midterm Flashcards

Question

framing

Answer 1

Negative repels more than positive attracts - Weight negative > positive (there are some exceptions like fatty=tasty) - Ex. gun control → losses loom larger than gains → opponents emphasize losing guns while proponents emphasize gun safety - Ex. carbon taxes → opponents say higher taxes, proponents sat cleaner environment - Opponents have advantage bc ppl DONT want loss!!

Answer 2

We use anchors (reference points) when making judgements Price - Originally price was this, now this! - High credit card limit → anchoring, many credit cars → anchoring - Anchoring in wages (u should start with a high #) Surveys (answers to previous questions influence subsequent answers) - Pop of turkey study (first # changes estimation a lot) Life (lottery winners vs paraplegics) Anchoring and framing = besties (39.99$ for the 1st 4 months)

Answer 3

Adding a decoy favors the middle option → middle option = best of both worlds Class Gas types Upsell

Answer 4

DEF: gap between rational and actual judgment (ex. Availability heuristic) Availability heuristics Can lead to bias in probability judgments - Bias = gap between actual probability and perceived probability - Actual prob of being shot in toronto, perceived probability of it - Higher perceived probability → increased sales of safety products ex. Subjective bias in judgements of break-in risk VS probability of break-in Reinforced by availability in media!!!! Influences

Answer 5

distance bias, coherence bias, peak end bias, confirmation bias, sunk cost, overconfidence

Answer 6

People think abstractly for things that are distant in time/space, but concretely for things that are close in time/space (i.e., pay more attention to details of close things) Research finding: people underestimate the time it takes to finish tasks in the distant future (e.g., after 1 month) than in the near future (e.g., after 1 day)...because they overlook task details for events in the distant future → time Common in todays hybrid world, emerges in meetings when folks in the room fail to gather input from their remote colleagues → space

Answer 7

- Front load your work for long-term projects (distant in time) - When booking a holiday months in advance, think carefully about specifics such as insurance, ongoing projects, time off from work etc.(distant in time) - Airlines should advertise distant destinations using statements related to “why you should go” but close destinations using statements related to “easy to go” (distant in space) - Try to attend hybrid meetings in person (distant in space) - Global warming (distant) need to suggest immediate steps to take

Answer 8

“Events often happen randomly but people don’t like randomness and instead seek patterns, coherence, cause-and-effect. Coherence makes people feel more in control of their lives (e.g., lucky lottery numbers, lucky haircuts, lucky t-shirts..)" - People see order in randomness News items: lottery winners attribute win lucky #s, lucky hairstyles, divine intervention Research finding: Basketball fans often say that a player has a “hot hand” during free throws ((i.e., higher chance of third basket success if first two throws enter basket) ......but analysis of NBA free throws shows no correlation between success of first/second/third throws

Answer 9

- Don’t buy a stock just because it is increasing in price - Don’t think there is any pattern in quiz answers - Health supplements can suggest that they improve health (since people are predisposed to see an effect from taking supplement

Answer 10

People prefer experiences that get better over time and end on a high Research finding: people prefer a job with a salary that increases over time compared to one whose salary decreases over time, even though the total amount earned is the same for both

Answer 11

- Plan your holiday such that the last days are the best - Restaurants should offer multi-course meals accordingly - Music festivals should schedule acts accordingly (each day as well as across days)

Answer 12

We focus on later information that confirms our initial expectations - Ex.good first impression carries a lot of weight (expectation dominates what ppl think of you) - Ex. gap b between objective quality and perceived quality Confirmation in language: Few letters in a word can form our expectation of the word => our mind then confirms this expectation (i.e, fills in blanks) Confirmation bias in perception : our mind confirms expectation of what we will see Confirmation bias in society : We expect to see certain traits in social groups => our mind will seek to confirm these expectations Ex. home → attractive first appearance, neutral to visualize you living their, bathroom rlly nice to differentiate (sellers will remember it, availability heuristics)

