Consumer Insights an der LMU München

Karteikarten und Zusammenfassungen für 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:

Modern Marketing (Market-based Management)

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

Market-based management requires:

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

Defining Consumer Behavior: Consumer behavior in the closer sense

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

Defining Consumer Behavior: Consumer behavior in the broader sense

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

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

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

Consumers' impact on the Marketing Strategy

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

What are the basic principles of decision theory? 

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

Homo Oeconomicus vs. Human

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

"ALLAIS Paradoxon"

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

What are possible explanations for irrational behavior? - Overview

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

Limitations in Perception: Selective Perception

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

Limitations in Perception: Confirmation Bias

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

Consumer Insights

Modern Marketing (Market-based Management)

Market-based companies show better performance and more sustainable corporate success. 

Consumer Insights

Market-based management requires:

  • Deep understanding of consumer behavior 
  • Knowledge about markets

Consumer Insights

Defining Consumer Behavior: Consumer behavior in the closer sense

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

Consumer Insights

Defining Consumer Behavior: Consumer behavior in the broader sense

Behavior of the ultimate consumers of material and immaterial goods, thus also the behavior of worshipper, voters, patients and so on. (Kroeber-Riel et al, 2009)

Consumer Insights

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

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

Consumer Insights

Consumers' impact on the Marketing Strategy

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. 

Consumer Insights

What are the basic principles of decision theory? 

  • 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)

Consumer Insights

Homo Oeconomicus vs. Human

Homo Oeconomicus

  • Thinks logically
  • Strong memory and willpower
  • Not driven by feelings/routines
  • Chooses what is best for him/her
  • Responds to incentives but is not influenced by "irrelevant" data (such as order of the options)

Human

  • Forgets things
  • Lacks willpower (smoking, regular exercise)
  • Strongly influenced by routines/feelings
  • Influenced by inertia, sticks with default options
  • Is influenced by irrelevant information ("what everybody else does")

Consumer Insights

"ALLAIS Paradoxon"

The Allais paradox is a choice problem designed by Maurice Allais (1953) to show an inconsistency of actual observed choices with the predictions of expected utility theory.

--> "Better a lower payoff with a probability of 100% than a higher one with a probability of 80%" 

--> "Better a higher payoff with a probability of 20% than a lower with 25%"

Consumer Insights

What are possible explanations for irrational behavior? - Overview

  • 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

Consumer Insights

Limitations in Perception: Selective Perception

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


Consumer Insights

Limitations in Perception: Confirmation Bias

  • 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


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