RSM353 MidTerm Readings

4 Pages
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Department
Rotman Commerce
Course Code
RSM353H1
Professor
Scott Hawkins

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Consumer Behavior Articles The Science of Shopping by Paco Underhill Using science to get shoppers  ex. US walk to right so airports have gift shops on right side and food on left  table use for „petting clothes‟  when females brushed at bum, will leave store  when walk faster, peripheral vision decrease  speed up when pass bank  zone of decompression = area & time it takes to adjust to the light & refocus when entering a store (in this area, should not put promotion stuff b/c no one will see it)  downshift, time it takes to slow down  Market Maven = person gives advice, lots info, watch tv, look at ads, shop with/for you The Age of Capitalism by Roger Martin  shareholder to better when firms put customer first, should be customer driven capitalism o 1932 → firms should have professional management o 1976 → corporation should maximize shareholder wealth  idea that eventually management professionals were best as not volatile and more dependable  agency issue arises as professional managers enhanced own financial wellbeing not shareholder  dividends were based on future not current management know price will go up and down depending on future prospect therefore, they invest in short term strategies to make quick money  executives realize can‟t achieve goals or sustain long term ones, but can increase everything else shareholder equity if „expectations‟ get out of line  issues about long term benefits/gains Tailoring Your Strategy to Fit the Culture By Marieke De Mooij  Company‟s strategy is based on culture 3 aspects of global strategy: 1. Mission, Vision & Corporate Identity o Give direction to those involved directly/indirectly with company o Mission statements differ from cultures o Ex. Western tend to emphasize: identity, performance, leadership, greatness, growth (b/c high individualism & masculinity) VS. Asian tend to emphasize: social, harmony, degree of power distance o Company‟s view of itself reflects value of leaders o Most successful for global strategy most include values from other than own or else stakeholder have difficulty connecting o Corporate identity create; logo, name, marketing, communication, language, lettering, association o Corporate identity = an org‟s identity in its sense of self o Sticking to 1 consistent identity will not work b/c translation and culture 2. Brand Strategies o P&G/Uniliver don‟t use own brand name to sell b/c western culture that product need to differentiate position self with unique and clear personality o Individualistic culture sales based on: argumentation & persuasive o Collectivistic cultures sales process begins with building trust between seller & buyer o Must consider how cultures categorize other people and objects o Brand positioning across cultures starts with positioning statement that include „internal aspects‟ (identity, values, personality) then „external aspects‟ (image & usage) o Western style to put personality into product, doesn‟t work globally (ex. Levis ad about jeans+running) o Consumer will attribution identity to brand that fit own values o Need to figure out meaningfulness of brand in different cultures and add to core values or brand o Need to complete external research (ex. Korean + irons) o People behaviour quite stable  past or current behaviour can be used to predict future 3. Communication o Use to believe in universal emotions enough for ads o Most effective ads reflect culture to consumer trying to reach o Collectivistic accustom to: symbols, signs, indirect communication o Individualistic accustom to: verbal, explanation, persuasive o Market segments need to be define by cultures and create a strategy that fits 1 | P a g e Are you ready for the co-creation movement? By Venkat Ramaswamy  Ned to create new value creation  Currently, if don‟t change just squeezing as much cost out as face more competition  Example: Club Tourism (Japan) place to share experience & buy packaged  Co-creative engagement platform  enriches company customer interaction  Must engage customer and no assume passive  Customer want meaningful experiences not just the product itself  4 benefits of co-creation 1. Power for customer, employees and other stakeholders to take part in new experiences of value 2. Power for customers, employees and other stakeholders to lower their own risks and costs 3. Power for managers to increase strategic capital and returns for the firm 4. Power for managers to lower risks and costs to the firm  Gives firms ability to monitor and measure growth/performance  direct impact on own environment & roots of org  Old thinking to new o Activities & Processed  interactions as the locus of value creation o Competence base of firm & supplies  networks of firms and communities of individuals as source of competence o Product & service  meaningful experience o Beyond business process  co-creative engagement platforms  Create Co-creation through – DART o Dialogue  Engage on their terms, allow them to co-construct the experience to suit their own context o Access  Experience value through means other than product ownership  Maintain platforms of conversation and encourage participation o Risk  Consumer demand more info about potential risk (economical and non) to make best decision o Transparency  Transparent interaction to build trust  Engage tough “outside in” by sharing decision process  Example: sunset custom boat  connect with manufacturing to work together to customize/make changes  Co-creation allows one to lead the pack and develop competitive advantage  Steps before co-creation: Co-create unique employee experience (internal), place them as priority Can you measure the ROI of Your Social Media Marketing? By Donna L Hoffman & Marek Fodor  Long-term returns of significant corporate investment in social media  Social media investments will not always be measured in $, but in: consumer behaviors tied to social media o Ex. Blog comments, number of facebook updates  Think about marketing objective: what platform, purpose, behaviors on the platform  Largely consumer controlled not marketer  Problems with „show me the return” 1. Oriented to be short-ter
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