Answer 13

Tendency for people to escalate commitment to a course of action to which they have already made substantial commitments Time Money Effort Ex. casino, sports (draft), acquisition of firm thats doing badly (rarely sell) Rationally……….we should consider the future marginal costs and benefits of actions going forward In practice………….we consider past costs even if they can never be recovered, we lose sight of future marginal costs and benefits “Throw good money after bad”

Answer 14

We are more confident in our own abilities than is warranted by the facts - Ppl are quick to start because of overconfidence bias, but gap between confidence and performance can lead to dropping out What Is The Reason For This Bias? - We are motivated to get the best for ourselves - This motivation biases our confidence in ourselves Is This Bias Always Bad? - Gives us confidence to initiate tasks - Can also set us up for disappointment in tasks

Answer 15

Knowledge - Knowledge of heuristics & biases→ To use this knowledge in daily life, we need high motivation and high opportunity during decision-making Review - Review your past decisions and note examples of bias w Availability heuristic => examples are vivid, and will help you avoid bias in the future Feedback - Get feedback about your decisions from others You may be using heuristics & biases so often that you fail to notice them Difficult to see your own flaws without a mirror

Answer 16

knowledge of heuristics and biases application of knowledge (use in daily life need high op during decision making) feedback (from others) examples (are most memorable, look at ur past) habit (establish good habits of decision making -- repeat/reinforce)

Answer 17

You are in low effort sits (low MAO - motivation, ability, opportunity) For more automatic heuristics (anchoring, confirmation)

Answer 18

We have a general preference to stick with what we already have/do Ex. sitting in same seat all sem, eating similar food every week, order same drink at the bar, keeping “default option”

Answer 19

Fear of better options - FOBO or FOMO the fear that the option we are currently considering buying may not be the best one out there Are you prone to FOBO? → satisficer-maximizer scale (the more you are a maximizer the more prone to FOBO)

Answer 20

cust sat = attitudes (like/dislike) based on actual experience ˆmeasure with surveys Customer satisfaction leads to repeat purchase = more profitable for firms! Lack of competition and price reduction also contribute to repeat purchase But managers want to get it through customer sat

Answer 21

1. Performance: of brand on attributes (ex attributes/features for airlines → on time, price, upgrades, ect) 2. Expectations : of customers about attributes, customers have expectations about attributes - High expectations are good as long as performance is close to expectations! 3. Disconfirmation : when performance is far from expectations thats where disconfirmation comes in → has the biggest effect on satisfaction

Answer 22

If performance < expectations: Negative disconfirmation => reduced satisfaction If performance > expectations: Positive disconfirmation => increased satisfaction

Answer 23

1. Hook → reason to buy + reason for sat - High expectations on Attribute #1 - Set these expectations through advertising Meet these expectations 2. Surprise → reason for high sat (difficult to sustain tho) - Low/Absent expectations on Attribute #2 - Keep something in reserve - Exceed these expectations - Using surprise to effectively create high satisfaction: Stream of surprises, creativity required, small surprises ok, cheaper surprises better, easier to program surprises in digital products - ST benefits: repeat purchases - LT benefits: positive reviews, confirmation bias

Answer 24

** don't only use hooks, surprise can become unsurprising over time, need to be creative to develop new attributes, minor surprise better than no surprise, customers can react negatively if attribute is withdrawn

Answer 25

Applies when there is negative disconfirmation → performance is much below expectations Consumers think about poor performance, 3 types of thoughts (attributions) influence satisfaction 1. Focus (who is responsible?) fight against availability heuristic, tell cust why problem has arisen 2. Stability (what is the frequency?) display records if favorable 3. Control (what is being done about it?) give periodic updates to customers Firms should provide information about these ^ attributions to minimize dissatisfaction

