Assignment
1) Basics
a) The difference between needs, wants and demands
b) What is Market Segmentation?
c) The various perspectives on Darkside of Consumption
2) Perception
a) The Perception Model and the steps within
b) Closure principle vs. principle of similarity vs. figure-ground principle
c) Perceptual Maps-the two types, what they are, how to do them (See HW assignment)
3) Motivations
a) Utilitarian vs. Hedonic Consumption
b) Drive Theory vs. Expectancy Theory
c) Maslow's Hierarchy of Needs
d) Freud's Psychoanalytical Theory of Personality
e) Extended Problem Solving vs. Limited Problem Solving vs. Routinized- under what conditions do each emerge (e.g. new brand, familiar brand); what is a heuristic, and which heuristic is involved with each approach (HW and Slides from the Consumer Behavior Exercise)
4) Attitudes (IMPORTANT-a good number of questions here)
a) What is an attitude?
b) The components of attitude (ABC Model)
c) Standard learning hierarchy vs. low involvement vs. experiential
d) Four Theories of Attitude Formation: what they are, how are they different
e) Fishbein Model of Attitudes: be able to calculate using provided data, know the general formula, know what is meant by multiattribute model
5) Taste Tests
a) The difference between the different types of taste tests
b) Who can use taste tests and when taste tests could be used
c) Why do we mathematical analysis for taste tests
6) Individual Decision Making
a) Rational Model of Decisions
b) Irrational Decision Making: Reversal of IIA, Prospect Theory, Variety Seeking
c) Difference between Inertia and Brand Loyalty
d) Heuristics/rules we use when we care and heuristics when we don't
7) Long Tail
a) What is the Long Tail argument? What is meant by "Selling Less of More"
b) The determinants of Long Tail effect
c) Know the three forces of the Long Tail
d) Valid critiques of the Long Tail
8) Consumers in the Age of Information
a) Statistics regarding proportion of total Internet Sales to total retail sales, penetration of buying online, penetration of social media, number one use of social media, and number one metric for social media.
9) Conjoint Analysis
a) What is conjoint analysis (conceptually)? How are conjoint analysis results used?
b) Under what conditions do conjoint analysis performance deteriorate?
c) Be able to verbally articulate the implementation of a conjoint study