Notes
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A collection of fragments of understanding in the pursuit of deeper questions.
Contents
- Computational Vision
- Introduction to Data Science
- Translational Neuromodeling
- Deep Learning in Artificial & Biological Neuronal Networks
- Introduction to Neuroinformatics
- Intro to Neuroscience
- Systems Neuroscience
- Readings in Neuroinformatics
- Neurobiology of Consciousness
- Econometrics
- Principles of Finance
- Big Data & Databases
- Game Theory
- Intro to Blockchain
- Marketing Analytics
- Financial Accounting
- Fundamentals of Computer Science
- Foundamentals of Information Technology Law
- Statistics
- Computer Programming
- Macroeconomics
- EU Information Law & Data Economy
- Advanced Mathematics & Statistics
- Principles of Management
- Mathematics
- Microeconomics
Understanding Consumers
Survey Research and Marketing Analytics
- Attitudes, overall assessment, etc.
- E.g., consumer awareness, knowledge, or perceptions.
- Personal, Telephone, and Self-administered surveys (mail, email, and web-based, etc.)
- Advantages:
- It can collect a great deal of data about an individual respondent at one time.
- Versatility.
Marketing Performance Outcome Chain
Costumer Satisfaction
- Measure of loyalty and quality of the customer base of a firm.
- Firms invest considerable resources in measuring customer satisfaction.
- A latent variable that is not directly observed.
What Drives Customer Satisfaction?
- Perceived Quality of Performance: Evaluation of consumption experience
- Customization, the degree to which the firm's offering is customized to meet heterogenous customer needs.
- Reliability, the degree to which the firm's offering is reliable, standardized and free from deficiencies.
- Perceived Value: Price information into the measure
- Rating of value given price.
- Rating of price given value.
- Customer Expectation: A forecast of the firm's ability to deliver quality in the future
- Customization (pre-purchase).
- Reliability (pre-purchase).
What is the Consequence?
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Customer Satisfaction American Customer Satisfaction Index
- Interviews about 180,000 customers annually.
- Durable goods, services, non-durable goods, government services etc.
- Rating from 1 to 10.
- Three questions:
Not Only in US but also...
Other Economic Impacts?
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Why Does Customer Satisfaction Matter?
- Loyal customers are less costly to serve.
- They are willing to pay more than others.
- They are more likely to accept product extensions.
- They can create barriers to entry for potential competitors.
- Firms can defend from competitors' attack (e.g., cutting prices).
Customer Loyalty Matters!
- Repeating purchasing the product / continuously using the product (Retaining Customers!).
- Customers are loyal if they buy products / services from the same company repeatedly rather than from other suppliers.
- Loyal customers are engaged with advocate behaviors such as generating positive word-of-mouth both online and offline. (Help acquiring new customers!).
Food for Thoughts Recency: If consumers recently buy the product, then? Frequency: If consumers buy the product frequently, then? Mean: If consumers buy and pay more, then?