Answer 26

Complaint mgmt Complaint = negative WOM Negative info has greater impact than positive info We share bad things more than good things Losses loom larger than gains!!!!! Greater memory for bad than good Complains can be an opportunity → exceed expectations for solution = positive disconfirmation = high satisfaction and positive WOM

Answer 27

2 dimensions create four realms of experience X: Customer participation (passive/viewer – active/participant) Y: customer connection (immersion/inside 360 degrees – absorption/outside) 4 realms: entertainment, educational, aesthetic, escapist Las vegas sphere, disney show = immersive but passive Tv show, theme park, vr gaming = immersive but active

Answer 28

1. Theme the experience 2. Harmonize impressions with positive cues 3. Eliminate negative issues 4. Mix in memorabilia 5. Engage all five sense Peak end bias says : ppl prefer experiences that get better over time and end on a high

Answer 29

- Customer touchpoints over time through experience - Before, during, after → identify pain and pleasure points along customer journey - Online and in person - Visual Representation Of Customer Journey Over time through the experience Gives firms a view of all customer “touch points” Surprise at key touch points Active/immersive at key touch points 5 principles of experience design at key touch points Pain/pleasure points at key touch points Expectation measurement before and satisfaction/drivers of satisfaction measurement after the experience (at key touch points) Peak-end rule for entire customer journey

Answer 30

experiences = economic offerings = differentiated/premium value - when a company uses services as a stage and goods as props to engage individual customers in a way that creates a memorable veent - personal, memeorable, entertaining, --> charges admission

Answer 31

LT future financial value of customer satisfaction, loyalty, repeat purchase CLV=m*L-AC m = contribution margin of cust, variable cost/year (variable cost from company income statement for customer services, divided by number of customers) L = # of years expected to be customer in the future,based on churn or defection rate of customers in the past Ac = acquisition cost

Answer 32

without time value of money: CLV = sum (m*rr^t-1)-AC with time value of money: CLV = sum (m*RR^t-1)/(1+i)^t-1 -AC where t tis time, FV is value of each cash flow at time t, and i is firms annual discount rate

Answer 33

Churn rate/defection rate: % of customers who leave each year More is churn rate, less should be expected lifetime of a customer L Can Be Calculated As Follows(expected lifetime of a customer): Expected Value = Probability x Outcome (summed across outcomes) Expected Lifetime of a Customer => (Probability of staying for year 1) x 1 year + (Probability of staying for year 2) x 1 year + (Probability of staying for year 3) x 1 year + ....................

Answer 34

total variable cost.....for example call center expenses, technician expenses, material/labor cost for manufacturing routers....Divided by number of customers

Answer 35

total marketing expense (adv exp, price discount exp, free gift exp)

Answer 36

CLV = sum (m*rr^t-1)-AC m*l= sum (m*rr^t-1) RR retention rate from annual report , m : sales from invoice - VC from annual report, AC from annual report

Answer 37

1. CLV can be calculated at the individual level, as well as at the segment level 2. Invest in current valuable customers (platinum level, retain high CLV through incentives, LT contracts, personalized offers -- INCENTIVES) 3. Upgrade current unprofitable customers (Try to further increase CLV by upselling, Try to reduce churn) 4. Fire current highly unprofitable customers (Cancel contracts/offer higher price to costly customers) 5. Acquire new valuable customers (Focus on segments with high CLV, Determine how much to spend on acquisition for desirable CLV)

Answer 38

1. Comprehensive Insights (We can study many drivers and outcomes of satisfaction) 2. Strategic Focus (What we should focus on for maximizing satisfaction) 3.Detailed (Can apply to sub-segments, repeat survey over time) 4. Quantifiable (Objective, not subjective decisions about satisfaction) 5. Benchmarking (Compare satisfaction scores across subunits of hospital, segments of patients, competitors...) 6. dynamic trend analysis 7. financial and non financial planning 8. predictive ability 9. multiple data sources

Answer 39

regression beta coefficients = importance of each drive of overall satisfaction Regression Equation: Overall Satisfaction = a + b1*Quality of Care + b2*Physician Interaction + ...

