Marketing Midterm: Study Guide terms

Consumer behavior and profiling (Hank Week 5)

-

Pivotal role of mobile and search (Week 2)

-"Search is the spinal cord of digital (all) marketing. It touches and connects everything." -"People use search to optimize their lives. It let's them feel more confident and less anxious" -65% of all searches START on a mobile device -"Mobile hasn't just made it easier to do the things we always did. It has changed the nature of our activity and our understanding of what the brand/consumer relationship looks like."

"Win Win" opportunities for firms and non-profit organizations (Lars Perner)

-"Win-win" deals and social responsibility -By pooling resources, different organizations may each get more than what they put in: ·Firms may be able to contribute not only cash but also relevant expertise ·Favorable publicity may be worth more than the same amount spent on advertising ·Charitable groups may provide access to potential customers

Strategic business units (SBU)

-A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have different mission or objectives -Portfolio analysis is typically performed at the SBU or product line ("In portfolio analysis, management evaluates the firm's various products and businesses—its "portfolio"—and allocates resources according to which products are expected to be the most profitable for the firm in the future.") -Goodyear is one example in book (pg 43)

Evaluating Product online sales suitability part 2: evaluability, paying for convenience, and delivery delay sensitivity

-Ability of consumer to evaluate quality and fit through online description: standard branded items from a trusted source can be more easily evaluated than items that need to be examined up close -Convenience to the customer and willingness to pay for this convenience: Some consumers may be willing to pay more for door-to-door delivery. It is usually more expensive to buy groceries online -Customer sensitivity to delayed delivery -Attempts to reduce delivery delays

Approaches to alternative identification (solution search)—internal vs. external search (Lars Perner)

-Approaches to search for problem solutions: -Internal: "Occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences" -External: "Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision." -examples on page 132

Unilever - Best Practice Company (videos) (Week 4)

-At Unilever our sustainable living initiatives are entirely fundamental to the business propositions of our brand" -Target the conscious consumer -Built from the bottom -Great job of achieving purpose -Takes work, vision, and leadership, but any company can do it -Dove led the charge at Unilever -Every employee had a vision -CEO Paul Poman -Business needs to make an explicit positive contribution to the world...business has to change -Long term approach strengthens business and helps the earth -climate change, food security, water (sanitation/hygiene) -"it is purpose that drives profits" Alan Jope -Reevaluated and reengineered

Seth Godin Modern Marketer Video

-Author of This is Marketing -Marketing is at the core of what we do -Marketing is the story you tell, who you are telling it to, why people are going to buy it -center of the universe so we are responsible for what we make, how we make it, how we bring it into the world... -A product well marketed is a product people want to engage in -"An amazing product that no one knwos about or cares about, isn't amazing because we don't get to use it" -Everything has an effect...own the effect -Make stuff you're proud of...effects that we are proud of -"Make things better by making better things"

Product standardization, adaptation, and customization (reasons for standardization)

-Avoiding high costs of customization, if applicable -Technological intensity ·Reduced confusion ·International compatibility among product group components ·Faster spread of rapid life cycle products -Convergence of global consumer tastes/needs -Country of origin positioning

Types of organizations that use marketing (Week 1)

-B2C -B2B -C2C

B2B Omni-channel (continued)

-Become intimate with the business buyer. Deliver personalized omni-channel experiences that are tailored to procurement and non procurement buyers and across multiple language, currency, payment, and fulfillment options -Weave digital into all aspects of operations to fulfull the promise of omni-channel. Digital initiatives need to be embedded into all aspects of the organization. Think beyond the digital technology stack to fully embrace omni-channel capabilities with integrated management and collaboration capabilities supporting core omni-channel initiatives

Best practices, cautions (Week 4)

-Best way to get to purpose is starting from brand values articulations -Don't start in the middle of it...Dont force it at the end -CAUTION-AVOID: ·bypassing the path and arbitrarily adopting an "available cause or reversing the order and adopting brand purpose content based on what is currently en vogue to capture attential and buzz ·retrofitting/force fitting elements to relate back to brand values -RESULTS: ·at best: tepid recognition ·worse: viewed as a transparent gratuitous appendage ·failure: backlash -Embrace brand purpose as a sincere AWAKENING versus an opportunistic AWOKEning

Beyond company mission - Values and Ideals (Week 4)

