MKTG 322 Exam 1 - FLASHCARDS - Articles and extra cards
What is a major takeaway from the Tenney article, Why Business Schools Need to Teach Experimentation?
There are three main actions that business schools should take in order to best position students to realize their full potential as leaders of the experimental revolution. 1. educate students on how to mine academic literature efficiently and build on insights from prior experimental work, then solidify this as one of many resources they turn to when generating value. 2. teach the scientific method and how to conduct effective experiments in the business world using up-to-date best practices. 3. give students an opportunity to practice these methods while they’re in school, so they’ll be more likely to apply them once they leave the classroom and enter the workplace
What is elongation bias?
the tall glass appears to hold more
Affects consumer and producer (ex. Bartender)
Effects psychology also (ex. Makes people think they are getting drunk faster)
What is an example of A/B testing?
For example, let’s say you’re an abstract artist. You’re confident in your technique but aren’t sure how the outside world—and, more importantly, art critics—will respond to your new paintings. Assessing the quality of art is a famously challenging process. To employ A/B testing for this scenario, start by creating two different paintings that are alike. As you paint both pieces, change one small thing—for instance, add a red square to one painting and not the other. Again, this means that everything about the paintings is alike except for this one modification. Once the change is made, display the two paintings in randomly selected art galleries across the country and wait for your art agent, or another unbiased third party, to gather reactions and report back
What is a major takeaway from the Sundar and Noseworth article on sensory marketing?
This is some of the first evidence that consumer preference can be altered by sensory marketing tactics. At the same time, the effectiveness of a tactic is highly dependent on a brand’s personality. This suggests that marketers shouldn’t take uniform positions on sensory marketing across a variety of product lines; instead, each product must strategically consider its positioning in the marketplace. And marketers should not fall for the common belief that sensory marketing tactics must always elicit surprise.
Why can prominent product placements annoy us?
These kinds of prominent placements annoy viewers for two main reasons. First, they make it obvious that they’re trying to sell us something, triggering something called “persuasion knowledge” – the phenomenon of getting defensive when we know someone is trying to persuade us. They also interfere with our viewing experience