Answer 40

- measure patient perspective based on satisfaction ratings captured in a survey --> large sample to make meaningful conclusions about quality of care, clinical outcomes, and malpractice risk - satisfaction profit chain SPC = analyze antecendents and consequences of cust sat = used to construct a patentien sat survey map - use it? ^ look for areas with highest importance weight, in each are what attributes are focus of process improvement, benefits from overall patient sat - PSSM begins with the end user in mind

Answer 41

How other people influence our judgments and decisions! Sources of influence → (this sessions focuses on non marketing sources) They are more believable, bc nothing to sell Less control, cant dictate what ppl say Reach (mass=greater reach)

Answer 42

1. Fairness - Door in the face “If i do something for you you should do something for me” (I reduce my price, you should place order , Free gifts from charities, give them more) - Combining fairness (ie reciprocity) with scarcity & anchoring → donations wikipedia, red cross 2. consistency - Foot in the door “If people take a small step towards a product, then later they are likely to take a bigger step towards the product” - “Get someone do a small action, later they are more likely to do a bigger action” - Put loss leader earlier in the store - Loyalty programs = consistency and reciprocity and availability (rewards visible) 3. Social proof (Sailing to the tip jar, People tend to follow others behaviour, Illegal downloading, eating at full resto, taking escalator → fill tip jar, Crossing red light, line outside theatre) 4. Authority (Doctor recommended: tylenol, People tend to follow experts, Going along with supervisor doing something illegal) 5. Scarcity (While supply lasts, People think scarcity = valuable , Time/quantity (combines with social proof) ) 6. Liking (Like me like my request, People tend to follow those who are likable Personalize (starbs), Similarity)

Answer 43

which of the following is …… STRONGER/weaker 1. LOW vs high effort Level of effort determined by motivation, ability, opportunity (MAO) e.g., issue importance, knowledge, time pressure/multi-tasking 2. LOW vs high persuasion knowledge Persuasion knowledge is knowledge of persuasion techniques in general & knowledge that it is obviously being used 3. HABITUAL vs non habitual behaviour Habit is thoughtless behavior established through repetition and reinforcement 4. HIGH vs low importance of social services Other people (“social” in social norms)

Answer 44

Social proof: others behaviour …. Wisdom of crowds : others opinion - Basic Idea: Collective opinion of a group of people offers more wisdom than the opinion of any one person in the group Wisdom of crowds depends on: expertise, group size, diversity, independence

Answer 45

Average rating (net wisdom of crowd) Consumers rely more on average rating when (sample size is high, variance is low, average is high or low, raters are similar to the self, raters are xperts)

Answer 46

Have self control when we Value long-term gains over short-term gains High Self Control: Accept immediate pain for later gain Low Self Control: Seek immediate gain, but suffer later pain

Answer 47

Marshmallow study! Tray of marshmallows, teacher leaves, if you wait you get two Benefits: success and happiness in life - Socially competent, personally effective, self assertive, trustworth, etc….. (result of marshmallow study) Benefits: better decisions

Answer 48

Baumeister model of self-control HIGH = deliberative / long-term decisions LOW = impulsive / short term decisions - Self control is required in life when we experience STRONG EMOTIONS!!! Like love desire, fear anger (aka positive and negative)

Answer 49

1. Goals - What you want to accomplish - Can be general or specific - Need clarity! Know specifically what you want (features , brands you want) shop with a plan in mind - Goal conflict! Causes negative feelings → immediate gains valued more - Resolve goal conflicts in advance (minimize) 2. Monitoring - Whats your progress? Keep track of behaviour = higher self control - Record meals, track exercise, note daily expenses 3. Capacity - What is self control like? Like a muscle (in the mind) – reduces with use Like a light switch – on and it stays constant Like swimming – skill, improves with use