-Best way to obtain purpose is by starting with acknowledging brand values and ideals

Cryptocurrencies (Lars Perner)

-Bitcoin -Electronic currencies such as Bitcoin allow for anonymous online transactions -The details of the tech are rather complex -These can be used to circumvent oppressive governments (e.g., women may not be able to open independent bank accounts in Saudi Arabia, but can be paid in cryptocurrencies) -Security may be enhanced under some circumstances -Often go up and down dramatically in value -PROBLEMS: ·Facilitation of illegal activities (e.g., ransomware, illegal drug sales, human trafficking) ·Tool for circumventing taxation ·Use by terrorist groups ·High fluctuation in value ·Relies heavily on computing power; high energy costs

Wheel of Social Media Engagement ("big picture") (Lars Perner)

-Information effect -Connected Effect -Network Effect → active exchange of information, find new things of interest -Dynamic Effect → don't maintain the same interests overtime, fluctuating ·Back and forth exchanges between participants (customers) ·People joining new online communities as their interests change over time -Timeliness Effect → information can spread very quickly, more to learn

Level of involvement and decision characteristics: Duration, magnitude, and manifestations (Lars Perner)

-Involvement: The extent to which the consumer is willing to make an effort to make the best decision -Involvement levels: A continuum from very low to very high (typically dependent on the importance of the product category -Involvement duration ·Temporary: the consumer may temporarily become highly involved to make an impending decision on an important purchase but may then stop following the category if it is not of great interest ·Enduring: The consumer has a lasting interest in the product category even f he or she will not need to make a purchase in the near future

Heuristics (Lars Perner)

-Low effort decision rules for low stakes decisions that should be made quickly -Intended for a quick decision rather than the best one that could be made with more effort and time

L'Oreal case (Lars Perner)

-Makeup genius app allows the user to scan face, which identifies around 60 characteristics ·Individual recommendations ·Valuable data on consumers ·The customer imagines various styles -Collab with google to identify specific search terms

Product standardization, adaptation, and customization (Mandatory vs "discretionary" adaptations) (Lars Perner)

-Mandatory - required by laws of nature or laws of government ·Legal requirements Infrastructure -"Discretionary" - not required by natural or human laws but often not really "optional" in practice (needed to compete with brands that fo offer adaptations ·Local tastes ·Fit into cultural environment

General ethical concerns: misleading communication, potentially harmful products, taking advantage of ignorance (Lars Perner)

-Misleading advertisements and marketing in general -Taking advantage of consumer ignorance -Marketing of harmful products: ·physically dangerous ·over-consumption; marketing to people living above their means -Marketing of products banned or not marketed in the U.S. to other countries

Company culture in marketing (Week 4)

-No longer confined to a placed based environment...company culture is an asset that permeates and enhances all aspects of a brand's marketing mix

B2B Customer experience (Hank Week 6)

-organizational buyers = B2B buyers -people in companies (Manufacturers/Service Providers, Resellers, Institutions, Government) selling to an individual in an organization...not buying for themselves but on behalf of their organizations -Transfer mindset that its a person buying for a company to its a company that has a person buying for it to a person buying that happens to work for this company and here's what they want

Product standardization, adaptation, and customization (advantages and disadvantages of each approach) (Lars Perner)

Advantages: -Economies of scale -More resources available for development effort ·Better quality possible -Rapid product life cycles may make extensive adaptation infeasible Disadvantages: -Unnecessary features -Vulnerability to trade barriers -Strong local competitors

Hofstede's Cultural Dimensions (Lars Perner)

One of the approaches to understanding culture is through the work of Hofstede: -Power Distance: willingness to accept social inequality as natural -Uncertainty avoidance: the extent to which the society relies on orderliness, consistency, structure, and formalized procedures to address situations that arise in daily life -Individualism: perceived obligation to and dependence on groups -Masculinity: the extent to which dominant values are male-oriented. A lower masculinity ranking indicates that men and women are treated equally in all aspects of society; a higher masculinity ranking suggests that men dominate positions of power -Time Orientation: short vs long term orientation. A country that tends to have a long term orientation values long-term commitments and is willing to accept a longer time horizon for, say, the success of a new product introduction -Indulgence: the extent to which society allows for the gratification of fun and enjoyment needs or else suppresses and regulates such pursuits

Consumer problems, recognition, and solutions (Lars Perner)

