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Marketers have learned that its human element that molds market. Dry economic calculation of benefits V/s Cost, demand V/s supply, or even extensive market research and testing are not very good at explaining why product like NEW COKE failed, and other offering like HUSH PUPPIES or BEANIE BABIES unexpectedly take off. Reviewing consumer survey or Nielsen retail sales data provides only partial picture of Consumer behavior. Adopt democratic view of engaging consumers like meet consumer individually, observe them on group or engage them in conversation
Consumer Experts
Opinion LeaderOpinion leadership in marketing resembles opinion leadership in public affair, a few highly committed individual.
They gather information and people who are undecided seek and rely on information from them, rather than media. Mainly in automobiles , film, running shoes
Buzz marketing
In Buzz marketing, which is a form of Informational cascade, it is not necessarily a products functional attributes that make it a hit. Rather, interaction among people are the force that charges and align their collective desires. Consumer participation culminates in the explosion of demand that constitutes a hit. Eg. Low Budget film in India like Gangs of Wasseypur. The atmosphere in markets before launch of Apple products or before launch of Tata Nano.
Brand Communities
These are people who concentrate their energy on particular brand. Loyal to brand, live the brand, love the brand, feel the brand, worship the brand. Eg. Apple, Harley-Davidson
Social Sharing
Helping people get to know people or businesses outside their immediate social circle. Consumer participation Consumer to consumer conversation Eg- facebook, youtube, shaadi.com, etc.
Democratization of Business
eBay engages customer in running its marketplace; Wiki community relies on consumers to supply information content; Skypes technology platform Internet telephone calls is nothing but spare capacity f customers personal computers. People want the convenience, affordability and choice provided by manufacturer. They wants thing to be Simply Better.
Free-for-All?
Consumers participating in peer-to-peer production an social sharing are not seeking monetary rewards but sometime end up making money as a result of their participation. Linus Torvalds now works for an open-source software consortium.
Non-Monetary Motives
If money is not primary motivator, then why do people participate in peer production and social sharing? Consumer feedback, complaint management Consumer who take time and trouble to complain to marketers invariably want the marketer to do better . They dont want to be let down in the relationship and they want to receive better performance the next time they use the marketer.
New Norms
Widespread access to digital information and communications technology allows consumers to share more visibly and on a larger scale than before. Anything on the Web is free for sharing; that sentiment is, more or less, the norm among internet users. But it is at odds with laws and customs giving ownership of content to creators and publishers. Eg. Wikipedia has been going strong for almost five years as a free, collaborative and open project, but it has experienced problems and controversies.
Continued
Eg. Piracy decline in music sales. New norms : 1. Music companies sued consumers who used peer-topeer networks to download music for free 2. They offered expensive subscription services hemmed in with restrictions on how consumers could use the music they paid for. Eg. Apple iTunes service.