Answer 50

Be Careful When You're Tired (physically/mentally) - Self control is like a muscle Don't Go Grocery Shopping When Hungry - Strong desire Block that urge - Put barriers to preempt strong desires Think About Your Goals - Clarify & Resolve

Answer 51

Making a binding decision ahead of time (to save, block screen time, remindersO When is it effective? When its credible / cant be readily changed Make initially smaller and later larger precommitments (consistency norm)

Answer 52

- Marketers increase temptation → Discount items at end of store = more temptation (Airport duty free shops) - Policy makers reduce temptation - Self control techniques - Reduce temptation Structural barriers Memory (reduce memory if temptation) - Increase self control Goals = clear, monitoring = continuous, capacity = mental/physical energy Social pressure Increase MAO

Answer 53

how can we design creative adv and new products New (not seen before), useful (customer benefit)

Answer 54

1. Customers’ ideal points for attributes go up over time due to competing firms offering better products/features....this leads to lower choice for current products - Lower Choice for Current Products Over Time 2. Customers become used to current product’s performance over time....this leads to lower surprise/satisfaction for current product - Lower Satisfaction for Current Products Over Time

Answer 55

1. interest in product - Having interest in category on creative output - Research study correlated self rated interest in category to annual performance review (positive correlation) 2. Knowledge about product->customer (who, what do they need, how does product satisfy needs) - Market research Incubation period (needs to incubate in mind to create smt creative out of it) 3. moderate time pressure - 2 day minimum (at least one overnight to allow unconscious mind to work without interference)

Answer 56

how can we successfully launch creative new products / how do consumers choose new products

Answer 57

Attitude under high effort (theory of reasoned action) How can ppl mentally combine attribute info into attitude → important attributes for new products (relative advantage, use innovativeness, price, switching costs) Framing!! Negative repels more than positive attracts - If both pos and negative attributes present, negative have more weight = resistance to innovations is high

Answer 58

- Highlight positives for consumers (advertising, product trial) - Minimize negative for consumers (price -penetration pricing, complexity- touch screen, apps)

Answer 59

Gap between what we rate a product and if we have purchased it? Reasons: budget, purchase cycle, competition, low memory How to reduce the gap? 1. Reminder 2. Implementation method (provide the how, a plan, easy) 3. Behaviour consistency (get someone to do a small action and then they will be more likely to do a bigger action)

Answer 60

- how to design them?: Pain points remove, pleasure points add - most companies do narrow innovation strat (technology ssubstitution), want to do tehcnology epiphanies - phillips team create Aeh to reduce patient stress, steps: people layer, context layer, enabler layer

Answer 61

a. Customer need (unmet, often hidden) b. Technology (ready, works well) → firm level or industry level technology c. Cost (low enough for consumers)

Answer 62

1. Divergent thinking = free association, no constraints, creative new product/advertising ideas - More difficult than convergent thinking - Its inhibited by…. Education system in schools that values one right answer, groupthink in teams ^ tendency for members of group to seek consensus, don't consider all alternatives - Can be facilitated by: Playful Work Environment, Encouraging Risky Projects, Creating Diverse Teams 2. Convergent thinking = constraints (time, money, tech)

Answer 63

1. idea generation 2. idea screening 3. concept ddevelopment and testingg 4. marketing strategy development 5. business analysis 6. product development 7. market testing 8. commericalization look at diagram

Answer 64

Concept Development - Specify attributes of the new product (key: rel adv, use innovations, price, switching costs, trialability complexity) - Create a prototype Concept Testing at Trade Shows - Interest from manufacturers/distributors at trade shows - Response of testers/target consumers at trade shows Concept Testing in Focus Groups - Frequency of positive vs. negative comments - Attitude towards the product on 9 point scale (1/dislike a lot......9/like a lot)

