2013 decision behavior in marketing_week 1_bb
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DecisionBehaviorinMarketingDr.MengZhu
WEEK1:
DeterminingWhatConsumersWant
1
1. CourseOverview&Requirements
2. Objectivesof
Consumer
Behavioral
Decision
Research
3. MethodsofConsumerBehavioralDecisionResearch
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Administrivia IamMengZhufacultyinstructorforthiscourse.
Email:
Phone:410.234.9452
Myoffice:Room1344,100InternationalDrive
MyOfficehours Wed12:302pmorbyappointment
*OpenDoorPolicy:OnalldaysoftheweekIobserveanopendoorpolicystudents
are
welcome
to
see
me
when
they
come
by
my
office
(and/or
makeanappointment).
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ACurtain
RaiserWhatwillIknowbetterafterthiscourse& whyisitimportant?
Marketingbeginsandendswiththeconsumer fromdeterminingtheir needstoensuringtheirsatisfaction.
Inthiscourse,wewillexplorethemostrecentscientificresearchinmarketing,psychology,andbehavioraleconomicsonconsumerjudgmentanddecisionmaking.Wewilldevelopyourabilitytounderstandandinfluence whatpeoplewant
howpeople
decide
what
and
when
to
buy
whetherpeoplewillbesatisfiedordissatisfiedwiththeirdecisions
Thesepsychologicalinsightsareusefulformarketingmanagementdecisionmaking,butalsoyieldinsightintocommondecisionbiases beyondmarketing.
Inaddition,wewillexaminethemethodologyofmarketresearchtobuildthetoolsyouwillneedtointerpretconsumerbehaviorandbasedecisionsonit.
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CourseAdministration
Announcementsandupdates,ifany,willbepostedto
Blackboardperiodically.
Thecoursewillbeadministeredusingacombinationoflectures,casediscussions,andinteractivediscussions.
AsfaraspossibleIwilltrytoadministeradditionalreadingmaterialselectronically.
LectureslidesforanygivenclasswillbepostedonBlackboardimmediately
afterclass.
Pleasebringyournamecardstoclass.
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CourseDelivery
Wewilluseacombinationof:
Lectures
Videoandaudiomaterial
CaseStudies&CaseDiscussions
InClasspresentationsanddiscussionsinitiatedbystudents/instructor
Webelievethatdiscussion,debate,questioning and
interaction whencombined
offer
an
effective
means
oflearningadvancedconceptsandideas.
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ReadingsOptional(notrequired)Textbook
Hoyer&MacInnis(2008).Consumerbehavior,5thEdition.Mason,OH:SouthWestern
RecommendedSupplementaryBooks
Ariely,D.(2008).PredictablyIrrational:TheHiddenForcesThatShapeOurDecisions,NewYork:HarperCollins.
Thaler,R.H.,&Sunstein C.R.(2009).Nudge:ImprovingDecisionsaboutHealth,Wealth,andHappiness.NewYork:Penguin.
RequiredCases Case1:PluggingIntheConsumer:The
Adoption
of
Electrically
Powered
Vehicles
in
theU.S.
Case2:PatientslikeMe:AnOnlineCommunityofPatients
ScientificArticlesBlackboard/CourseDocuments
Ladderingtheory
Tryit,
you'll
like
it
Mismatchesbetweenintentionand
outcome
Lexicographicchoicemodel
Defaults
save
lives Whenismorebetter
Decidingadvantageously
Yieldingtotemptation
Centralandperipheralroutesto
advertisingeffectiveness
Thescienceofpersuasion
Thetyrannyoffreedom
Seethesyllabusforthelinktothecoursepack.