Problems: -Consumer problem: discrepancy between the ideal and actual state -Problems are not always recognized immediately (e.g., an individual may develop alcohol problems and be in denial -Problems can range from very small to very large -Problems can be solved in several ways (e.g., stress reduction ← vacation, movie, hot bath medication Recognition: -a common model of problem recognition and decision making (look at photo)

The associative network of knowledge

-In order for consumers to function effectively in society and make the best use of information they have accumulated, it is important that different ideas and pieces of knowledge be retrieved when they are more likely to be useful

B2B Omnichannel (Hank Week 6)

-Business-to-consumer (B2C) customer experiences are driving B2B buyers to expect the same level of omnichannel service from their suppliers for work related purchases -The combination of consistently low prices, excellent product service, and a broad production selection, combined with different delivery options regardless of the channel it is bought from -Business will fall behind if they fail to adapt their technology to buyer needs. Legacy systems and platforms are largely inadequate to support the omni-channel requirements of B2B buyers today. Cross Channel Consistency -Must Align organizational and process change with digital technology spending the latest digital marketing resources. Balance investments in people and technology to ensure that legacy approaches do not hinder effective enterprise wide omni-channel adoption

Compensatory vs. non-compensatory decision strategies (Lars Perner)

-Compensatory: Decision based on overall value of alternatives (good attribute can outweigh bad ones) -Non-compensatory: Absolutely must meet at least one important criterion (e.g., car must have automatic transmission)

International Economics (Exchange rates and trade imbalances) (Lars Perner)

-Definition of exchange rates: the measure of how much one currency is worth in relation to another -One of the more visible issues in international business is exchange rates -Floating (supply and demand): When a country imports, it must sell its currency (causing an increase in supply) to be able to buy the currency of the country from which is is importing (whose currency, then, will experience an increase in demand) -Floating within a limited range -Fixed: the rate is set and one government will have to subsidize the cost of the currency...

"Tripple Bottom Line"

-Definition: A means to measure performance according to economic, environmental, and social criteria -in addition to economic and legal duties, they have responsibilities to society

Click paths

-Definition: Shows how users proceed through the information on a website - not unlike how grocery stores try to track the way shoppers move through their aisles -used to improve the way users navigate through the site so they can more quickly find what they are looking for

Bounce rates

-Definition: The percentage of times a visitor leaves the website almost immediately, such as after viewing only one page -Higher the bounce rate, the less effective the site -# of people on the site is important, but knowing what they are doing, what engages/excites them is more important

Sentiment analysis

-Definition: a technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products -Provides new insights into what consumers really think -Radian 6 offers sentiment analysis that helps clients such as adidas, T-mobile, and Yeti coolers engage with customers -more on page 71/2

Value co-creation

-Definition: customers act as collaborators with a manufacturer or retailer to create the product or service -Creative way to provide value to customers -Nike allows customers to custom design their sneakers, they are cocreating -Value based marketing era: need to give greater value rather than just what consumer wants/needs (more on pg 14)

International Economics (Currency exchange) (Lars Perner)

-Designated agency, often central banks, set the rules for currency exchange -Federal Reserve sets currency exchange rates in the US

Digital ecosystem planing (Week 2)

-Digital and social platforms are best utilized when they are evaluated, selected, and deployed in the context of the full marketing communications landscape -Digital ecosystem models: -Define platform roles: (Twitter --> cultural connector, Facebook --> always on uniting community

E4 Framework for Digital Marketing ("big picture") (Lars Perner)

-E4 Framework for Digital Marketing, sustaining a customer's attention ·Excite...worth looking at ·Educate...useful information, how does one benefit, advantages? ·Experience...have the customer visualize themselves, live vicariously ·Engage...customer is involved, interactive, making choices

7C Online marketing framework ("big picture") (Lars Perner)

-Elements of online marketing ·Core Goals → different purposes ·Context elements → brand identity, how something is designed, style, design and navigation ·Content → style and information ·Community → internet should be a two-way communication, interact, and contribute shared experiences ·Communication → ·Commerce → selling ·Connection → continuing to interact

Product online sales suitability part 3: customization, geography, value decline, and assortment

-Extent of customization needed: highly customized items -e.g., insurance, plane tickets, personalization - allow the customer to do much of the work (i.e., data entry) -Geographic dispersal of consumers: even if direct to consumer sales are not efficient, this may be the only cost effective way to reach customers who are widely dispersed -Extent of inventory value decline over time: a computer can be distributed to consumers at a lower price through retailers but the process takes longer and computer's value fast -Assortment of variation needed

Micro-payments are generally not...

