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54 Cards in this Set
- Front
- Back
Behavioral Economics |
studies cognitive, social, & emotional influences on people's observable economic behavior |
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Consumer decision making split |
30% rational, 70% emotinal |
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Behavioral Economics identifies ... |
behaviors & adapt to customers' irrational biases & emotions |
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Social Proof |
Consumers look to other people for information on what to buy or what service to use Through word-of-mouth and online reviews |
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Loss Aversion |
Consumers are more willing to take risks in order to avoid losing things rather than gainining things Try saying stop losing instead of saving |
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Endowment Effect |
Consumers value an item they own & have emotional attachement to more than similar item owned by someone else Establish a customer's partial ownership in the product |
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Default |
pre-set options or courses of action consumers receive (401(k) w/ employer) Unlikely to defect from this, due to loss aversion. |
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Choice Overload |
don't present too many options to consumers more likely to buy with fewer choices |
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Framing |
how marketers present choices/context/information can influence consumers' decisions Including a few cheaper options or an outrageous option increases the likelihood a consumer buys a more expensive option |
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Decoy Effect |
Concumer preference can change when a 3rd, less desirable option is presented The options marketeres offer influence decisions |
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Anchoring |
Consmers rely heavily on the 1st piece of information offered & use it as a benchmark moving forward A marketer can say a $399 item has been marked down to $99, making the product more desirable |
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Power of Free |
Seeing the word free releases dopamine which makes us happy Takes away loss aversion if something is free |
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Peak-end Rule |
people largely judge an event based on the peak and end of the event, not the average experience of the whole thing |
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Scarcity Effect |
people are motivated by shortages |
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Sunk Cost Effect |
tendency of humans to continue to inves in something that doesn't work once we invst in something, our commitment to it grows |
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Irrational Value Assessment |
inherently expect heaper goods to be inferior rate quality of product higher if you paid more |
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Gambler's Fallacy |
believeing independent events are related |
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Confirmation Bias |
seek out or evaluate infomration in a way that fits with preexisitng thinking |
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Jobs to be Done |
Understanding what "jobs" consumers are using your sport product or service for Understanding consumer what consumers want and what they are already using your products for to better tailor your marketing strategy |
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Positive Hiring Experience |
If a consumer has a positive experience hiring a product or service, they are more likely to do it again in the future |
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satisfaction |
measure to the degree of which a sport product or service meets the expectations of the consumer |
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quality |
degree to which sport product satifies customers needs and in particular the degree to which it meets their expectations |
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Stages of Sport Experience |
Pre Event, Event, Post Event |
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Sport Experience Environment |
Physical settings, social actors, social interactions with others or service encounters, and context |
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Sport User Interactions |
all direct and indirect ineractions a consumers experience across a multitude of channels and at various points in their relationship with the organization |
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Sport User Interactions Produce ... |
emotional, sensorial, physical and spirtual responses that can dynamically differ based on the user expectation levels, dispositions, and context |
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user experience design |
interactions choreographed similar to a theatrical production dynamic sequence of operational choices related to where, how and when audience is exposed to stimuli |
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Front Stage |
About the consumer experience How consumer interacts with touchpoints |
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Touchpoints |
Any physical or mediated elements users interact with during journey |
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Back Stage |
Where the value in an experience is created management related activities that occur behind the scenes Performance Delivery |
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Developing a Blue Print |
identify key activities in creating and delivering service define big picture than drill down to obtain a higher level of detail |
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Sport User |
Trying to meet the need the consumer wants |
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Sport Context |
the actual environment where the sport behavior takes place |
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Sport Organization |
create/deliver sport product/service to create resources increase demand to get more resources |
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Inputs |
Influencing sport consumer experiences and decision making Marketing Activities & Socio-Cultural Factors |
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Marekting Activities |
Extending the Marketing Mix (the P's) |
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Socio-Cultural Factors |
family, friends, colleagues, age cohorts, media, social class, etc |
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Internal Processing |
unobservable psychological mechanisms that govern the manner in which sport consumers evaluate external stimuli and actual experiences Phsychological Forces |
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Psychological Forces |
Motivation, Perceiveed constraints, attitudes, personality, learning, perception |
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Central Route |
for high involvement purchases Requires more cognitive processing For really good products |
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Peripheral Route |
Low involvement Consumer less motivated to think Learning through reptition, visual cues, & holistic perception For crap products |
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Outputs |
Attitudinal Outcomes Behavioral Outcomes |
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Attitudinal Outcomes |
Respresent new beliefes and feelings as a result of sprot experience Satisfaction |
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Behavioral Outcomes |
frequency and complexity of actual usage behavior |
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Market Segmentation |
process of dividing market into distinct subsets of consumers with common needs or characteristics Choose one or two to target |
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Priori |
Conceptual and based on past research focuses on researchers prior knowldege and experiences |
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Posteriori |
data drive by current research market grous formed on primary research (e.g. cluster analysis) |
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Socio-cultural |
based on social class (income, education, occupation) Focuses on big picture unlike dmeographics which is more personal |
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Profile |
segmentation criteria summary describing a collection of users details in profile generally describe ranges or frequencies of responses |
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Persona |
aspects of consumers character persented to or perceived by others insight into consumer using story based on data and potential interactions and relationships |
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Behavioral Segmentation |
usage rate, loyalty to a product/service |
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Human Factors |
Pulling together urginomics with psychology |
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Sport Consumer Journey Map |
an illustrative document that captures a sport consumer's journey that helps you see and evaluate the experience he/she is having from the consumer point of view |
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Blueprint |
detailed visual document that captures the service delivery process across touchpoints, including the back stage and front stage of the service delivery |