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CourseDesign
Date Topic
Week1 ObjectivesandMethods
Week2 CognitiveArchitecture
Week3 Judgment&DecisionMaking
Week4 ConstructingPreferences
Week5 MotivationandEmotion
Week6 Forming&ChangingOpinions
Week7 Term
Project
Week8 ConsumerSatisfaction Preferences&Decisions
Cognitive
Architecture
Motivation
Emotions
Attitudes
Consumption&
Satisfaction
SocialandCulturalInfluences
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Assignments&
Grading
Attendance&Classparticipation(15%)
Interview(10%)
CaseAnalysis(2*10%)
GroupProjectPresentation&Report(30%)
OpenbookFinalExam(25%)
W1 W2 W3 W4 W5 W6 W7 W8
Groups
&InterviewProject
ProposalPresentation
&WriteupCASE
1 CASE
2 Final
Exam
8
CourseTimeline
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ClassParticipation=15%ofyourfinalgrade
Yourinsightfulcommentsinanalyzingcasesandcontributionstoclassdiscussions.
Yourresponses
to
questions
asked
in
class
by
the
instructor
oryourclassmates includingyouranalysisofcases.
Materialsof
interestto
the
course
that
students
identify
and
makeavailabletotheclass
E.g.,articles,pointerstoitemsinthepress,demoofinterestingartifacts,bookexcerptsthatyoumakeavailabletotheclasselectronicallyorotherwise.
ClassParticipation
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1. Raiseyourhandbeforetalking.
2.
Usebullet
points
(back
up
your
points
later).
3. Whycoldcall?
Jobinterview
Boss
Thinkingonyourfeet Synthesize Whenyoudonthaveananswer
4. If youarestillnotquitesureaboutCP,comeandtalktomeandwewillworkitout.
ClassParticipation
Additional
points
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IndividualAssignment
Interview
ConsumerInterview=10%ofyourfinalgrade
Conductanindepthinterviewwithsomeoneinthisclassaboutarecentpurchase.
Seethesyllabusforspecificinterviewinstructions.
11
W1 W2 W3 W4 W5 W6 W7 W8
Consumer
Interview
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GroupAssignments
Group
Project
GroupProject(groupsof46people)=30%ofyourfinalgrade
Identifyacurrentmarketingproblem&Analyzetheconsumerbehavior
Collectdata
from
students
in
this
class
*
Developmarketingrecommendationsbasedonyouranalysis
W1 W2 W3 W4 W5 W6 W7 W8
Group
Formation
Project
Proposal
Presentation
&Writeup
ProjectTimeline
Seethesyllabusfordetailedinstructionsforthegroupproject.
12
IMPORTANTNOTE*:
Following
the
policies
set
by
the
Homewood
Institutional
Review
Board
(HIRB),
(1)
you
canONLYintervieworsurveythestudentsinthisclass(2)youcanONLYreportthedatatotheinstructorof
thiscourse (3)youcanONLYpresenttheresultstotheinstructorandfellowclassmatesinthisclass.
Otherwise,youneedtosubmitanapplicationforHIRBapprovalhttp://web.jhu.edu/Homewood
IRB/applications.html andeachmemberinyourgroupmustcompletetrainingintheprotectionofhuman
researchparticipantshttp://web.jhu.edu/HomewoodIRB/investigators.html priortosubmissionof
applicationfor
HIRB
approval.
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GroupAssignments
Case
Analysis
CaseAnalysis(thesamegroupsof46people) =20%ofyourfinalgrade
CASE1:PluggingIntheConsumer:TheAdoptionofElectricallyPowered
VehiclesintheU.S.
CASE2:PatientslikeMe:AnOnlineCommunityofPatients
CasediscussionquestionswillbepostedonBlackboard/Assignments.
Thecasewriteupsshouldnotexceed4doublespaced(12 pointfont)pages.
A1pageexecutivesummaryofyouranswersisalsorequired.
13
W1 W2 W3 W4 W5 W6 W7 W8
Groups
&Interview
Project
ProposalDue
Presentation
&Writeup
Case1 Case2
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PeerEvaluation
Form
PeerEvaluationisduewiththefinalprojectreport
Createyourowncontractandsignthat!
Iwilladjustindividualgradeswhen1) Therearerelativelylargediscrepanciesinratings
2) Thediscrepanciesareconsistent(i.e.,aparticularpersonisratedlow
by
all
others).
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FinalExam=25%ofyourfinalgrade
FinalExam:2hour,openbook,inclass.
