Business economics and marketing
Business economics
Marketing = the social and managerial process by which individuals and groups obtain what they
need and want through creating and exchanging products and value with others
Consumers impact on marketing strategy
> Market segmentation (bijv. Er zijn bepaalde vrouwen auto’s en mannen auto’s)
- Demographics (age, gender, family structure, race, lifestyle, geography): Vaak
maken gezinnen samen een keuze voor een aankoop: household decision making
process.
> Relationship marketing: building bonds with consumers
- Relationship marketing
- Database marketing
Marketing strategies impact on consumers
- Marketing and culture
- The meaning of consumption
- Conspicuous consumption
- Intangible and tangible objects
- Types of consumption activities
- The global consumer, etc.
- Using the marketing mix
Consumer and marketing = behavior of people, employees, customers, etc.
Consumer behavior
Consumer behavior reflects the totality of consumers decisions with respect to the acquisition of
consumption and disposition of goods, services, time, and ideas by (human) decision making (over
time)
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Knowledge vs. understanding
An understanding is a mental construct, an abstraction made by the human mind to make sense of
many different pieces of knowledge.
Knowledge:
- The facts
- A body of coherent facts
- Verifiable claims
- Right or wrong
- I know something to be true
- I respond on cue with what I know
Understanding
- The meaning of the facts
- The theory that provides coherence and meaning to those facts
- Fallible, in-process theories
- A matter of degree or sophistication
- I understand why this is, what makes it knowledge
- I judge when to and when not to use what I know
Default effect = bijv. Bij donorregister: in landen waarbij je standaard geen donor bent, zijn er veel
minder mensen donor dan andersom.
Consumer behavior
> Research: format
- Positioning of research problem
- Research question
- Literature review
- Research method and data analysis
- Results
- Managerial recommendations
> Research: method
- Surveys
- Focus groups
- Interviews
- Observations
- Etc.
> Research: data analysis
- Univariate data analysis
• Frequencies and distribution
• Graphic analysis
• Coding
- Multivariate data analysis
• Regression analysis
• Analysis of variance (ANOVA)
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Motivation
EXAMPLE: Elderly: a growing market for internet services
> Motivation: to learn about social media and avoiding social exclusion
- Observation that social interaction between people is changing
- Want to avoid social segregation, feel younger
- See themselves as responsible (taking care of yourself)
> Ability to work with personal computers and mobile devices
- People are more educated than the generation before them
- Elderly prefer visual aids
> Opportunity to take advantage of digital innovations
- Development of apps and simplification of devices
- Availability of services targeted at them
Consumer opportunity: circumstances to act
> Time
> Distraction
> Information
- Amount
- Complexity
- Repetition
Consumer ability: resources to act
> Product knowledge and experience
> Cognitive style
> Intelligence, education, age
> Money
Consumer motivation: willingness to act
> Personal relevance
> Consistency with the self, values, needs, goals, emotions
> Inconsistency with attitudes
> Perceived risk
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Consumer motivation: challenge of understanding
- Reasons underlying consumer motivation are not always ‘obvious’
- Research is necessary to discover real motivations behind behaviors
- People don’t always want to disclose reasons for their actions
- People don’t always know why they do what they do – unconscious motivation
- Motivations change over time
Motivation: the biological, rational, emotional, and/or social force that initiates and directs
behavior. The inferred process within an individual that causes that organism to move towards a
goal, or the internal process leading to behavior to satisfy needs
> The forces within the individual that account for the intensity (1), direction (2) and persistence of
effort expended (3)
Motivation and goals: relationship
Needs and goals: relationship
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