-For tangible goods. Shipping is too expensive for a small amount (low absolute margin) -For paying overtime. The cost of cutting a payment into very small payments is too high given credit card transaction fees

"Normal" profits in free (Lars Perner)

-In economics, the profit levels that you would expect for a given level of investment and risk are known as normal profits. In a free market, in the long run, competition drives down profits to these normal levels. If firms in an industry are making "supernormal" profits other firms will enter the market to take advantage of this opportunity for high prices. This entry will continue until profits have been driven down to "normal" levels -Online competition is likely to be intense since a firm is now competing at least at the national level, and quite possibly at the international level

Basic Internet economics (Lars Perner)

-In most markets, online merchants often have HIGHER costs than do conventional retailers -Intermediaries usually add value through the specialization of labor and consolation of tasks. Elimination intermediaries often result in higher costs -Customers do a lot of the work when they select, aggregate, bring for check-out, and carry away their products. Employers of e-commerce companies and their transportation services have to be paid to do this work -When going online, competition usually becomes at least national - and possibly international - in scope

Target CMO video (Hank Week 5)

-Omnichannel experience -shows how it was brought to life in the path to purchase -mobile is the new front door...way into a business...way in to look at who we are...applies to all aspects of selling -Every moment is a shopping moment with mobile -Target changed their business, business model, and organization -Married online and offline, made them one -Target decided they can't have a separate team creating products for target.com different from mobile...all products should be mobile...disbanded mobile organization and created a mobile-first target.com organization -Use of cartwheel (curate available offers that are most relevant to them) -consumer is our guest -KPIs (key performance indicators)...employees are rewarded for offering a seamless experience NOT on how they perform in their individual area of expertise THIS MEANS teamwork and collaboration, organization is ONE

Omni-Channel behaviors and creating customer experience (Hank Week 5)

-Omnichannel marketing is an approach that provides customers with a completely seamless and integrated shopping experience from the first touchpoint to the last. That means that each channel works together to create a unified message, voice, and a brand for your company. -how we market today -no longer individual channels...everything is connected -every touchpoint, every time a potential consumer has a touchpoint, need to make sure there is an omnichannel experience that is seamless -Create customized experiences for every touchpoint they have -UX+CX+BX = Experience ·UX: the user experience whenever they touch one of your digital platforms ·CX: the customer experience when the customer touches you or goes to you...experience that relates specifically to them ·BX: brand experience -from Brians book

Internet of Things (Lars Perner)

-Online, social, and mobile -An increasing number of devices ans appliances can be connected to the internet through wifi, cellular, bluetooth -Some examples...amazon alexa/google home, irrigation timers, printers, lights/appliances controlled remotely

Marketing stakeholders

-People think marketing is only a way to facilitate the sale of products or services to customers or clients BUT it affects several other stake holders...(e.g., supply chain partners, society at large) -Partners in the supply chain: wholesalers, retailers, or other intermediaries (transportation or warehousing companies) -All involved in marketing to one another -Nike/Amazon example pg 12 -Milk example

Strategic planning - why is it not sequential?

-Planing process suggests that managers follow a set sequence when they make strategic decisions: after they defined the business mission, they perform the situation analysis, identify strategic opportunities, evaluate alternatives, set objectives, allocate resources, develop the implementation plan, and finally evaluate their performance and make adjustments BUTTT -actual planing processes can move back and forth among these steps...not sequential

Purpose driven brand marketing (Week 4)

-Powerful and profitable when used wisely -Harness positive emotions -True to the brand -Reflective of company culture - live it on the inside -Respectful and responsive to consumer needs and desires -Sustained commitment - not cause of the moment

Micro-payments—problems, opportunities, and applications (Lars Perner)

-Refer to small amounts of money and collecting this money can prove difficult in an online setting ·Can be costly - credit card firms or debit processing firms may charge a significant per transaction fee ·Inconvenient - the customer may not be willing to enter much information -Mobile technology - with active login - may be helpful for the higher end (e.g. 50 cents +) micro-payments due to established billing relationship

Internet of things benefits

-Remote control - e.g., stolen car or car driven by other criminal can be disabeled; heater can be turned on before resident returns -Limiting control to authorized persons -Communication between devices and service providers -Device as menu system

Mass Marketing>Marketing to Clusters>Personalization/Personas (Hank Week 5)

-Respect and privacy are essential to hyper personalization

Internet roles (Week 2) !!!

