber-Riel, et al, 2009)

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TESTE DEIN WISSEN

Limitations in Perception: Selective Perception

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TESTE DEIN WISSEN

People perceive only what they want to perceive or what they expect to happen. 

--> based on their past references and experiences

--> people rarely see an object as it really is in that moment

--> It is easy to miss something you are not looking for


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TESTE DEIN WISSEN

What are possible explanations for irrational behavior? - Overview

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TESTE DEIN WISSEN
  • Limitations in Perception: 
    • Selective perception
    • Konfirmation Bias
    • Halo Effect
  • Availability of Information
    • Overreaction
    • Information Bias
    • Priming Effect
    • Primacy-Recency Effect
  • Complexity of Decisions
    • Mental Accounting
    • Anchoring and Adjustment
    • Gambler's Fallacy
    • Conjuction Fallacy
Lösung ausblenden
TESTE DEIN WISSEN

Limitations in Perception: Confirmation Bias

Lösung anzeigen
TESTE DEIN WISSEN
  • Theory of Confirmation Bias: Consumers are more like to recall information that reinforces or confirms their overall beliefs
  • Wason's (1960) experiment: 
    • People are more likely to recall positive than negative information
    • Contrast to Popper's Method of Decision-Making (falsifiability)
  • Klaymann and Ha (1987):
    • Concept of a "positive test strategy"
    • People search for information that would elicit a positive answer if the hypothesis were true
  • Synder and Cartor's (1979) experiment:
    • After reading a description of a fictive person that includes a mixed set of character traits, including introversion and extroversion, participants are asked to assess this person's stability for a job opening
    • People are more likely to recall fitting attributes


Lösung ausblenden
TESTE DEIN WISSEN

Why do people buy certain products/brands even if they don't really need it or an alternative would be better/cheaper?

Lösung anzeigen
TESTE DEIN WISSEN

"One fundamental premise of consumer behavior is that people often but products not for what they do, but for what they mean."

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  • 964 Studierende
  • 15 Lernmaterialien

Beispielhafte Karteikarten für deinen Consumer Insights Kurs an der Hochschule Darmstadt - von Kommilitonen auf StudySmarter erstellt!

Q:

Product nonuse

A:

Occurs when a consumer actively acquires a product that is not used or used only sparingly relative to its potential use. 

--> Without any stimulus at hand, consumers may not remember the intended use (timely division between purchase and decision to consume)

Examples: 

  • Campbell Soups: Many people have it at home in storage but don't use it that often --> new ads played on radio shortly before dinner time and ads with recipes, serving suggestions
  • unused gym membership
Q:

Complex Decisions: Anchoring and Adjustment

A:

Humans usually first use a benchmark (anchoring) to estimate values. In the following this anchor is adjusted using further information in the direction of the true value (adjustment).

--> This adjustment is usually not done to an adequate amount.

Q:

Making Pricing Decisions - Definition

A:

Pricing policy covers all contractual fixed conditions about the price for the product/service offer including possible discounts or other delivery, payment and loan term.

Q:

Pattern Recognition

A:
  • Recognition of patterns as a basis for intuition
  • Brain is able to detect patterns very quickly (e.g. bio motion lab walker)
  • Color patterns - yellow and black = "danger"
  • in marketing: Lego Camping, Hut Weber
Q:

Celebrity Endorsement: Applying Balance Theory in Marketing Practice

A:
  • an individual who enjoys recognition and who uses this recognition on behalf of a consumer good by appearing with it in an advertisement.
  • Aim: to increase effect of desire for the product
Mehr Karteikarten anzeigen
Q:

What are the basic principles of decision theory? 

A:
  • Motivation: Understand the decision behavior of individuals or groups
  • Objective: Build a theory providing mathematical foundations and methods to formally analyze and explain the structure of various decision situations
  • Field of application: Interdisciplinary - psychology, politics, mathematics, statistics, management science...
  • Focus: Two fundamentally different questions of interest
    • Given precise decision premises, how should an individual come to a decision? (prescriptive, normative)
    • Why do individuals come to certain decisions and how does the process look like in reality? (descriptive)
Q:

Consumers' impact on the Marketing Strategy

A:

Understanding consumer behavior is essential for good business, as a basic marketing concept states that firms exist to satisfy consumers' needs.

  • Consumer response is the ultimate test of whether or not marketing strategy will succeed.
  • Data about consumers helps organizations to define the market and to identify threats and opportunities in their own and different countries.

--> The analysis of consumers is the key part of the foundation of a marketing strategy

--> It is not possible to anticipate consumers reactions, needs and desires without a deep understanding of consumer behavior. 

Q:

Defining Consumer Behavior: Consumer behavior in the closer sense

A:

Behavior of people at the purchase and consumption of economic goods. (Kroeber-Riel, et al, 2009)

Q:

Limitations in Perception: Selective Perception

A:

People perceive only what they want to perceive or what they expect to happen. 

--> based on their past references and experiences

--> people rarely see an object as it really is in that moment

--> It is easy to miss something you are not looking for


Q:

What are possible explanations for irrational behavior? - Overview

A:
  • Limitations in Perception: 
    • Selective perception
    • Konfirmation Bias
    • Halo Effect
  • Availability of Information
    • Overreaction
    • Information Bias
    • Priming Effect
    • Primacy-Recency Effect
  • Complexity of Decisions
    • Mental Accounting
    • Anchoring and Adjustment
    • Gambler's Fallacy
    • Conjuction Fallacy
Q:

Limitations in Perception: Confirmation Bias

A:
  • Theory of Confirmation Bias: Consumers are more like to recall information that reinforces or confirms their overall beliefs
  • Wason's (1960) experiment: 
    • People are more likely to recall positive than negative information
    • Contrast to Popper's Method of Decision-Making (falsifiability)
  • Klaymann and Ha (1987):
    • Concept of a "positive test strategy"
    • People search for information that would elicit a positive answer if the hypothesis were true
  • Synder and Cartor's (1979) experiment:
    • After reading a description of a fictive person that includes a mixed set of character traits, including introversion and extroversion, participants are asked to assess this person's stability for a job opening
    • People are more likely to recall fitting attributes


Q:

Why do people buy certain products/brands even if they don't really need it or an alternative would be better/cheaper?

A:

"One fundamental premise of consumer behavior is that people often but products not for what they do, but for what they mean."

Consumer Insights

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