Answer 65

When innovation is incremental or an extension of “comparable” with other innovations - forecast by analogy - E.g., forecast HDTV sales using Flat Screen Color TV sales When innovation is radical, “nothing like it,” one-of-a kind, then use: - (Size of potential market) x (Likely market share) a. Identify innovator target segment (similar innovations in the past) b. Size of potential market = calc # of ppl in innovator target segment c. Convert purchase intentions into likely market share E.g., first electric/driverless cars or first augmented reality display Forecasted sales after launch – Once initial sales data of new product is available, where is sales on the product life cycle

Answer 66

Many choices online → need more choice of known brands More choice postponement → more time and effort to assess many movies, more anticipated regret when assessing many movies Counteracting choice postponement → ntflix my list, autoplay next episode, social connection/precommitment

Answer 67

= more temptation = lower self control = greater serendipity Stumbling across smt greater while browsing Serendipity = surprise = high satisfaction = high loyalty Ex. mystery gift

Answer 68

Stream of targeted fake/partisan news feeds confirmation bias (echo chamber) - Echo Chamber Can be Passive and Active 1. Passive - Social media algorithms send confirming information to us based on what we see more and forward more 2. Active - We can choose to watch TV channels and Whatsapp groups that provide confirming information - We can search the internet using search terms that are likely to give us confirming information

Answer 69

Online and offline confirmation bias reinforce each other (residential clustering) Negative opinions are confirmed more easily than positive opinions (framing) Video/pictorial information is more common online than before (availability)

Answer 70

Recency effect (remember more clearly what I see recently) Sleeper effect (forget the source, remember the allegation) - Fake but looks real sources * repetition = truth

Answer 71

1. Fake/partisan news 2. Upward social comparison and anonymity on social media - Upward special comparison is psychologically hard wired, magnified by social media - Anonymity on SSM encourages bad behaviour 3. Ppl are aware of negative effects of SM (market for authentic plaltforms) 4. Govts are aware of ^^^ (guidelines for childrens use of SM)

Answer 72

Knowledge is power (reducing biases, KAFEH) Technology as shield (detect deepfake, facial recognition CCTV)

Answer 73

Reciprocity, availability (attractive current task more top-of-mind than future risk) , habit, social proof, FOMO ^^^ these heuristics are esp strong under low effort - Low MAO, consumers are often low effort when using internet

Answer 74

1. Exploratory METHODS: case study, focus group, qualitative CHARACTERISTICS:flexible, versatile not conclusive USEFUL FOR: discovery of ideas and insights 2. Descriptive METHODS: surveys, panels, scanner data CHARACTERISTICS: preplanned, structured, conclusive USEFUL FOR: describe market chars or functuions 3. Casual METHODS: experiments CHARACTERISTICS: manipulation and control of variables USEFUL FOR: det cause and effect relationship

Answer 75

Focus group Find out what ppl think of a brand, packaging, advertising Surveys Customer satisfaction survey Attribute importance survey = segmentation of customers

Answer 76

Special type of survey Understand cause and effect - Cause & Effect is Basis of Scientific Knowledge - Physics → Mass * Acceleration (cause) & Force (effect) - Biology → Vaccines (cause) & Immune Response (effect) - Chemistry → Salt (cause) & Lower Freezing Temperature of Water (effect)

Answer 77

1. Association (Condition #1) : concomitant variation/association = two variables co-vary together 2. Temporal precedence (Condition #2): time order of occurrence = indep variable must precede the outcome variable in time 3. Eliminating other causes (Condition #3) 4. Mechanism between cause and effect (Condition #4): Underlying reason of cause and effect , Ex. handwashing to precent disease, mechanism is soap, Psychological Mechanism Between Cause and Effect Benefit Information => TORA => Attitude/Behavior (TORA is mechanism)

Answer 78

3. Eliminating other causes Control group vs experimental group - Other Causes (i.e., alternative explanations such as more sales experience, better customers etc) are likely to be eliminated by random assignment of salespeople to the two conditions - Pre-test and post test design: accurate measure of effect (music) ie before music after music Cost of Pre-Test & Post-Test Design: Bias due to Consistency with Initial Measures of Brand Liking/Brand Intent to Purchase - Consistency bias, why post-test ONLY is used in marketing - Do pre and post for objective

