Mktg 122 exam 3

Self concept

Self concept

individuals perception of and feeling toward themself
ex: cars to express them self
ex: laptops 9 apple

Two dimensional self concept

Actual self concept
Ideal self concept
Public Actual
Ideal Public

Actual self concept

How I see myself

Ideal self concept

How l'd like to see myself

Public Actual

How others actually see

Ideal Public

How You'd like others to see you

Gaps in concepts cause

- Purchase certain brands
- Engage in Activities (Edu, training)
- conspicuous consumption

Brand Engagement

Refers to the extent an indiv includes brand as part of self - concept
ex: Harley davidson loyal customers

Brand engagement creates

-brand loyalty
-strong emotional attachment to brand and advocate

Mere ownership effect (endowment effect)

Tendency of an owner to evaluate an object more favorably than non owners
ex: Bball tickets non: 110 owner: 2400
- the owners believe it is worth more

mere ownership trial ex

GM 60 day return program 439k sold, 339 returned
- return policy rarely used

5 Distinct traits Brand Personality

Competence:
Ruggedness :
Sophistication:
Excitement:
sincerity:

Brand Personality

The human characteristics associated w/ brand

Competence

Reliable, intelligent

Ruggedness

tough, outdoorsy

Sophistication

Charming

Excitement

Daring

sincerity

Genuine

Brand Personality ex

Ex: Channel: old brand new ambassadors
- the emergence of youthful and diverse luxury consumers
Nurtured Traits ex: Red bulls
history of sponsoring sporting events

Build Brand Personality traits

Consistent branding and ad campaigns
consistent color, pics, msgs
creates strong brand personality

Influencer Partnerships

Personality must match brand personality

Storytelling

create a compelling brand persona that resonate with consumers
ex: nike overcoming adversities and challenges

Customer Engagement

sM, email campaigns, apps. etc

Event Mktg

Hosting events create memorable experiences for customers
ex: red bull

Emotional branding using emotions

creates strong BP

Psychographics

Analysis of consumer behavior based on Psych Characs

Psychographics traits

- attitudes, opinions, values, interests, beliefs to segment
- quantitative measure of lifestyle

Use of Psychographic Analysis

To understand motivations and preferences and new opportunities
ID target market (segment)
Create new view of mkt
Develop new products
- ID unmet needs
and develop new products that align with consumer lifestyle
To position (reposition)

VALS

divides consumers into 8 segments based on a primary motivation and resource dimension to tap enduring attitudes and values

Primary motivation

Ideals motivation (beliefs and principles)
- make purchases based on functionality and reliability

Achievement motivation

- approval of others, status symbols

Self expression motivation

- pursue experiences

Resources

refers to the ability of indivs to pursue their dominant self orientation | psych, pyhs, demog, matenial)

VALS Lifetime System types

Innovators,
thinkers,
believers.
Achievers.
strivers
Experiencers,
Makers,
survivors

Motive

Why an Individual does something

Manifest Motive:

motives that ppl freely admit

Latent Motive:

hesitant to admit or not aware of

latent vs manifest motive

ex: mercedes (MM: reliable) vs LM: Looking hot

Projective technique

designed to uncover thoughts and feelings ppl wont say straight Forward

Sentence completion test

cx: prius and attitude

Thematic Apperception test (TAT)

A projective technique of providing subjects a series of
ambiguous pictures and tell a story of what's happening

Word association test presented

a word, subject responds with top of mind word
ex : walmart and cheap

Motivational research

Initial motivation research

Freud

introduce the concept of unconscious needs and drive
- defense mechanism of denial

Iceberg theory

aware of something conscious, preconscious, sub
- understanding unconscious level is Key to motives

Dichter

Applied freud's theory to consumer motivation
: emotional drive, connection, imagery, persuasion

What affects motivation?

• Personal relevance
Approach goal
Approach goal

• Personal relevance

values, goals, needs (belonging)

Approach goal:

maintaining (reaching) desired income

Avoidance goal:

Avoiding undesired outcome

Regulatory focus theory

prevention and promotion focus orientation to predict behavior

Prevention focus

sensitive to loses a non loses, needs for safety, avoid neg

Promotion focus

sensitive to gains and non gains, need for growth, pos income

prevention vs promo ex

ex: Money Prevention: Saving Promo :Stocks/invest
- depends on Indiv. and preference, depending on situation Factor
- Indivs also shift btw promo and prevention on circumstance

prevention vs promo effects decisions

confident = Promo
Nervous = Prevent
pressure = prevent
to avoid mistakes

The nature of an individuals goals can influence regulatory focus

ex: MBA ad highlights growth promo focus

Increase regulatory effectiveness

consistent messaging with target audiences dominant motive orientation

Use of motivational research

basic insights for quantitative mktg research
- Useful in developing effective marg strategies
ex: status motivated ad gives sense of exclusivity

Reactance theory

Consumer desire for product/service increases when freedom to choose is restricted/ threatened
ex: Hot sale, limited time only, only 10 left in stock, limit edition

Needs vs wants

Marketers do not create needs
Consumers recognize needs
Marketers make consumers needs salient and suggests wants as a solution to needs

