CBMR DISCUSSIONS

Hello guys… Blog is absolutely  running great because of your  persistent efforts…J ..As suggested  by  Sir, Let’s  initiate   blog discussions  on any  CBMR  topic  that you  consider as   relevant… So just gear up and come up with some useful topics  and start a thread…J

Recap of Session Dated 11th Feb 2012

In todays session sir talked about:
1.Factor Analysis
2.Cluster Analysis
3.Multidimensional Scaling

1.Factor Analysis 

• It is a Positioning technique
• It is Data reduction technique
• It is the clubbing of attribute into meaningfull factor
• Factor is done on variable level

Taking example of Tooth Paste:
      Different attributes of a tooth paste can be : whiteness, cavity, bad smell, freshness, tooth decay, shininess,   strong teeth etc
These attributes can be clubbed as:

1. Asthetic : whiteness,freshness, shininess
2. Health & Hygine : cavity, bad smell, tooth decay, strong teeth

Steps in Factor Analysis

1. Identifying number of factors : This is done with the help of Eigen Value ( Thumb rule for this is 80% of variance)                                                                                                                                      * Eigen Value : It is the amount of variance explained by the attributes
2. Assigning variables to factors : This is done with the help of Corelation Matrix                                     If r > 0.5 , then we can corelate the attributes
3. Naming the factors : Name the factor so that it can be suited to all variables ( It is marketing interpretation)

2. Cluster Analysis 

• It is a Segmentation tool
• Cluster is done on respondent level
• Cluster Analysis is homogenity within the sample and heterogenity across the sample

Steps in Cluster Analysis

1. Identifying number of clusters : It is done using Eucledian distance ( i.e. distance between two clusters). As soon as Eucledian distance increases by great value, then we say that heterogenity between two clusters have been identified.

        
 
     2.  Assigning respondents to clusters : This is done with the help of Dendogram.

    3. Profiling (Market Interpretation)

3. MDS

• Perception Map (XLSTAT)

 Please add any missing points

Thanks & Regards:
Shruti Aryani
Roll No - 80
PGDIE- 41

Recap of Session 3 (by Professor Dhume)

In this class 5 major issues were addressed.

·         What is Consumer Behaviour?

·         Applications of Consumer Behaviour

·         Approaches to Consumer Behaviour

·         Modelling

·         Buying Behaviour

 1.       WHAT IS CONSUMER BEHAVIOUR?

Behaviour is the response of a person to a particular situation. Consumer Behaviour is defined as Human behaviour in the context of consumption. Consumer Behaviour is influenced by Economics, Anthropology, Sociology and Psychology. 

Consumer behaviour may be considered to be the response to a particular stimulus, under the influence of a FILTER/ Organization. The Filter for each individual is generally unique, which explains why identical twins do not exhibit identical behaviour in all situations. In most cases, their life experiences are different.

The stimulus may be:

·         Uncontrolled: Macroeconomic / Environmental factors

·         Controlled : Marketing Mix

The responses may be:

·         Product Choice,

·         Brand Choice

·          Vendor Choice

·          Purchase Timing and Volume etc.

Differences between human and animal behaviour can be drawn on the basis of the following factors:

Animal Behaviour	Human Behaviour
Guided mostly by instinct. Influenced by learning to a small extent.	Most part of human behaviour is a result of learning. Instinct plays a small role.
Accumulated knowledge of present generations is not passed on to the future generations.	Accumulated knowledge of present generations is passed on to the future generations.

2.       APPLICATIONS OF CONSUMER BEHAVIOUR

a)      Philosophy of Marketing:  A study on consumer behaviour enables a marketer to understand the actual needs of customers. These needs may not be apparent otherwise, as customers are often unaware of their needs. They may also not want to reveal their needs or may be unable to articulate them well.

b)      Marketer’s Job:

The desired responses of any stimulus (marketing activity) are:

·         Attention of the customer

·         To Convince the customer

·         Purchase

·         Repurchase

·         Positive Word of Mouth

c)       Facilitate Marketing Decisions:

The quality/performance of a product is a decision taken by the top-level management. If performance exceeds expectations, customers are delighted and if performance equals expectations, customers are satisfied. However, performance below expectations results in dissatisfied customers.

d)      Branding: Branding is essential to prevent commoditization and to differentiate the product of one company from that of the others. Brands have an objective component that is associated with the product. On the other hand, its subjective attitude is linked with the equity of the brand.

3.       APPROACHES TO CONSUMER BEHAVIOUR:

·         Introspective

·         Retrospective

·         Prospective

·         Prescriptive

4.       MODELLING

Modelling approaches are used to appreciate a phenomenon. It performs the following functions:

·         Describes the phenomenon of buying

·         Explains the phenomenon of buying

·         Predicts what is likely

·         Control

5.       BUYING BEHAVIOUR:

 Deals with understanding the following aspects:

a)      Perception: Process of giving meaning to stimuli

b)      Motivation: Driving force which makes an individual act in a way that reduces the gap between what is prevailing and what is desired

c)       Personality: Sum total of all psychological characteristics that determine behaviour

d)      Attitude: Predisposition learnt over a period of time towards certain objects. The tri-component attitude model contains three dimensions: Knowledge, Feeling and Behavioural tendency.

e)      Learning

Blog Initiative Amazing

Dear nitie participants,

you folks are doing a great job. keep it up. Few insights from my side.

1) recap regular

2) Blog Opinion polls

3) Class snaps

4) Class board snap

5) Profiling with students and see which student have posted what recap - Blog Admin with few bloggers help can do that


keep up the good work


cheers,
Dr.Ankush