RSM353 Final Exam Notes

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University of Toronto St. George
Rotman Commerce
Scott Hawkins

RSM353 Readings – Exam Notes Co-Creating: Harvesting the Unconscious to Create Value for Business & Society – By Gerald Zaltman  Illusion that consciousness directs most of our thoughts and actions rather than resulting form then  Co-creation = process in which neural clusters are co-activated and associated, there is blending among some of them that yields another meaningful cluster, creating a new thought o Simplified  refers to the emergence of new thoughts as previously independent thoughts encounter one another and produce a new meaning or thought  Example: person searching for a ‘rugged’ vehicle might encounter an ad featuring a truck’s suspension system  creates a new idea of ‘off-road driving freedom’ while notion of rugged and suspension system are retained as part of the altered schema  Act of memory involves reconstruction of information, leading to distortion  engage memory as if our mind had its own version of photoshop  Immediate Stimuli = meaningful information to the individual, that it fits within their knowledge structure  Example: 2 groups one told to write about the ‘accident’ video while others told to write about the ‘crash’ video. Those who wrote about ‘accident’ took more of a neutral stance while ‘crash’ side recalled broken glass  Purpose: the emergence of new thoughts as existing thoughts meet and blend with newly encountered stimuli o Help to produce altered memories and the newly-created thoughts or ‘blends’ become a previous experiences  Aspect of insight – element of time  ‘aha’ moment or ‘click of comprehension’  insight typically involves seeing previously-obscured relationships between different information domains  Parahippocampal = cortex is also involved in making associations which are the foundations for making meaning  Metaphor = a representation of one thing in terms of another that involves connecting a source domain with a target domain o First  serve a clarifying function by helping consumers better understand the product or service o Second  when the metaphor and object being explained interact, they may sometimes create a new idea not inherent in either domain alone  Consumption Vision = imagined fantasies – stories arising from playing with patterns – about the consequences of one or more consumer choice behaviors o Example: whether one will feel guilty or pampered by indulging in a snack food – based off personal goals and values o Created when brand story blends with a consumer story  Brand story concerns what a brand does and how it differs from other brands  Consumer story consists of the psychological and social consequences of using a product Harnessing the Science of Persuasion – By Robert B. Cialdini  Persuasion works by appealing to a limited set of deeply rooted human drive/need  Can be taught, learned, applied 6 Principles of Persuasion 1. Liking: people like those who like them.  uncover real similarities and offer genuine praise o Idea of Tupperware party where everyone buys to please the hostess and they weight the fondness of hostess over the actual product o 2 factors that increase liking: [1] similarity, [2] Praise 2. Reciprocity: people repay in kind.  give what you want to receive o Idea that when someone else smiles at you, you smile back o Example: charity put small gift in envelop sent get more donations o Helps with first mover advantage to foster positive attitude and productive relationship 3. Social Proof: people follow the lead of similar others.  use peer power whenever its available o Human social creates rely on what others do around them o Ex. Charity shows list of neighbors and friends who donate then will increase donation o Influence is often best exerted horizontally rather than vertically 1 | P a g e RSM353 Readings – Exam Notes 4. Consistency: people align with clear commitments.  make their commitment active, public, and voluntary o To feel committed to what you want them to do o Works best when spoken or written or made public o Must be voluntary and lasting 5. Authority: people defer to experts.  expose your expertise; don’t assume its self-evident o Need to establish authority in eyes of others before can influence o People assume others recognize and appreciate their experience 6. Scarcity: people want more of what they can have less.  highlight unique benefits and exclusive information o Item and opportunities are seen to be more valuable as they become less available o Loss language more effective than potential gain language o Exclusive info more valuable than widely available data Choosing Celeb Endorsers by Miciak, Alan R; Shanklin, William L  Celeb help with 1. revenue generation 2. stop channel surfers b/c able to cut through clutter and hold attention 3. act as spokesman ad provide testimonial  Controversial celeb may alienate customer  Audience may question purpose of celeb  Reasons for ineffectiveness o Product-celeb mismatch o Celeb does not connect with audience o Celeb endorsing too many other products  5 universal criteria o Celebrity credibility o Celebrity audience match o Celebrity product match o Celebrity attractiveness  Company segment strategy has influence on celebrity choice  Brand must have esteem, or high regard among purchaser, and be familiar to them  Success requires celeb to be familiar with target audience and esteemed, to be different from other celebs and to be relevant to the product or audience Nudge Your Customers Toward Better Choices – By Daniel Goldstien, Eric Jonhson, Andreas Hermann, Mark Heitmann  Requiring companies to balance an array of interests, including customers’ wishes and the company’s desire to max profits and min risks Mass Defaults  Apply to all customers of a product to service, without taking customers’ individual characterizes or preferences into account  Give some customers a version of the offering they wouldn’t be their first choi
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