The hierarchy of effects is: Marketing term for the sequence of five steps a consumer passes through from the initial exposure to a product or advertisement to the purchasedecision: (1) awareness, (2) interest, (3) evaluation, (4) conviction, and (5) purchase. Why we should care about the hierarchy of effects Recently, I wrote a post [...]
Part worths, the outcome of conjoint analysis, tell firms how much consumers are willing to spend for each feature they’re considering adding to their brand. Part worths also tell a firm if consumers are willing to exchange one feature for another.
this post will recap marketing strategies and social marketing topics discussed in my blog over the past week, updating the information provided in the blog with comments posted here or on Facebook. I also like to take this opportunity to propose topics for next week. As always, visitors are encouraged to comment and suggest future blog posts and I try to accommodate these suggestions. I’m also looking for guest bloggers who have expertise in marketing marketing strategy, innovation, social media, etc to bring new perspectives to my visitors. My goal, as always is to build community not sell you something.
Yesterday saw some great conversation from a few newbies to our marketing exchange. One topic was on focus groups as a market research strategy and the other introduced us to a Communication Index and other tools for communication in social networks. I also shared a link from Harvard Business Review containing a podcast on leadership and innovation.
Welcome to today’s edition of “Ask a Marketing Expert” on my wall at http://facebook.com/angela.hausman. You never know who’s going to show up, but we have some very esteemed colleagues who have promise to pop in.
As the week draws to a close, I’d like to recap topics in marketing strategy that we covered this week and maybe talk a little about what I hope to do next week.
Service failure occurs when customers don’t get the kind of service they expect from your business. Incur enough service failures and your out of business. Service failure is serious not only because it drives away existing customers, but it encourages customers to retaliate against the business.
Ask a Marketing Expert is hosted every Friday at http://Facebook.com/angela.hausman and is a way of translating academic research into practice (and visa versa). Questions posted on the wall will be answered by anyone in the network. Its FUN… its FREE… its FRIDAY.
But, marketing is MORE than tools. The key element delineating marketing is that it is strategic. Marketing strategy involves plans integrating these tools with other marketing concepts, such as target marketing and market segmentation. Marketing strategy builds on understandings of consumer and firm behavior, as well as international cultural differences.