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.
Co-Creation of content
Brands must relinquish control
Fournier and Avery 2011
5 Types of segmentation
Geographic
Demographic
Psychographic (values, lifestyles, self-concept. Examples include Hilfiger)
Benefits: Based on what people want from the product. I.e. running shoes segment into trail, professional, recreational
Behavioral: Based on occasion ( and loyalty (i.e. rewarding loyal customers)
To what extent is this big data research prescriptive?
There is a certain level to which this is useful: it is indeed prescriptive to encourage firms to use big data. However, as time passes, most firms will be doing this, and then it will boil down to data usage and analysis that varies at the individual firm.
Grewal and Levy
2014
What do brands do?
- Facilitate purchase: easily recognizable, familiar, allows quick decisions
- Establish loyalty: Customers start to trust, and have affinity
- Protect from competition: with loyal customers, pressures on price are not as pressuring
- Brands are assets, protected through trademarks/copyrights etc.
- Brands impact market value. Apple’s brand supposedly worth 180mn in 2016.
Fournier
1998
In his article, Fournier says the quality of a brand relationship depends on 6 facets:
BILSIC
- Love and passion: the product elicits emotional bonds of warmthor other strong passions/emotions
- Self-connection the product helps to establish the user’s identity
- Interdependence: the product is a part of the user’s daily routine
- Commitment refers to the stability of the consumer’s attitude towards the brand relationship, and can be seen as the intention and dedication to the longevity of the relationship.
- Intimacy refers to how close the consumers feel with the brand, and also refers to the mutual understanding and acceptance of both the brand and the consumer.
- Brand partner quality represents what the consumer thinks about the performance of the brand in the relationship. The factors of this quality are trust, reliability, and expectation fulfilment.
Fournier & Avery
2011
Brands are not always welcome in social media
Introduces open source branding.
Open Source Branding: “when a brand is embedded in a cultural conversation such that consumers gain an equal if not greater say than marketers”
Implicates participatory, collaborative, and socially-linked behaviours whereby consumers serve as CREATORS and disseminators of branded content
Brands must relinquish control
COCREATION OF CONTENT
Web 2.0 and Prosumers
Consumers produce: companies put them to work. This trend accelerated in the 1950s.
USER GENERATED MARKETING CONTENT IS KEY HERE
Facebook is presumption
Amazon: customers write reviews, Amazon doesn’t need to quality check too much
Hashtags on social media: consumers hashtag and the brand simply needs to select content instead of creating it themselves. Used by Nike, Red Bull, KFC, etc.
#starbucks has 9mn+ posts find some other ones
NikePHOTOiD
Daniel Wellington
Worked with thousands of influencers, who posted images along with a caption that included a discount code for 15% off (which can then be tracked)
For influencers, they could post whatever they wanted: art instagrammers drew the watch, fashion ones wore it.
This campaign helped Daniel Wellington evolve from a startup in 2009 to a company with 220mn in revenue in 2015.
Birchbox
In 2015, partnered with lifestyle blogger Emily Schuman (250k+ followers) to curate their 2015 May box.
Emily and Birchbox Promoted this partnership with five Instagram photos, which received over 18,000 likes and reached more than 550,000 consumers
Interesting double co-creation of content, Emily got to pick stuff in the box while also creating the Instagram posts with it.
DiGiorno
DiGiorno pizza wanted to join a trending discussion to appeal to an extended audience back in 2014, and the virality was even better than expected, but for the least preferred reason.
They used the trending hashtag #WhyIStayed, creating the message: #WhyIStayed You had pizza.”
Fyre Festival
Festival that was organisaed and heavily promoted by Instagram influencers.
In the end, the festival was a scam, much of what was promised was not delivered.
People were angry at influencers who promoted the festival: its an example of how negative perceptions of the brand can also affect the influencer.
Scott Disick
Posted a promo for Bootea, didn’t edit it properly
The risk of being seen as insincere or not authentic by your followers
Chriselle Lim: Fashion/mom blogger. Promoted Volvo, which came across as insincere, even prompting her to edit the post with a statement
Obama Campaign
YouTube was worth 50mn in equivalent TV ad dollars.
139k videos of Obama content were uploaded, compared to 1800 ‘official’ videos.
Used KPIs to assess the campaign, ROI, votes, dollars, door knocks, people recruited, etc. Vigorously data-driven
LikeAGirl
likeagirl got 100k posts.
P&G
An example of the new types of social
Viral videos have become advertising campaigns that promote themselves.
Pitch the video through a hashtag
Social media monitoring companies
Top ones include
Mention (200k users) and BRAND24 (30k brands) for monitoring social media. They use data analytics to identify conversations about your brand, from influence level of those discussing, to sentiment analysis, and across different languages, all in real time.
Monzo
WOM
EWOM
Shit like that
Banking and trust being a core req, wom is best for this and shit
Berger and Milkman
2012
Evoking high emotions is what makes things viral
Evoking negative emotions can actually increase transmission if characterised by activation, as long as situation is rectified
Dropbox
eWOM across borders