Answer 79

can make a cause and effect statement if ... internal validity, causal variable resp for change in outcome variable - positivist = gather data to make conclusions - symbols; R=random assignment to treatment and control group, X=treatment, o=observation - BAD DESIGNS: one shot case study, one group pre/post test design, static group comparison - GOOD DESIGN: post test only control group design, pretest/post test control group design

Answer 80

1. pre test, post test - benefit: pre measurement gives aurate measure of effect - cost: pre-measurement might bias post/measurement/consistency bias 2. post test only - benefit: simpler (less measurement required) - cost:less accurate

Answer 81

1. Internal Validity: Ability to conclude that cause and effect, 4 conditions above - Threats: history, maturation, instrument variation, experiential mortality, pre-measurment, selection bias, statistical regression 2. external validity : Ability to generalize cause → effect to a broader population - External validity refers to whether the cause-and-effect relationships found in the experiment can be generalized to the population in question (rather than only those who took part in the experiment). - High external validity (i.e. generalizable) if - Using right sampling frame that covers entire population - Random sampling of experiment participants from the population - Pick an adequate sample size (1000-2000) - threats: surrogate situation, measurement of dependent variable, measurement timing, sample selection not rep

Answer 82

What is the value of that offering? Theres functional value (like nutrition, price0 Symbolic value = CONNECTION - Ppl have individual side and group side of personality, leverage both to add value to product

Answer 83

Emblematic - Connection transfers cultural meaning - External connection Ex connection to subculture Ex. connection to Canada There’s global external groups and local ones you can attach brand to Larger groups and less personal contact with groups - geographic emblems, ethnic emblems, social class emblems, gender emblems, reference group emblems - marketing implications: symbol communication, reinforcement, removal

Answer 84

Connectedness - Local / narrow attachment - Connection transfers individual meaning - External connection , but smaller groups, more personal - the use of products as symbols of our personal connections to pppl events or experiences

Answer 85

Role acquisition - Connection to lifestyle products/brands help us connect with lifestyle (current or aspirational) Student, professional, married, upper class - Role transition are sales opportunities - marital, cultural, social status transitions - phases: seperation from old role, transition from one to antoher, incorporation od new identity - use symbols and rituals in role transitions -marketing implications: cons in transition rep important target market, secondhand stores can get new stuff, promote products as instrumental in transition, manage rituals

Answer 86

expressiveness Connection to ones unique identity - products/brands can help us connect with our identity (current or aspirational) - Unusual clothes, tattoo, caars, decor - Past present and future - Nostalgia = past - Aspirational = future - marketing implications of connectedness and expressiveness: invoke feelings of nostalgia through connection, suggest that products enhance uniqueness

Answer 87

..... high value through functional, emotional and symbolic value Characteristics; high WTP, low willingness to sell, not discarded, new uses, personified, few or no substitutes - categories: pets, achievement symbols, collections, memory laden objects Rituals Reinforce Meaning in Special Possessions (regular contact with special possessions); posession ritual, grooming ritual, divestment ritual - consumer characteristics affect what is special

Answer 88

1.Cognitive 2.Affective/feeling 3. Symbolic - Symbolic and affective are more important than others - Emotions come first and influence subsequent thinking through confirmation bias

Answer 89

- we have cultural categories (grouping of objects), and cultural principles (values) - need to be able to draw the diagram thing its also in notes - self concept=mental conception of who we r, symbols help define and maintain it, actual and ideal identity schemas influence our cons beh - assure product , brand , advertising fit with self concepts of target consumers - marketers can create and maintain sacredness - stages of gift giving: gestion stage (consider what to give), presentation stage, reformulation stage (reevaluate relationship based on gift giving experience) - for marketing^: promite g/s as giftsss