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Session #11 : Agenda for MM2– Advanced Marketing Management

Session #11 : Agenda for MM2– Advanced Marketing Management. Brief review Tools for Strategi c Shaping of Customer Preferences. Improving Marketing Effectiveness.

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Session #11 : Agenda for MM2– Advanced Marketing Management

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  1. Session #11:Agenda for MM2– Advanced Marketing Management • Brief review • Tools for Strategic Shaping of Customer Preferences

  2. Improving Marketing Effectiveness • Performance Diagnostics Rule: Don’t focus solely on sales to analyze a firm’s position. Understand what drives these results. • Hierarchy-of-Effects • Resource Allocation Rule: Increase marketing expenditures if the additional expenditure is less than the additional gross margin, focusing on where the additional margin will be greatest.

  3. BMW : Take Away Points • Beware of ‘holes in the market’ • Examine & challenge “rules of the game” • Most competitive advantages will not last

  4. Tools for Strategic Shaping of Customer Preferences

  5. Reason Based Choice • What attributes strongly affect perceived quality? • ‘Meaningless’ differentiation • Un-needed premiums/ promotions • Context Effects • Attraction Effect • Compromise Effect • Choosing vs. rejecting • Meaningless reasons • Importance of reasons

  6. Loss Aversion & Framing • Endowment Effect • Status Quo Bias • Framing • Price Stickiness

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