Theexamwillbecomprehensive.
Theexam
will
be
in
short
answer
and
essay
formats.
FinalExam
W1 W2 W3 W4 W5 W6 W7 W8
Groups
&Interview
Project
ProposalDue
Presentation
&Write
up
Case1 Case2 Final
Exam
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Expectation ClassPreparation:Iexpectyoutohavethoroughlyread
anycasesandreadingsassignedforclassdiscussion.
Deadlines:Deadlineswillalwaysbestrictlyenforcedand
noexceptionsofanykindwillbemadewithoutprior
approval.
Punctuality:Iexpectyoutobeontimeforclasses.
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Feedback
Pleasedonothesitatetocontactmeforfeedback,
concerns,questions
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TodaysAgenda
1. CourseOverview&Requirements
2. Objectivesof
Consumer
Behavioral
Decision
Research
3. MethodsofConsumerBehavioralDecisionResearch
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Whatis
Marketing?
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Abrief
history
of
marketing
ProductionOrientation
(18501920)
SaleOrientation
(19301950)
MarketingOrientation
(19502010)
Demandoutstripssupply
Mostlygenericproducts
Littleemphasisonvariation
Supplybeginstooutstrip
demand
Focusonsellingwhatwas
produced
Companiesbegintofocus
onconsumer
preferences
Whatconsumerswant;
notwhatismost
profitabletomake
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Acquisition
Buying
LeasingTrading
Sharing
Finding
Usage
Whether
Why
How
PostUsage
Disposition
Sell
TradeGive
Trash
Recycle
Reuse
Whatis
consumer
behavioral
decision?
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DEFINITION: Thetotalityofconsumers
decisionswithrespecttotheacquisition,
consumption,and
disposition
of
offerings
(goods,services,activities,experiences,
people,andideas)overtime.
RelevantDisciplines:Marketing
Psychology
(Cognitive,Social,
Developmental)
NeuroscienceSociologyAnthropologyDemography
Economics
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WhyStudy
Consumer
Behavioral
Decision?
Preferencesare:
discovered
transitive
timeconsistent
Nocapacityconstraints
Preferencesare
constructed
notnecessarily
transitive
canbetimeinconsistent
Informationprocessingis
constrained
NeoclassicalEconomics BehavioralDecisionTheory
Thorstein Veblen HerbertSimon
RationalAgentModelGiventherightinformation,peoplewillmaximizealwayschoosetheproductthat
bestmatches
their
(stable)
preferences
BoundedrationalityPeoplewillsatisficechooseproductsbeyondasufficientthreshold,areinconsistent,
ineffective,and
often
require
help
making
choices
RoleofMarketing:
InfluenceconsumerchoicesProvideinformationtofacilitate
preferencematching
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WhyStudy
Consumer
Behavioral
Decision?
RoleofMarketing:
Provideinformationto
facilitatepreferencematching
Segmentation
Advertisingeffectivenessin
termsofinformationtransfer
Howtocreateopportunities
fordiscoveryofpreferences
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Oneofthesemarketsisabetteruseof
advertisingdollars
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WhyStudy
Consumer
Behavioral
Decision?
RoleofMarketing:
Provideinformationto
facilitatepreferencematching
Segmentation Advertisingeffectivenessin
termsofinformation
transfer
Howto
create
opportunities
fordiscoveryofpreferences
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Whatinformationdoconsumersneed,andhowtopresentiteffectively
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WhyStudy
Consumer
Behavioral
Decision?
RoleofMarketing:
Provideinformationto
facilitatepreferencematching
Segmentation
Advertisingeffectivenessin
termsof
information
transfer
Howtocreateopportunities
fordiscoveryofpreferences
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Discoverpreferences
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WhyStudy
Consumer
Behavioral
Decision?
