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Future Trends in Marketing Research: Implications and Innovations

Explore the impact of Maslow's Hierarchy of Needs on marketing decisions, manipulations of marketing tools, new research methodologies, and future trends in marketing research. Dive into brand equity, satisfaction, loyalty, and brand attachment. Discover the role of brand identity and future trends in technology, youth, pace of life, and ethics.

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Future Trends in Marketing Research: Implications and Innovations

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  1. Day 4 Implications for Marketing and Marketing Research MARK 5342 Advanced Topics

  2. Maslow’s Hierarchy of Needs Independence needs Self-actualization Belonging needs Social Needs Ego Needs Survival needs Physiological Needs (food, water) Safety and Security Needs Source: Maslow, A., Motivation and Personality (New York: Grossman Publishers, 1970)

  3. Wants versus Needs • It is hard for consumers to identify their decision processes, as most are subconscious • It is also hard for them to separate needs versus wants • One method to map out their decision processes is a hierarchical value map

  4. Hierarchical Value Map • Map the linkages between product attributes, use consequences, and consumer goal-values • This can be used to transform either ZMET or MEC (ACV) brand laddering interviews into a probabilistic form • The joint probability for each chain can be viewed as a dependent variable

  5. Manipulation of Marketing Tools • Product • Price • Promotion • Place

  6. New Research Methodologies • Understanding the biases inherent in existing research tools like focus groups and surveys • Understanding the limitations of direct questioning to understand and predict consumer behavior • Do we need new methodologies or can we adapt existing ones?

  7. Impact on Existing Models

  8. Satisfaction • Oliver, 1993 • Satisfaction incorporates significant affect • Satisfaction is based on three pillars • How satisfied the consumer is with the product • Whether or not they would repurchase again • Whether or not they would recommend • Ego involvement in all three pillars

  9. Loyalty • Oliver, 1999 • Satisfaction and Loyalty are asymmetric • Whereas loyal customers are typically satisfied, satisfied customers don’t necessarily translate into loyal customers • After loyalty is established, the satisfaction imperative is diminished

  10. Brand Promises • Loyalty is strongly impacted by reputation and trust • Brand promises are not just empty phrases – consumers understand what is being communicated by the company and make choices accordingly

  11. Brand Attachment • Simonson, 1989 • Attraction effect – asymmetric dominance when one alternative is better than the other • Compromise effect – alternative tends to gain market share when it is the compromise or middle option in a set – this is opposite of the similarity effect • Marketers can provide a lesser comparison to gain share

  12. Brand Equity A good brand . . . . . . provides positive consumer responses . . . . . . and benefits both target customers and the firm Product, Price, Communication, Community, and Distribution Programs Brand Awareness • Depth • Breadth Customer Benefits • Confidence • Loyalty • Satisfaction Wrap-Arounds Core Product / Service Brand Associations • Strength • Relevant • Consistent • Valence • Uniqueness • Memorable • Distinctive Firm Benefits • Reduced marketing costs • Increased margins • Opportunity for brand extensions Source: David Aaker (1996), “Building Strong Brands,” (New York, NY: Free Press)

  13. Role of Brand Identity • It is critical for management to protect a firm’s brand identity and resulting brand equity • Brand equity of large global brands like Coca-Cola can be more than half of the market capitalization for the company • Firms must have: • A brand orientation mindset • Internal branding capabilities • Consistent delivery of the brand

  14. Future Trends

  15. Future Trends - Technology • Current and emerging means to find out what is going on in the brain • Galvanic Skin Response • Eye-tracking • fMRI

  16. Future Trends - Youth • Differences in Baby Boomers versus Echo Boomers • Attention span • Comfort with technology • Comfort with pace of change • Multi-tasking • Socially connected • Emotionally remote

  17. Future Trends – Pace of Life • The rate of change will continue to increase • This implies faster decisions, and implies more reliance on heuristics and affect than ever before • This implies the potential for falling prey to our own decision biases

  18. Future Trends - Ethics • Knowing how to manipulate purchase decisions carries a great responsibility • What is the line between competing for consumer dollars and loyalty versus manipulating unknowing and unprotected individuals?

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