Key Flashcards
Holt
(1995)
Four metaphors for consuming. Experience, Integration, Classification, Play.
Experience: Consuming as a psychological phenomenon. I.e. Starbucks is an experience, not just coffee. Other examples?
Integration: Integrating self with an object, aligning themselves with an institutionally defined identity. Examples?
Classification: Through shared meanings in objects (souveniers) or actions and how one interacts with the object (knowing the chant at a sports game)
Play: Communing (sharing the experience of object with others, such as soul cycle) and socialising (using experiences with the consumption object to entertain others).
Petty et al
1983
Central and Peripheral routes
Central: diligent consideration of information
Peripheral: product is associated with positive or negative cues. I.e. expert sources, inferences.
Kotler et al.
(2013)
Marketing framework of five distinct stages: understanding the market, designing a marketing strategy, constructing a marketing platform, building customer relationships, and finally, capturing value
Engel et al.
(1968)
Engel et al. first introduced the buyer decision process.
Need recognition: functional vs psychological (personal gratification, such as Louboutin).
Information search: internal vs. external search. Issues include costs of search, “locus of control”, risk inheent in the product.
Evaluation of alternative: Retreival (readily broguht from memory) vs evoked (alternative brands) set.
Purchase decision: Conversion rates
Postpurchase behaiviour: Three factors: Customer satisfaction, postpurchase cognitive disonance (i.e. wondering if Louboutins were worth it), customer loyalty.
Veblen
1899
What are the four fundamental qualities of a brand according to Barwise and Meehan
2010
Great brands share four fundametal qualities
Offer and communicate a clear, releant customer promise
Build trust by delivering on that promise
Drive the market by continuially improving the promise
Seek further advantage by innovating beyond the familiar
Keep an unwavering eye on your brand promise; revise the playbook but don’t rewrite it.
Fournier and Lee
2009
Brand communities: a group of ardent consumers organized around the lifestyle, activities, and ethos of the brand
Brand communities exist to seve the people in it, not the business. They are built on an understanding people’s lives.
Name some brand communities? They use Harley as a winning example and Porsche as a failed example.
Edelman and Singer
2015
Companies have shortened the consumer decision journey, immediately paring consideration sets to one brand, streamlining the evaluation phase, and delivering customers into a “loyalty loop”.
Firms need to lead the customer journey. Make it compelling, customized, personlisaed.
To do this, the customer journey must become a product in itself.
Key capabilities: Automation (streamlining steps in the journey), proactive personalisation, contextual interaction (Uber can guess where you are going), journey innovation. APIs in this context to help.
de Swaan Arons, et al
2014
Quantitative study of 10,000+ marketers.
Wininig characterstics:
1. Using big data to understand consumers.
2. Purposeful, clear, and consistent brand positioning.
3. “Total experience”: Personalising touchpoints and adding more of them.
Organizing the company:
1. Marketing must actively help to create company strategy.
2. Employees need to be engaged with the bramd. Googliness.
3. Marketing needs to measure against KPIs.
4. Marketers need to be agile.
Jaworski et al
2000
Market driven: a business orientation that is based on understanding and reacting to the preferences and behaviors of players within a given market structure.
Driving markets: influencing the behavior of market players in a direction that enhances the competitive position of the business.
Three generic ways of changing the structure of a market:
1. Eliminating players in a market (deconstruction approach)
2. Building a new or modified set of players in a market (construction approach)
3. Changing the functions performed by players (functional modification
.
Behavior can be modified directly (changing customer/player constraints) or indirectly (changing preferences).
Salganik et al.
2006
For Strategy: Best songs rarely did poorly and worst songs rarely did well - but any other outcome was possible (supports Nelson and Winter - in between extremes)
For marketing: Increasing the strength of social influence increased both inequality and unpredictability of success. I.e. when you can see other people’s choices popular songs become more popular (compared to when you can’t see other people’s choices). Shows a) effect of influence, b) supports long tail.
Aral et al.
Homophily: Love of the same
They find that previous methods over- estimate peer influence in product adoption decisions in this network by 300–700%, and that homophily explains >50% of the perceived behavioral contagion.
Barwise and Meehan
2010
This is the four fundamental qualities.
“Use social media primarily for insight”
Brand communities:
P&G: Beinggirl.com
AMEX: Openforum (understand small business owners
Cisco: myPlanNet (understand developers)
“These sites work because articiapnts are engaged with the brands, find the platforms authentic, and trust one another.”
“create active communities by ceding some control”
Social media listening:
P&G: Used Facebook page and its brand community for crisis control, when complaints of diaper rash arose.
Toyota: Used SML to explain a product recall and understand customer responses.
Fournier and Avery
2011
Branding is getting more towards protecting the brand: the internet means brands have lost a of control. Customers control the narrative.
Examples include…?
Holt
2016
^ date is key for this one
People do not care about branded content. Firms need to collaborate and aim contnet at crowdcultures in order to be succesful.
Talks about Under Armour stepping into the crowdculture hole left by Nike.
