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Friday, September 01, 2017

Nudging the Consumers to Your Brands Rethinking marketing through the lens of behavioral economics

Contact
Yan Xu

Tel: 8621 6360 8005

Email: Yan.Xu@illuminera.com

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Overview

Bertrand Russell once remarked, "It has been said that man is a rational animal — throughout a long life, I have been searching for evidence which could support this." Behavioral economics tells us that, we may think of ourselves as rational, but our choices are governed by systematic and predictable biases, as well as subject to change based on the context and situation. In this seminar, we examine the key concepts of behavioral economics from a perspective of understanding consumer choices. The relevance of these ideas pervades nearly all areas of marketing – from pricing, to communication to customer service. Daniel Kahneman’s contribution to understanding judgment and decision making, which forms the foundations of behavioral economics, was awarded with the Nobel Prize in 2002.


Brand choice is all about judgment and decision making – and understanding the social and psychological factors that influence brand choice is a must for every successful marketer as well as marketing researcher.

Program

Part I: Pricing Fundamentals
» Fundamentals: What is “price”, and its profound implication on pricing
» How much is your product/service “worth”?
» How do customers form their perception about “expensive” vs. “cheap”?

Part II: Pricing Research Techniques
» Techniques for pricing studies
» Indirect techniques to model customers’ trade-off patterns Part III: Pricing in Its Strategic Context
» Different motives for pricing » Pricing under different scenarios

Part III: Pricing in Its Strategic Context
» Different motives for pricing
» Pricing under different scenarios

Who Should Participate

Marketing Professionals

Venue

The Westin Bund Center Shanghai

Speaker

Ashok Sethi

Head of Illuminera Institute.


Ashok heads the Illuminera Institute, whose mission is to expand the frontiers of marketing research and provide powerful insights and decision making support to marketing companies. 


He has previously headed custom research business of GfK and TNS in China, leading teams of highly skilled and experienced researchers to develop close and consultative relationships with clients.


With over 30 years of experience in market and social research - in China, Hong Kong, India and other Asian countries, he has also worked as Regional Director for Best Practice and Methodology and Head of Consumer Insights for Emerging Markets at TNS.


He has extensive experience in both qualitative and quantitative research and in sectors as diverse as FMCG, Finance, Healthcare, Telecoms, Automotive and social marketing and has worked on a diverse set of projects focusing on consumer insights including the luxury market, the digital evolution, retail trends, youth research and on consumer trends in Asia.


Ashok’s has diverse interests, which include statistical methods, behavioral economics and ethnography. He is an active speaker on Asian and Chinese markets and consumer trends at various industry and marketing forums and is a regular contributor to the business press.


He writes a regular blog on consumer insights: https://www.linkedin.com/in/ashokset/



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