RoleofMarketing:
Provideinformationto Influenceconsumerchoices
facilitatepreferencematching
Segmentation
Advertisingeffectivenessin
termsof
information
transfer
Howtocreateopportunities
fordiscoveryofpreferences
Discoverfactorsthat influence
choices,including
Perception/Attention
Memory Motivation
Socialinfluence/Identity
BrandImage
HeuristicsandDecisionBiases
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Examples:Perception/Attention
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Wansink&VanIttersum2003
0
1
2
3
4
5
6
7
8
Tall,SlenderGlass Short,WideGlass
ActualVolumePoured&Consumed
PerceivedVolumePoured
Elongation&
Juice
Consumption
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Wansink&VanIttersum2003
0
0.5
1
1.5
2
2.5
Tall,"Highball"Glass Short,"Tumbler"Glass
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Examples:Memory
How many hours of television do you watch on an averageweek day? Please choose the category from the list below that
best describes your behavior.
A. Uptoanhour
B.
to
1
hourC. 1to1hours
D. 1to2hours
E. More
than
2
hours
A. Upto2hours
B. 2to
2
hours
C. 2to3hours
D. 3to3hours
E. Morethan
3
hours
What%ofclasswatchesmorethan2hrs ofTV?
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Examples:Motivation/Social
Influences
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Examples:Brand
Images
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Examples:Heuristics
&
Biases
Higherquality
Lessgreasy
Bettertasting
75%
Lean
25%
Fat
When
is
dinner
over?
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Consumer
Behavioral
Decision:
An
integrated
Approach
Segmentation
Advertisingeffectivenessin
termsofinformationtransfer
Howto
create
opportunities
fordiscoveryofpreferences
Discoverwhatfactors
influencechoice:
Perception/Attention
Memory
Motivation
Socialinfluence
identity
BrandImage
Heuristicsand
Biases
Provideinformationto
facilitatepreference
matching
InfluenceConsumerChoice
Preferences&Decisions
Cognitive
Architecture
Motivation
Emotions
Attitudes
Consumption&
Satisfaction
SocialandCulturalInfluences
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TodaysAgenda
1. CourseOverview&Requirements
2. Objectivesof
Consumer
Behavioral
Decision
Research
3. MethodsofConsumerBehavioralDecisionResearch
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Determiningwhat
consumer
wants
Developthebestmarketingmixtofulfillconsumersneedsanddesires.
Marketingmix:Acompanysserviceand/orproductofferingstoconsumersandthemethodsandtoolsitselectstoaccomplishtheexchange;comprisedof
1. Product Features,designs,brands,andpackagingofagoodorserviceoffering,alongwith
postpurchasebenefitssuchaswarrantiesandreturnpolicies
2. Price Listprice,includingdiscounts,allowances,andpaymentmethods
3. Place Distributionoftheproductorservicethroughspecificstoreandnonstoreoutlets
4. Promotion Advertising,salespromotion,publicrelations,andpersonalsellingeffortsdesignedto
buildawarenessofanddemandforthegoodsorservice
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Productdevelopment
Whatideasdoconsumers
havefor
new
products?
Whatattributescanbeadded
toorchanged?
Whatshouldourofferingbe
called?
Whatshouldourpackageand
logolooklike?
Guaranteesor
warranties?
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Pricingdecisions
Whatpriceshouldbe
charged? Howsensitiveare
consumerstopriceand
pricechanges?
Whenisitokfordynamic
pricingto
be
used?
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Distributiondecisions
Wherearetargetcustomerslikelytoshop?
Howshouldstoresbedesigned?
Howimportant
is
it
to
be
close
to
the
consumerorthesourceofyourproduct?
Howdoesshippingspeedinfluence
propensitytopurchase?
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Promotiondecisions
Whatareadvertisingobjectives?
Whatshould
advertising
look
like?
Whereshouldadvertisingbeplaced?
Whenshouldweadvertise?
Hasadvertising
been
effective?
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Howdofirmsdesignproducts,setprices,determinedistribution
(place),andpositionpromotionstobestsatisfytheconsumersneeds
anddesires?
Determiningwhatconsumerswant
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Where
to
start? HypothesisGeneration
Ahypothesis is
atestable
theoretical
relationship
betweentwoormorevariables(e.g.,xandy).
