Consumer Insights an der LMU München

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs Consumer Insights an der LMU München.

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Hyve - Customer-centric Innovation & Social Media Research

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Operationalization

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

The Market Research Process - 3. Sampling and Data Collection

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

The Market Research Process - 2. Formulating a Research Design

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

The Market Research Process - 1. Defining Research Questions

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

What is Marketing Research and why do we need it?

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Complaint Management - Why should a company pay attention to complaints?

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Complaint Management - When do consumers complain?

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Market research: Understanding customers better

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Brand Positioning: Use implicit codes to our advantage (for companies)

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Brain Imaging

Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Hyve - Social Media and Data Research

Kommilitonen im Kurs Consumer Insights an der LMU München. erstellen und teilen Zusammenfassungen, Karteikarten, Lernpläne und andere Lernmaterialien mit der intelligenten StudySmarter Lernapp. Jetzt mitmachen!

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Beispielhafte Karteikarten für Consumer Insights an der LMU München auf StudySmarter:

Consumer Insights

Hyve - Customer-centric Innovation & Social Media Research

Independent innovation consultancy that helps clients create new products/innovations from scratch (e.g. Nivea Black & White Deo)

They use various approaches to tailor them to each business problem:

  • Open Innovation
  • Design Thinking (combine user, technology and business perspectives to innovate)
  • Lean Startup
  • Agile Development

Their process:

  • Explore customer needs & innovation opportunities
  • Create ideas, concepts, business planning
  • Build and test prototypes
  • design and develop products or services
  • Implement innovations or startup building

Their teams are multi-disciplinary (researchers, designers, strategists)

Consumer Insights

Operationalization

Operationalization is a process of defining the measurement of a phenomenon that is not directly measurable, though its existence is inferred by other phenomena. 

  • It specifies precisely how a concept can/will be measured: What do we measure? How do we measure? How well do we measure?

Consumer Insights

The Market Research Process - 3. Sampling and Data Collection

  • selection of a representative sample/ sub-group e.g. of population or customer group
  • the process of gathering and measuring information on targeted variables in an established system
  • enables researchers to answer relevant questions and evaluate outcomes

Do’s and Dont’s:

  • Representativeness: Does your sample represent your target entity appropriately? (e.g. student samples not always appropriate)
  • Question design: Do your questions fit your research question? Doe they allow for an unbiased answer?

examples of frequent mistakes:

  • Negations
  • Vague quantifiers
  • Suggesting answers
  • Double-barreled questions
  • Questions not answerable
  • Jargon

Consumer Insights

The Market Research Process - 2. Formulating a Research Design

A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the information needed to structure or solve marketing research problems. 

Components of research design:

1. Define the information needed

2. Design the exploratory, descriptive, and/or causal phases of the research

3. Specify the measurement and scaling procedures

4. Construct and pretest a questionnaire or an appropriate form for data collection

5. Specify the sampling process and sample size

6. Develop a plan of data analysis

Consumer Insights

The Market Research Process - 1. Defining Research Questions

How to define and formulate the problem?

Research Questions:

  • methodological starting point of research
  • guides the research project and assists in the construction of logical argument
  • should be a clear, focused question that summarizes the issue that the researcher will investigate

Sources of research questions:

  • Marketing symptoms (e.g. increasing number of complaints)
  • Marketing opportunities (e.g. mobile applications as new marketing platforms)

Scoping-in on the problem: ambiguous (if we know very little about the problem) vs. somewhat defined (if we know issues or variables, but don’t know how they are related or their impact) vs. clearly defined (if we know all relevant issues/variables + relationships, but don’t know best action/possible choice)

Formulating the research question:

  • Why is our market share declining?
  • Why do the number of returns increase?
  • Why are our new products not successful?

When should market research not be conducted?

  • time pressure
  • organization politics (if decision has already been made without research)

Consumer Insights

What is Marketing Research and why do we need it?

Marketing research is the systematic and objective identification, collection, analysis, dissemination, ans use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities. 

–> What do customer want? What prices are they willing to pay? etc.

Consumer Insights

Complaint Management - Why should a company pay attention to complaints?

  • Each complaint is a chance to correct a flawed process, educate a customer and strengthen loyalty
  • Customers who state their complaints are less likely to defect
  • If complaint can be voiced to company, customers are less likely to inform friends of negative experience with the company
  • Appropriate reaction to complaint can make customers more satisfied than if nothing went wrong in the first place

Consumer Insights

Complaint Management - When do consumers complain?

  • Dissatisfaction with the product, service, retail outlet, service people
  • Highly significant product or service
  • Company to blame for failure
  • Benefits from complaint expected to be high
  • Existence of formal channels of communication

Consumer Insights

Market research: Understanding customers better

Customers are often not able to articulate their emotions/thoughts about a product. Market research neuromarketing can measure:

  • When are people most engaged during an ad?
  • What part of the ad did they pay most attention to?
  • Whether a positive response to the ad was related to the product or a different part of the ad.

Neuromarketing cannot:

  • Tell what people think
  • Predict their decisions
  • Relate specific parts of the brain to specific feelings

Consumer Insights

Brand Positioning: Use implicit codes to our advantage (for companies)

Codes noticed by the implicit system and build associations in the sub consciousness:

  • Language
  • Stories
  • Symbols
  • Senses

Multisensory Enhancement – combination of all code categories has the strongest effect

Example: Regenwaldes Mühle

  • Idyllic, happy people, festive atmosphere, shared consumption of food
  • Red mill is a reoccurring symbol
  • Usually older people prepare the food as a symbol for tradition and careful preparation

—> Keeping the same pattern over several decades, use of all four codes 

Consumer Insights

Brain Imaging

  • Most important method
  • currently the most popular near-scientific tool
  • the activation of different parts of the brain can be observed

How do strong brands work inside the brain? Studies are not coherent, some show a cortical relief and intuitive decisions for strong brand knowledge (more activation when brand knowledge is lower), but some show it the other way around

Consumer Insights

Hyve - Social Media and Data Research

  • Huge amounts of data to collect due to the frequent use of screen devices.
  • Innovative minds: Specialists/Bloggers on very specific products who often are lead users that share their experiences with others
  • Tipps for data collection: research diary, hard code what you find (clusters), be empathetic and generate insights

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