-Sales engine- e-commerce -A robust research engine: on call 24/7, fast, economical, dynamic, information, insight, intelligence -Relationship builder -Customer service -Culture Hub -Essential Marcom channel

Framing (Lars Perner) Rewatch video

-Selected psychological influences ·Part 1: the associative network and framing ·Part 2: Subliminal influences (or lack thereof)

International Economics (Role of government activity in an economy) (Lars Perner)

-Some governments play a larger role in their countries' economies than in others -The government may pay for services such as ·Healthcare ·Education (primary school, higher education) -Such policies will influence disposable income for consumers ·Much higher taxes will limit the ability to buy discretionary items ·Certain expenses will be eliminated or reduced and consumers are less likely to experience catastrophic losses ·Wealth is transferred from higher income to lower income consumers ·Consumer choice may be reduced as the decision power is assumed by the government

Metrics

-Step 5 (final step) in the Marketing Plan -Definition: a measuring system that quantifies a trend, dynamic, or characteristic -used to: ·explain why things happen ·project the future ·compare results across regions, strategic business units, product lines, and time periods ·determine why it achieved or did not achieve performance goals ·Understanding performance ·make proper adjustments

Consumer decision stages (Lars Perner)

-The decision process: Psychological ·Motives: -In general, lower level needs have to be addressed before higher-level ones can be pursued -Maslow's Hierarchy of Needs ·Attitudes: -collection of 3 interchangeable feelings ·Perceptions ·Learning and memory ·Lifestyle More on google doc

Value exchange (Week 1)

-marketing is that value exchange...what you pay and what you get -value and "values" exchange -mutually beneficial between brand and customer -more than transactions...its a relationship -build ongoing relationships...called a marketing lifetime customer value -build value to them and build value to us as a marketer

Culture and its implications (Lars Perner) !!

-often overlook how we have been influenced by our culture and the expectations that we have

Brand/Company Hits and Misses (Week 4)

-The original - Come Together - Share happiness Coke ad ·coke's 1971 hilltop commercial has a powerful message of inclusion that woul play just as well today as it did then. It spawned a 1980 Christmas version and 1990 reunion -Pepsi Kendal Jenner ad: ·Ghastly ·Tone deaf, insulting, and stupid in any part of the world...done by pepsi's in-house agency ·Lesson: big brands can genuinely embrace big issues but requires consideration, care, and caution -Coke - Middle East: ·Natural outgrowth of Coke's sharing, happiness, positivity, and inclusion heritage. ·Brand DNA that travels globally ·Brilliantly executed shareable -Sprite - South Africa ·Good, worthy causes. ·Well-done creative content and social media extensions ·Not at all linked to the brand's heritage or DNA - a worthy very well done appendage

Tippability (Lars Perner)

-The potential of a small factor to change a low stakes decision from one alternative (possible the one usually chosen to another one offering this benefit

"Bricks-and-clicks" potential (Lars Perner)

-Traditional retail chains and online presence tend to have synergy ·Online access to store info - hours, location, directions ·Checking on "in stock" status ·Online orders with store pickup ·Online orders with delivery; store return option -Brand equity -Volume purchasing power -Inventory assortment warranted by combined store and online sales -Sell in both venues = larger volume -Make designated items only available online to save shelf space

Collaborative filtering (recommendation systems) (Lars Perner) !!!!!!

-Trying to predict any sort of preferences one may have...compare purchase history with the history of someone with similar taste -Steps in collaborative filtering The details of how collaborative filtering works are more complex but for a given customer, essentially: (reference google doc)

Internet of things issues

-Use of bandwidth (massive amounts of data can be generated by a single appliance or device) -Privacy ·Substantive (release of audio, video, or personal records) ·Theoretical (use of data for analysis with no personal attribution) -Security (hacking potential) -Dependence/impact of loss of connection -Cost savings ·Energy ·Maintenance

Evaluating Product suitability for online sales part 1: value to bulk ratios and absolute markets

-Value-to-bulk ratio: high value, low-weight/volume items can be more readily handled and shipped ·Value generally refers to market price in this context ·Bulk involves anything making it difficult and/or costly to ship -Absolute (dollar) margins ·When the term "margin" is used without further specification, this usually refers to a percentage figure ·Absolute margins refer to dollar amounts -More on google doc

Subliminal messages !!!