Ahypothesisisonlytestable if thevariablesaremeasurable
therelationbetweenthevariablesispreciselyspecified[xincreasesy]
IndependentVariables(X)
Variablesyou
manipulate
Allelseisheldconstant
DependentVariables(Y)
Variableyou
measure
and
record
PresumablyaffectedbytheIVs
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Testable
hypothesis?
IfStarbucks poststhenumberofcalories
ineach
of
the
foods
that
they
serve,
patronswillbecomehealthier.
IfStarbucks postthenumberofcaloriesin
eachof
the
foods
that
they
serve,
the
total
numberofcaloriesconsumedbyeach
patronpervisitwilldecrease.
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Testable
hypothesis?
Has
The
Most
Interesting
Man
in
the
World
campaign
been
effective?
DoesviewingacommercialfromTheMostInterestingManintheWorld
campaignincreasetheperceivedsophisticationofthebrandidentityofDos
Equis?
DoesviewingacommercialfromTheMostInterestingManintheWorld
campaignincreasethelikelihoodthatmenbetweentheagesof21and55will
buyDosEquis inbars?
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Testable
hypothesis?
Between20062010s,salesofDosEquis increasedby22%atatimewhensaleof
otherimportedbeerfell4%intheU.S.
Irealizedhowsuccessfulthecampaignhadbeenwhenamancameuptomeinarestaurant,tellingmethathehadaskedhisyoungsonwhathewantedtobewhenhegrewup,andtheboyreplied:IwanttobeTheMostInterestingManInTheWorld...
JonathanGoldsmith
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What,
exactly,
will
you
measure?Variable Operational Definition
Enjoyment Selfreportedenjoyment
Willingness toforgootherdesirable
experiences
Amountconsumed
Value Willingness topay$tobuy
Willingnesstoaccept$tosell
Sales Numberof
units
sold
Quarterly incomefromsalesofa
product
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Typeof
Data
PRIMARYDATA
Originated
from
researcher
and
collected
to
provide
relevantinformationtospecificproject
SECONDARYDATA
Collectedby
an
entity
for
one
purpose
and
subsequentlyusedbyanothersomeotherpurpose
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Ruleof
Thumb:
Collectsecondarydatafirst,thenturntoprimarydata
Advantagesofsecondarydata
Timesavings,Lowcosts
Disadvantagesof
secondary
data
Maybeoutofdate
Definitionsorcategoriesmightnotbewhatyourelookingfor
Mightnot
be
specific
enough
for
your
project
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Observeconsumersinreal(storeorhome)andsimulated
settings
Qualitative:Observational
Research
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Qualitative:
Focus
Groups Aformofindepthinterviewinvolving6to12consumers
Ledbyamoderatorwhoasksparticipantstodiscussa
product,
concept
or
other
marketing
stimulus.
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Qualitative:Interviews
Conductedbyatrainedinterviewer
Moreappropriatethanfocusgroupsforsensitive,
confidential,orembarrassingtopics
Oftenvideotaped
so
non
verbal
behaviors
can
be
analyzed
Oftencangetmoredepthofinformation
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Qualitative:
laddering Anindepth,onetooneinterviewingtechniqueusedto
developanunderstandingofhowconsumerstranslatethe
attributesof
products
into
meaningful
associations
with
respecttoself.
Reynolds,T.J.,&Gutman,J.(1988).Ladderingtheory,method,analysis,andinterpretation.
JournalofAdvertisingResearch, February/March, 1131.
Attributes
Physicalandsymboliccharacteristics, features
Consequences
Functionalconsequencesofproduct
use/consumption
Value
Howdoesconsumptionexperiencehelpme
becomewhoIwanttobe?
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Qualitative:
laddering
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Quantitative
Research1. NonExperimental
Perceptualmaps,Eyetracking
2. Experiments
Labstudies,Fieldstudies,Surveys
3. Quasiexperiments
Testmarkets
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Quantitative:Perceptual
Maps
Ameansofdisplayingorgraphingintwodimensionsthelocationofproductsorbrandsinthemindsofconsumers.
