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Summary Psychology and Marketing (500855-M-6) Aantekingen lectures & readings
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Psychology and MarketingIntroduction lesson week 1
Customer retention is cheaper than acquisition
- False
- We usually have a portfolio of brands that we choose from in a product category. So most of
us are brand switchers
Mass marketing is highly effective
- True
- Has to do with the fact that most of us switch brands and we look at buying behaviour. This
means, for every particular brand, in any product category. The largest part of the consumer
based are one-buyers
- And you reach this light buyers with mass marketing
20% of the buyers account for 80% of the sales
- False
- See above, mostly low-buyers, so a lot of turnover
You need to know the characteristics of your loyal customers in order to target your campaigns
- False
- Light buyers, so you don’t need to know anything about the heavy buyers
Positioning is important to differentiate your brand from the competition
- False
- Our behaviour suggests differently, we are switchers. So differentiating your brand is not
really that important. We don’t select it on specific characteristics, but we only distinguish
brands with how they look like (the appearance)
- So don’t distinguish the qualities, but the appearance
The proportion of customers that recommends your brand to others is a poor indicator of brand
strengths
- True
- Attitudinal measures of quality. Perceived by the consumers.
- It is just not insightful
Your brand’s buyers differ from those of the competition
- False
- Your buyers are the same as the buyers that buy from your competition (light buyers)
Price promotions are ineffective to increase market share
- True
- Price is the most effective thing to affect sales. It has a big influence in buying behaviour
- BUT it does not have a long-term effect in the brand share
,Marketing science
- Empirical regularities of buying behaviour that repeat under known conditions
Habits are important in marketing
Mental or physical availability
Can I easily buy it
And can I easily remember it when I need to buy it
Essay
Write about an unintended/ indirect cultural consequence of a model of marketing brand
Not the direct aim of the company/ brand to produce this effect, but nevertheless occurred of the
result of the marketing activity
- Customer experience selling
o Red bull
- Brand activism
o Liberal attitudes, lbtqi
o Authentic displays
Use the trends and how can it affect culture
Effect on beliefs, attitudes, behaviour
What could happen. Don’t need to empirically support, make a tight case for the argument.
Incidental support is enough. Don’t need to gather data to support claim, indicate relevant trends of
other things that can support the case
SUV on foundation on a formally truck. Don’t have to comply to some specific safety matters like a
normal person car. They give people the feeling of the safety, because of the big, high car. But in fact
it is less safe
- This way, people in these cars drove less safe, because they thought they were safe in the car
either way
→This is a kind of cultural change that can be thought of
Consequences of advertising:
- Attentional division to a lot of stimuli
- Social comparison: identify level of success what you can buy/ afford
- Pollution (not cultural, but physical)
- Need to comply to the trend, not a specific clothing, but the trend (fashion industry)
- Stereotype
,Influencing the online consumer’s behavior: The Web experience
The study identifies two groups of uncontrollable factors – consumer characteristics and
environmental influences – as well as three groups of controllable ones : 1)Product/service
characteristics. (2) Medium characteristics.(3) Merchant/intermediary characteristics.
→The interaction of controllable and uncontrollable factors underpins also the online decision-
making process
It is often argued that a new step has been added to the online buying process: the step of building
trust or confidence
the Web experience: a combination of online functionality, information, emotions, cues, stimuli and
products/ services
The Web experience embraces elements like searching, browsing, finding, selecting, comparing and
evaluating information as well as interacting and transacting with the online firm.
The virtual customer’s total impression and actions are influenced by design, events, emotions,
atmosphere and other elements experienced during interaction with a given Web site, elements
meant to induce customer goodwill and affect the final outcome of the online interaction
Web experience are designed in a way not only addressing the client’s product needs and
expectations but also assisting the customers through the steps of the buying process
Functionality
Usability and interactivity are frequently referred to in the literature as closely associated with
success or failure of Web sites
Usability:
- “ the ability to find one’s way around the Web, to locate desired information, to know what
to do next, and, very importantly, to do so with minimal effort. Central to this idea of
usability are the important concepts of ease of navigation and search”
- Convenience, information architecture, site navigation, site speed, search facilities/ process,
findability/ accessibility, ordering/ payment process
Interactivity
- Personalisation and networking
- Interactive elements are contributing to a positive customer experience by reducing
uncertainty during the online transaction and the cognitive dissonance afterwards
o Interactivity with the online vendor.
▪ Customer service/ after sale service
o Interactivity with other Web users.
, ▪ Platform to interact, but hard to see commercial objectives
Psychological
Online trust is one of the issues researchers, as well as practitioners, frequently associate with the
success or failure of online ventures.
around 70 per cent of the US Web users are seriously concerned about the safety of their personal
information, transaction security and misuse of private consumer data. Subjects like hacking, fraud,
spam and online scams frequently make headlines, raising security concerns as well as skepticism
and mistrust.
The physical distance, lack of personal contact and the anonymity of the Internet are also factors
further increasing the consumers’ anxiety and risk perceptions.
Well-known brands with well-established reputation, brands or products usually have a serious
advantage against online novices and startups. High levels of brand awareness and good reputation
make it easier for customers of physical firms to trust them online
Trust:
- Transaction security, customer data abuse, customer data safety, uncertainty reducing
elements, guarantees/ return policies
Content
Aesthetics and marketing mix
Good easthetics represent good vendor quality but is also important for credibility for the majority of
web users
- They communicate the atmosphere of the website: inducing positive and powerful motives
for visitors to stop, explore and possibly interact with the site
Marketing mix:
- Communication, fulfilment, product, price (not the price itself; rice level, the online
promotional actions or discounts and the price transparency), promotion (on website is
limited)
Future research questions:
- What is the exact role and weight of the Web experience elements as influencers of the
buying behavior and what Web experience elements are crucial for the different stages of
the online decision making process?.
- What is the influence of the Web experience elements on the shopping behavior of new or
returning customers?.
- What Web experience elements are important for different types of Web sites?
Chapter 1
Marketeer: Their job is to maintain and build the market-based assets of mental and physical
availability that underpin their brand’s sales today and into the future.
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