Consumer Behaviour and Analytics (Mastering Business Analytics)

✍ Scribed by Andrew Smith

• Publisher: Routledge
• Year: 2023
• Tongue: English
• Leaves: 231
• Edition: 2
• Category: Library

✦ Synopsis

The second edition of Consumer Behaviour and Analytics provides a consumer behaviour textbook for the new marketing reality. In a world of Big Data, machine learning and artificial intelligence, this key text reviews the issues, research and concepts essential for navigating this new terrain. It demonstrates how we can use data-driven insight and merge this with insight from extant research to inform knowledge-driven decision-making.

Adopting a practical and managerial lens, while also exploring the rich lineage of academic consumer research, this textbook approaches its subject from a refreshing and original standpoint. It contains numerous accessible examples, scenarios and exhibits, and condenses the disparate array of relevant work into a workable, coherent, synthesized and readable whole. Providing an effective tour of the concepts and ideas most relevant in the age of analytics-driven marketing (from data visualization to semiotics), the book concludes with an adaptive structure to inform managerial decision-making.

Consumer Behaviour and Analytics provides a unique distillation from a vast array of social and behavioural research merged with the knowledge potential of digital insight. It offers an effective and efficient summary for undergraduate, postgraduate or executive courses in consumer behaviour and marketing analytics, and also functions as a supplementary text for other marketing modules. Online resources include PowerPoint slides.

✦ Table of Contents

Cover
Endorsements
Half Title
Title Page
Copyright Page
Contents
Figures
Tables
Preface
Note
Acknowledgements
Chapter 1: An introduction to consumer analytics
Introduction
The context of contemporary marketing
Why data-driven?
Operational imperatives
Why ignore all that data?
Cost
Analytical imperatives
Let's find out what people actually do before we attempt to explain it
Data identify individuals/households
Data and insight
Analytic inquiry
Cause, effect and inference
What are they; what do they denote?
What do they seem to indicate?
What might it indicate?
What questions do these exhibits raise?
What don't they show?
Key elements of analytics
Descriptive analytics
Data mining
Predictive analytics
Machine learning
Algorithms
Purposive research
Survey
Depth and interpretive studies
Experiments
Neuroscience
Conclusion
Note
References
Chapter 2: Purchase insight and the anatomy of transactions
Introduction
Behavioural biases and customer value
Loyalty and repeat purchase
Routine and habit
Customer value
RFM
Customer lifetime value (CLV)
How churn and switching manifest in reality
Person A: Sole loyal
Person B: Sessioner or step-change
Person C: Oscillator
Person D: Stager
Variety-seeking
Data forms and dimensions
Data types
Cardinal
Ordinal
Interval
Nominal and categorical
Transaction data in reality
Data complexity and dimensionality
Activity
Data dimensions
Data dimensions and visualization
Features, correlation, association and relationships
Features at the individual level
Correlation
Patterns and structure in consumer data
Association at the individual and aggregate level
Individual level
Aggregate level
Conclusion
References
Chapter 3: Web and social activity
Introduction
Monitoring in the digital space
User and usage insight
Words, talk and sentiment
Social network analysis
Temporal dynamics in the virtual social realm
Conclusion
References
Chapter 4: Extant research, decision-making and exogenous cognition
Introduction
The importance of considering extant research
A brief history of consumer behaviour research
Micro-economic theory
Cognitive school
Behaviourist critique
Interpretivism, social and cultural theory
An age of conflation and variety
Experimentation
Data-driven discovery - analytics-driven application
The challenge of context
The challenge of complexity
Exogenous cognition: the link between analytics and the emerging consumer
Traditional conceptualization of the consumer decision process
The impact of smart technology
What is exogenous cognition?
Managerial and ethical implications of ExC
Funnelling, reinforcement and bias
Disruption and increased entropy
Consumer welfare: reinforcement and disruption effects
Real-time marketing
Direct to device/consumer - individualized
Ethics of persuasion
EC and the 'lens' through which we view extant consumer research
Conclusion
References
Chapter 5: Elemental features of consumer choice: Needs, economics, deliberation and impulse
Introduction
Utility and needs
The economic psychology of price and value
Sales promotion effects
Deliberation and impulse
Deliberation
Satisfaction and disconfirmation
Impulse
Conclusion
References
Chapter 6: Perceptual and communicative features of consumer choice
Introduction
Brands and marketing communications as signs
Learning and memory
Trust and persuasion
Persuasion knowledge
Social and observational learning
Heuristics and perceptual biases
Schema theory
Framing
Responses to and effectiveness of MC
Conclusion
References
Chapter 7: Individual and social features of consumption
Introduction
Nature vs. nurture?
The socio-cultural realm
Rituals
Myths
Norms
Group influence and sub-culture
Reflected appraisal
Comparative appraisal
Reference groups
Brand communities
The socio-familial milieu
Consumers and ethics
Emotion
Underlying psychological factors
Risk and innovation
Personality and sense of self
Conclusion
References
Chapter 8: Knowledge-driven marketing and the Modular Adaptive Dynamic Schematic
Introduction
Applying acquired and extant knowledge
Knowledge-driven marketing
Data harvest and capture
Configuring analytics
Enactment
Results
Validation and testing/reconfigured algorithm
Interpretation and visualization
Sense-making
Marketing outcome
Modular Adaptive Dynamic Schematic (MADS) as a contribution to KDM
MADS: worked examples and applications
An illustrative scenario
Behavioural biases
Exogenous cognition (ExC)
Utility-hedonic blend
Economic
Deliberation-impulse blend
Image and semiotics
Responses to marketing communications (MC) and information (distinct from exogenous cognition)
Heuristics and perceptual bias
Socio-cultural
Socio-familial milieu
Ethics
Emotion
Psychological biases
Application of MADS
A cautionary note on ethics
Final thoughts
Note
References
Index