Mar-3023 Lecture Notes - Lecture 7: Chief Operating Officer, Social Security Number, Dan Ariely

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12 Sep 2017
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Basic Marketing Concepts - Notes 7
Understanding Buyer Behavior
Involvement
-High-Involvement Products
-Purchased only after careful consideration
-Tend to be visible to others, risky, and/or expensive
-Low-Involvement Products
-Products that tend to be less expensive and have less associated risk.
-Leads to:
Groupon and Social Influence
-Shoppers describe individual coupon users — and even the people standing near them — as
“cheap” and “poor”
-But the “group” part of Groupon eliminates this effect
Coherent Arbitrariness
-People were asked for the last two digits of their social security number.
-This number was translated to dollars, so 98 was converted to $98.
-Substantial correlation between SSN and how much they were willing to pay
This shows how important it is to influence the first decision
Consumer Irrationality
Dan Ariely
Buyer Behavior
-Routinized/Habitual Decision Making:
-Choices made with little to no conscious effort
-How do brands help consumers?!
Buyer Behavior
-Limited Problem Solving:
-Requires a moderate amount of time for information gathering
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