Introduction to Marketing (extension)
Extension to register of Roland Schenkel Introduction to Marketing, Prof. Florian v. Wangenheim, D-MTEC ETH Zurich
Extension to register of Roland Schenkel Introduction to Marketing, Prof. Florian v. Wangenheim, D-MTEC ETH Zurich
Set of flashcards Details
| Flashcards | 31 |
|---|---|
| Language | English |
| Category | Marketing |
| Level | University |
| Created / Updated | 27.12.2019 / 27.12.2019 |
| Licencing | No Copyright (CC0) |
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Why conducting marketing research?
- discover latent needs (e.g. cars vs. horses --> customers were asking for faster transportation, not for cars)
- discover new, potentially profitable markets
Limitatinos of the 4 Ps
product oriented concept --> not applicable for service companies, internet companies, "free" service providers (Google search)
2 perspectives of maximazing CE
- Static perspective: focus on customer with highest predicted CLV --> hold & acquire high CLV customers
- Dynamic perspective: focus on customers for which CLV increase has the highest return to investment --> increase CLV of customers, focus on most reactive customers
Difficulties in measuring customer loyalty
- multi-dimensional construct: repurchase, word-of-mouth, cross-buying etc.
- differs across industries: contractual (telecom) vs. non-contractual (airline)
Buying behavior in case of high involvement & significant differences among brands
Complex buying behavior
Buying behavior in case of low involvement & significant differences among brands
Variety seeking buying behavior
Buying behavior in case of high involvement & few differences among brands
Dissonance-reducing buying behavior
Buying behavior in case of low involvement & few differences among brands
Habitual buying behavior
