Kapitel 1

Marketing is about creating value and emphasizing benefits rather than just the product.

"Marketing myopia" highlights the importance for companies to focus on the benefits they offer rather than just the product itself. It emphasizes that consumers are more interested in the benefits, using the example that consumers buy drills for the holes they can make, not the machine itself.

Word-of-mouth is when consumers share their experiences and opinions about a product or service, and it's a very effective method for attracting new customers.

Keeping existing customers is more profitable than attracting new ones.

Companies should emphasize the benefits of the product rather than the product itself.

Prospect theory posits that people are risk-averse regarding gains and risk-seeking when it comes to losses.

Due to prospect theory, people often make suboptimal decisions in the stock market. They might sell well-performing stocks because they want to avoid losing gains and hold onto poorly-performing stocks because they are willing to take risks to avoid confirming a loss.

The endowment effect is a phenomenon where people tend to overvalue things they own, which can be explained by prospect theory. Because of the pain associated with potential losses, people often value an item more once they own it, as giving it up would be perceived as a loss.

Due to prospect theory, an individual might be risk-seeking towards losses and may hold onto a poorly-performing stock in hopes that it will rebound instead of confirming a loss by selling it.

Prospect theory, particularly the endowment effect, suggests that people often overvalue their possessions. Once they own something, the potential loss of parting with that item feels more significant, leading them to place a higher value on it than they might have before holding it.

Consumers often make choices inconsistent with their previous decisions or stated preferences, which can be deemed "irrational choices."

The context in which choices are made plays a significant role in influencing consumers' buying decisions.

When French music is played in a store, consumers are more likely to purchase French wine, demonstrating the effect of contextual cues on buying behavior.

After seeing many pictures of dogs, consumers might be more inclined to buy PUMA tennis shoes, indicating that concepts that are highly accessible can influence purchasing decisions.

Yes, these effects can sometimes occur nonconsciously, meaning consumers might need to be more aware of the contextual cues influencing their decisions.

Consumers want to simplify their choices because they can become fatigued when making numerous choices or when an option is particularly challenging.

Attribute substitution, in a broad psychological context, refers to a cognitive process where an individual substitutes a complex question with a simpler one, often without realizing it.

• When deciding on the quality of a restaurant, a consumer might substitute the actual food and service quality with the appearance of the restaurant's exterior or the number of cars in the parking lot.

When faced with two similar options and one distinct option, consumers are more likely to select the different options to bypass the difficulty of choosing between the two similar ones. This phenomenon is known as choice aversion.

No, while consumers might prefer healthier options like fruit for future consumption, they often prefer immediate gratification, such as choosing candy in the present moment.

When picking several items for future consumption, consumers tend to seek variety.

A market-driven strategy is centered on satisfying the needs and wants of existing customers.

The primary objective of a market-driving strategy is to create new customers, mainly through innovation and by considering competition in broader terms.

Companies need to comprehend consumers' needs so they can align their offerings accordingly and ensure they are externally oriented, catering to the market's demands.

The market-driving strategy emphasizes innovation and broad competition considerations to pave the way for new customer acquisition.

Connecting a brand with consumers' goals ensures that the brand's offerings resonate with what consumers aspire to achieve or obtain, increasing the likelihood of brand loyalty and customer satisfaction.