Professional Documents
Culture Documents
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• Office hours:
• Fridays, 5-6 pm
• Danijelova, office on the second floor & via Microsoft Teams
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Lectures
• Fridays, 11 am, room A11
Course aims:
• Gain theoretical and practical knowledge necessary for
understanding the essence of consumer behavior in the market.
Learning outcomes
At the end of the module you will be able to:
GRADING
Activities POINTS
Class Attendance and Participation 10
First Midterm Test (mtutor) 30
Second Midterm Test (mtutor) 30
Final Exam (mtutor) 30
TOTAL 100
Tests
• Multiple choice tests via mtutor platform
• 30 questions
• 20 based on the lectures’ content
• 10 based on practical sessions’ content
• 15 minutes
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Learning Objectives
Marketing
Marketing is the activity, set of institutions, and processes for
creating, communicating, and delivering offerings that have
value for customers, clients, partners, and society.
Consumer Behavior
Consumer behavior is the study of consumers’ choices during
searching, evaluating, purchasing, and using products and
services that they believe would satisfy their needs.
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Porche and
Toyota
• Different products
(expensive vs. affordable)
• Different target groups
(affluent buyers vs. young
buyers)
• Distinct perception in
people’s mind
• The same objective: to
persuade drivers to buy
their car
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Marketing
Concept
Example
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Production
Product concept
concept
Selling
concept
Marketing concept
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• Production concept
• (Henry Ford) consumers are mostly interested in product
availability at low prices (cheap, efficient production,
intensive distribution).
• Product concept
• consumers will buy the product that offers them the
highest quality, the best performance and the most
features.
• Selling concept
• marketers’ primary focus is selling the products that they
have decided to produce. Consumers are unlikely to buy
the product unless they are aggressively persuaded to do
so.
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Marketing Myopia
• Stems from product orientation
• Targeting
• selecting the segments that the company views as prospective customers
and pursuing them.
• Positioning
• the process by which a company creates a distinct image and identity for
its products, services and brands. Communicating the product’s distinct
benefits.
• Marketing Mix
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Marketing Mix (4
Ps) Product
Place
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Price:
• The list price including discounts, allowances, and payment
methods
Place:
• The distribution of the product or service through stores and other
outlets
Promotion:
• The advertising, sales promotion, public relations and sales efforts
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Value Exchange
• Technologies create a value exchange
• Technology makes it easier to shop and access information,
entertainment, and customized products
• Consumers pay for content with information about
themselves
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Better distribution
• Distribution strategies are improving
• Amazon has installed large metal cabinets, Amazon
Lockers, in grocery, convenience stores and drugstores
that function like virtual doormen
• Several retailers are developing mobile-payment
systems
• Some websites direct readers to buy clothing
accessories directly from numerous retailers
www.net-a-porter.com/
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Successful Relationships (1 of 3)
Value, Satisfaction, and • Defined as the ratio
Retention between the customer’s
• Customer Value perceived benefits and the
resources used to obtain
• Customer Satisfaction those benefits
• Customer Retention • Perceived value is relative
and subjective
• Developing a value
proposition is critical
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Successful Relationships (2 of 3)
Value, Satisfaction, and • The individual's perception of
Retention the performance of the product
or service in relation to his or
• Customer Value her expectations.
• Customer Satisfaction • Customer groups based on
• Customer Retention loyalty include loyalists,
apostles, defectors, terrorists,
hostages, and mercenaries
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Successful Relationships (3 of 3)
Value, Satisfaction, and • The objective of providing
Retention value is to retain highly satisfied
customers.
• Customer Value
• Loyal customers are key
• Customer Satisfaction
– They buy more products
• Customer Retention – They are less price sensitive
– Servicing them is cheaper
– They spread positive word
of mouth
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Customer Relationships
For Discussion:
Examples
• Proctor & Gamble – company’s website provides
information on how to use product more effectively
• Amazon send personalized e-mails to previous
buyers announcing newly published books
• Online teaching platforms enhance classroom
learning and students’ experience
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Forms of Engagement
• Emotional Bonds
• Personal commitment and attachment
• Social media attempts to get consumers to engage
emotionally with products and brands
• Transactional Bonds
• Mechanics and structures that facilitate exchanges between
consumers and sellers
• Factors like assortment and transaction ease could shape
the relationship
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