Professor Andrés Musalem Marketing Management Fuqua School of Business. Introduction What’s Marketing? Three C’s Customer Company Competition Four P’s Product Promotion Price Placement Summary. Customer Analysis. Agenda. Value Proposition Consumer Behavior
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Volvo Station Wagon
1927 Safety glass windshields with automatic windshield wipers
1944 Steel cage created to help protect passenger compartment
1944 Laminated windshields installed 15 years before mandatory
1958 Three-point shoulder/lap seat belt patented by Volvo
1959 Three-point shoulder/lap seat belts introduced in some models
1960 Padded instrument panel installed
1967 Three-point seat belts included in rear outboard seats
1970 Industry's first auto accident investigation team established
1973 Electric rear window defroster made standard on all models
1984 Antilock brakes (ABS) installed
1987 Three-point seat belts included in rear centre seat
1991 Integrated booster cushion added for children
1992 Side impact structure installed five years before mandatory
1995 World's first Side Impact Air Bags introduced
2000 Whiplash Protection System introduced
2003 World’s first SUV with Rollover Protection System and Roll Stability Control
Is the customer aware of our product?
Buy a competingproduct
Is information available to customer?
Is the productavailable?
Is usage satisfactory?
Barber and Odean, QJE 2001
FINISHED FILES ARE THE RE-SULT OF YEARS OF SCIENTIF- IC STUDY COMBINED WITH THE EXPERIENCE OF MANY YEARS
An amateur bicycle racer in Los Angeles, has concluded that his iPod's Shuffle command favors the rapper 50 Cent -- and perhaps more important, that it knows exactly the right time to play 50 Cent's biggest hit, ''In Da Club.''…
…The iPod knows somehow when I am reaching the end of my reserves, when my motivation is flagging,'' Mr. Greist insisted. ''It hits me up with 'In Da Club,' and then all of a sudden I am in da club.''
Average perceived similarities
What seasons would you like to depict?
Do you prefer outdoor or indoor scenes?
Do you prefer paintings predominantly of children, women, men, or it doesn’t matter?
Do you like paintings of one person or a group of people?
Thinking back on the paintings you have liked in the past, for the most part were the figures working, at leisure, or posed portraits?
20% related, 63% not related
15% Winter, 26% Spring, 16% Summer, 33% Fall
88% outdoor, 5% indoor
11% children, 6% women, 2% men, 77% doesn’t matter
24% one person, 48% group
23% working, 43% leisure, 27% posedThe world’s favorite paintings: survey results in the U.S.A.
Do you prefer paintings from a long time ago, like Lincoln or Jesus, or more recent figures like Kennedy or Elvis?
Do you prefer painting of wild animals, like lions, giraffes, or deer, or of domestic animals like dogs, cats, or other pets?
What type of outdoor scene appeals to you the most: forests, lakes, rivers, oceans, and seas; field and rural scenes, or cities?
3% nude, 13% partially clothed, 68% fully clothed
56% long ago, 14% recent
51% wild animals, 27% pets
19% forests, 49% water, 18% fields, 3% citiesSurvey results, continued...
Do you like to see expressive brush strokes or the surface of the canvas to be smooth?
Do you prefer larger paintings or smaller paintings?
If large, would it be the size of a dishwasher, full-sized refrigerator, or a full wall?
44% blue, 12% green 11% red, 4% black, 4% purple, 3% brown, 3% pink, 16% others
54% strokes, 35% smooth
41% larger, 34% smaller
67% dishwasher, 17% refrigerator, 11% wallSurvey results, continued
R2 is choosing between two products:
Vaio, 60Gb, $900, 6 hours
Dell, 20Gb, $700, 2hours
What if Sony matches Dell’s price ($900 $700)?
Vaio, 60Gb, $700, 6 hours
Dell, 20Gb, $700, 2hours
$400 = 64 utility points
=> 1 utility point = $400/64= $6.25
=> We can use Conjoint Analysis to estimate the $ value of a brand.
SOCIAL AND GROUP FORCES
Culture Subculture Social class Reference groups Family and households
Motivation Perception Learning Personality Attitude
When consumers buy
Where consumers buy
Why consumers buy
Conditions under which
Choice of involvement level
Identification of alternatives
Evaluation of alternatives
Purchase and related decisions