-Words or pictures that are not consciously perceived but may nevertheless influence people's judgments, attitudes, and behaviors

The path to powerful purpose (Week 4)

-best way to get to purpose is on a linear path -Brand's ethos/values made accessible through actions and/or supported causes helping consumer's bond and connect more fully with the "total" brand -DO vs SAY

Customer/Consumer - Marketing's North Star (Hank Week 5)

-consumer is the north star in all the marketing that we do -we want to know not only who they are, but how they behave and how they act, so we can best be in service to those behaviors and satisfy their wants and desires.

International Economics (Some influences on exchange rates) (Lars Perner) !!!

-determinants of exchange rate -Differentials in inflation -Differentials in interest rates -current account deficits -public debt -terms of trade -strong economic performance -the bottom line

Digital path to purchase moments (Hank Week 5)

-digital dominates path to purchase -Google leads on this -On the spot can make a purchase or decision

Omni Channel Marketing (Hank Week 5) !!!

-digital is embedded in omnichannel marketing -customers may start in one channel and move to another as they progress to a resolution. These channel 'hand-offs' must be fluid for the customer -Message + tools + Channels + devices = One seamless omni-channel experience IN REAL TIME -The omni-channel consumer expects everything to be readily available at his or her fingertips and expects the overall brand experience to be similarly accessible -CMO: "experience architects" -one consumer. one company. one customer experience

Marketing as an exchange

-exchange is defined as the trade of things of value between the buyer and the seller so that each is better off as a result -seller provides products or services, then communicates and facilitates the delivery of their offering to consumers -Buyers complete the exchange by giving money and info to the seller -Phyter bar example in book -Amazon is good at using information to facilitate future exchanges/solidify its relationship with you by making a record of your purchases

Iceberg metaphor of culture (Lars Perner)

-lots to be seen in culture thats not evident on the surface -list of things that may have an impact on how people perceive themselves (view image)

Organizational buyers !!!

-manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

Mapping the Customer Experience (Hank Week 5)

-marketers guide customer in circular path to purchase model...need to be able to monitor and assess behavior -Omni-channel marketing: customer journey -Google allows you to look at how databases of affinity and intent are shaping the path to purchase -Kinda like putting a chip into a customer and tracking responsibly -companies use consumer experience maps (refer to image) where they map the customer experience that is right for their brand and their company -No one right way to map the customer experience -Apple has a very simple experience map...website, store, packaging, service, hotline...seamless experience -ideal customer experience: really fast response, simplicity and consistency, tracking and engagement, customization and personalization

Reality of online economics and competition (Lars Perner)

-refer to "Normal profits" flashcard -Intense competition for large market products (large quantity demanded attracts many sellers) -Use of large demand products as loss leaders (e.g., amazon bestsellers) -Competition will force reduced costs-if any-to be passed on to customers. Even if there is a cost advantage to selling online in a particular market, you will NOT be competing just against "brick and mortar" stores but also against those who have the same cost advantage in selling to customers. In the long run, you can probably make NORMAL profits but not above market level profits -Competition makes charging for shipping and handling difficult. This is usually more expensive than traditional distribution because of ·lesser economies of scale ·Lower likelihood that the customer will be home to take delivery the first time -Less competition on specialty products -> greater margins

What is Marketing today? (Week 1)

-the endgame of everything you do as a marketer is to make an emotional connection with your consumer that moves them to take action that is beneficial to you -emotion and creativity makes stuff happen -Every brand has an emotional quotient -Textbook definition: the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large -In PRACTICE: the art and science of crating "profitable" demand by developing lasting value and "values" based consumer relationships through meaningful brand experiences and sharing your brand story BEYOND the "textbook" definition into customer-centric experience landscape

Information search

-the stage of the buyer decision process in which the consumer is motivated to search for more information

Perspective shift - outside - in (Week 1)

-view everything from the consumer's perspective -refer to image

Consumer uncertainty

1. Understanding the product market 2. Considering a subset of brands 3. Choosing one brand within the consideration set 4. Using and consuming the chosen brand

Models for identifying ethical concerns (Lars Perner)

?