MRKT 452 Lecture Notes - Lecture 1: Brand Equity, Big Data, Consumer Reports
2 Mar 2018
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Document Summary
What is consumer behavior: study of decisions (products, services, ideas, study of satisfaction, study of branding. Consumer decisions are important to: managers, sales, market share, profits, consumers, food, saving, etc, society, helping others, helping the environment, helping future generations. This is called anchoring: anticipated regret: buy now. Consumers infer that it"s a: branding limited time offer, ex: mcdonald"s branded carrots taste better to kids, online reviews. Why introductory offers: experience is the best advertisement, first-hand experience vs second hand advertisement, people find it difficult to give up things (loss aversion) Organ donations example: opt-in vs. opt-out countries, people often stick with the default option (same applies to preauthorized savings, people stick to the automatic decisions) Culture influences decisions: the chevy nova never sold in spanish countries because nova means. No go in spanish: when pepsi started marketing its products in china, they translated their slogan, pepsi brings you back to life too literally.