Brand
Name Deodorant
Rating Moisturizing
RatingTone 2 9
Dove 3 8
Lava 3 2
Lux 4 5.5
Coast 7 6
Lifebuoy 8 3
Lever2000 8.5 8
Dial 9 3.5
Zest 9 8.8
Safeguard 9.5 7
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PerceptualMap
of
Soaps
12
3
4
5
6
7
8
9
10
1 2 3 4 5 6 7 8 9 10
MoisturizingRating
DeodorantRating
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PerceptualMap
OF
Automobile
Brands
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EyeTracking
CAMPARIRedPassion (SalmaHayek) CAMPARIEyeTracking(SalmaHayek)
d l l
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1. Controlvs.TreatmentGroup(s)
2. Lookateffectofindependentvariableondependentvariable
ARETHESEAPPROPRIATECONTROLS?
Experiments:FundamentalElements
TREAMENTGROUP
i d l l
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1. Controlvs.TreatmentGroup(s)
2. Lookateffectofindependentvariableondependentvariable
3. Randomization
Randomlyassignparticipantstothecontrolandtreatmentgroup(s)
WHY
IS
RANDOMIZATION
ESSENTIAL?
Wouldbuyanyway. Wouldneverbuy. Tooyoungtobuy.
Experiments:FundamentalElements
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QuasiExperiments
SimilartoExperiments
Alsohavetreatmentsanddependentvariables
KeyDifferences
Lowerinternalvalidity;norandomassignmentsocausalitycannotbe
determined.
Higherexternalvalidity;testingadoptionandconsumptionof
productinamarketplace.Greaterifyouusearepresentativesample.
TestMarkets
IV:
Vary
one
or
more
elements
of
the
marketing
mix
(i.e.,
product,
price,
place,
promotion)
DV:Evaluatesalesoftheproductinanactualmarket(e.g.,aspecificcity)
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Consumer
Behavioral
Decision
Research
Methods
Qualitative Research Quantitative Research
Purpose DiscoverIdeas,Usedinexploratory
researchwith
general
research
objects
Testhypotheses orspecificresearch
questions
MostOftenUsed ExploratoryResearchDesigns Descriptiveandcausalanalysis
Approach Observeandinterpret Measure andTest
DataCollection
ApproachUnstructured,
Free
forms Structured response
categories
provided
Researcher
Independence
Researcherisintimately involved,
resultsaresubjective
Researcheruninvolved observer.
Resultsareobjective
Samples Smallsamplesofteninnatural
settings
Largesamplestoproduce
generalizableresults
(that
apply
to
othersituations)
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TodaysAgenda
CourseOverview&
Requirements
Objectivesof
ConsumerBehavioral
DecisionResearch
MethodsofConsumer
Behavioral
Decision
Research
KeyTakeaways
1. Consumerssatisfice,notmaximize!
2. Westudyconsumerbehavioraldecisiontolearnwhatpeople(includingourselves)
want,how
people
think
and
howtoshapepeopleschoices.
3. Usethe
method
most
appropriatetoyourquestionofinterest;startbroadandgetspecific.
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NextClass:
1. GroupFormation(Createyourowncontractandsignit!)
2. Interview
Write
up
Due3. CognitiveArchitecture:Attention,Knowledge,Memory
4. Case1(PluggingintheConsumer)Out
Interview Assignment
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InterviewAssignment Conductanindepthinterviewwithsomeoneintheclassabout
arecentpurchase.
Discoverthe
decision
making
process
that
led
up
to
the
purchase.
Whatledthisconsumertorealizethatoneneeded/wantedtobuyinthiscategory?
How
many
alternatives
(if
any)
did
the
consumer
consider? Howdidthepersondecidetobuythealternativethatheorshechose?
Whichproductattributeswereimportanttothisconsumer?(Important: Usetheladderingtechniquetoprompttheconsumertotellyouthekeybenefits/valuesthattheyassociatewithproductattributes.)
PleasesubmittheassignmentthroughBlackboardbyclasstimenextweek. Writeupshouldnotexceedonepage.