Needs classified

Innate
Acquired

Innate Needs

Physiological needs (primary) food, shelter, water

Acquired needs

Secondary needs
Needs for self actualization, prestige, esteem

Maslow

Physiological
Safety
Belonging and love
Esteem
Self-actualization

Order of maslow

Hierarchy is fixed and lower needs need to be met before fulfilling the next need

Maslow for mktg

Segmentation and targeting
Offering services for the next level

Maslow for positioning

Position your product or service to address specific needs within maslow's hierarchy
Ex: safety

maslow msg

Create mktg msgs that speaks directly to consumers needs at different levels of maslow's hierarchy
Ex: ring and safety
Ex: luxury brands wearing high end clothing and portraying exclusivity

Limitations of maslows

A product or service can satisfy more than one need
Ex: the ritz expensive hotel = esteem and safety
Culture bound (hierarchy may not apply)
Maslow's assumption of linear progression

Problem recognition

The results of a discrepancy between a desired state (where I want to be) and an actual state (where I am now)
If gap is significant we recog problem
First stage in the consumer decision process

Active problem

Problem consumers are aware of (or will be aware of) based on past experience and normal consumption
Engine oil ex: emphasize its quality and performanc

Inactive problem

One that consumers are not aware of
Make consumers recognize they have a problem before saying it is the best
Ex: low libido pills and blue light glasses, highlight devices emit blue light

Generic problem recognition

Involves a discrepancy that a variety of brands (or any brand) within a product category can solve
Ex: Got milk just to increase milk consumption

Selective problem recognition

Involves a discrepancy that ONLY one brand can solve
Ex: college is just around the corner with banking group

Internal search

Search for relevant info from long term memory
May lead to confirmation bias
Limited processing capacity

Confirmation bias

The tendency of individuals to seek, interpret, and remember info that confirms existing beliefs
Ex: neg exp with united, looking for neg reviews
Ex: pos exp with southwest, forgive them for mistakes

External search

search for external info relevant to solving the problem
Online, social media, wom, retailers, experiential (free trial)

Mktg implication of information search

From a friend = building a referral program
Google search = SEO

Evaluative criteria

Factors or features that are used to base a decision
Ex: car price, fuel, efficiency

Ongoing search

Occurs in the absence of problem recognition to acquire information for later se and the process itself is enjoyable
Ex: prof and wine, it's fun to look at wine types

Behavioral targeting

Refers to practice of using data on a user's behavior (browsing activity, searches, social media activity) to have relevant ads
Target NEW potential customers

Behavioral targeting purpose

Generate brand awareness and interest to drive new consumer acquisition

Behavioral targeting ex

Searching paris and trips to paris, chromes sends paris hotel prices and ads

Retargeting

Serving ads to users who have previously interacted with a brands website or digital content
Re-engage individuals who already have some level of interest
Don't necessarily need to be a past customer

Retargeting purpose

Remind indivs of products or services they have already shown interest in

Search engine optimization (SEO)

Digital mktg strategy that optimizes a website to increase its visibility and ranking on search engine results

SEO goal

Drive organic traffic to a website and improve its online presence

SEO optimization

Combination of technical expertise (keyword research) and content creation

Keyword research

Process of identifying terms and phrases that potential customers are using to search for products or services related to your brand

Purchase decision mktg questions

Whether or not to buy
Which brand to buy
Where to buy
When to buy
How to pay for

Heuristics

Mental shortcut or rules of thumb that individuals use to make a quick decision
-a decision making process based on past experiences, knowledge, or intuition

Non-compensatory model

Decision rule in which positive evaluation of a brand attribute does not compensate for a negative evaluation of the same brand of another attribute
- used more than comp model

Disjunctive model

Requires a minimum level of acceptability for each attribute. Brands (or a brand) that meet or exceed the minimum performance (min acceptable standard) for at least one attribute are considered acceptable

Conjunctive model

Establish a minimum level of acceptability (satisfaction) for each of the evaluative criteria. Brands or a brand that meet or excess thee min performance levels for all attributes are selected

Comparing junctive models

Conjunctive model is stricter and requires more time to identify an option

Lexicographic model:

Rank the criteria in order of importance and compare alternatives from the most to the least important attribute until the tie breaks

Elimination by aspects model

Rank the criteria in order of importance and establish the cutoff point (a minimum standard) for each criterion. Those that do not meet or exceed the cutoff point (min standard) for each criterion. Those that do not meet or exceed the cutoff point are eliminated until only on brand remains

Attraction effect

Adding a third alternative (decoy) to an existing core set of two alts ( target and competitor) increases the attractiveness and choice probability of the asymmetrically dominating alt (target)
Ex; middle priced popcorn that's only 50 cents cheaper than a large leading to large

Compromise effect

When attributes are equally important or people are not sure of the weights of attributes, the addition of an alternative C to the existing set of brands (A and B) makes B a compromise option in terms of attribute values

Compromise effect example

The moderate option is likely to be selected compared to the other options as it appears to be a compromise between two extreme options
Ex: adding a medium that is a true middle price