 Hi, welcome. My name is Dr. Marcy Stone, and this is Unit 10 Informing Marketing Strategy of your Consumer Behavior Course. This course has 10 units. This is the last one, and it is on Informing Marketing Strategy. Here are the Unit 10 learning outcomes. So we have identified the various components that would be most effective in understanding or predicting a consumer's behavior. Evaluate the dimension components that a marketer can use in a customer segmentation. Identify the actions that a marketer could take to measure, monitor and improve the customer experience. Explain the concept of emotional branding and its impact on customer acquisition. Why are learning outcomes important? Every learning outcome ties back to your course materials, to the content, to the assessments and test preparation. Here are the Unit 10 overview topics. So predicting a consumer's behavior, components of a customer segmentation, measuring, monitoring and improving the customer experience, and then we have emotional branding and customer acquisition. And then these are the vocabulary terms that we're going to be discussing in this presentation. Okay. There are four factors to consider when attempting to predict a consumer's behavior, and these include personal, psychological, social and cultural. Each of these factors may influence or change a consumer's behavior. It's also important to consider age and how this influences a consumer over time. So for example, a consumer in their 20s will have a different social circle than they will when they reach their 50s. And this will impact them as a consumer because their buying behavior will be different. By understanding buying behavior and how this might affect the consumer, you may be able to better determine how a consumer may respond to specific marketing. Okay. So here is a little survey. So someone conducted a little survey about footwear. And so when they start to look at what their behaviors are, why they buy things, what they use, this is their percentage of each of those as we look through it. So the first one here says I started using eShop services. And so you can see 35% due. That's a bigger market than the rest of them. And they, in this case, they disagree with that statement. I have started to use the services of eShops to a greater extent. 44% said that they did agree. Closing my stores led to a reduction in demand for footwear and clothing. 68% totally agreed. And then closing stores was a significant problem for me. 71% said yes. And then closing shoe stores was a significant problem. And then 73% agreed to this. So this just gives you an example of the types of surveys that a marketing, that marketing might ask for consumers to try to get an idea of maybe in this case they're trying to see if they're considering opening a shoe store. So quite a few shoe stores have closed because of your online, your bigger online retailers. And shoes especially you want to try on before you buy. And so it would be really important for a marketing department to say, okay, we need to conduct a survey to get an idea of what they're doing. And so these are the types of things that you can do in marketing to show like what consumer behavior is and what their understanding is. And it's a really good idea to do these before you develop your strategic plan. So there are several different ways that the market might be segmented and how you can narrow in on your specific customer. So segmentation includes demographic, behavioral or geographic. And demographics might be narrowing down by age, race, sex. If they're a homeowner, there's quite a few different demographics depending on what you're looking for. You might also break your segmentation down by behavioral. And this might include determining if the consumer is ready to make a purchase, maybe what research they've already done or looked at, or maybe even what potential solutions that they've looked at to solve their problem. So these are behavioral. If they do online browsing, that would be behavioral. How did they try to solve the problem? And then you have geographics, which is really your physical location of where that person lives. So these types of segmentation can also be combined. So for example, a realtor may want to focus on potential buyers that are in a specific area by using demographics and geographics. And they may be able to narrow down that market by looking at maybe age, family size and location. From a marketing perspective, it's important to analyze and attempt to improve the customer experience. And this can be done by monitoring or measuring the current experience and reviewing where you would like the level of customer experience to be. So one example of monitoring or measuring the current level of a customer's experience is by reading customer reviews about a product or service. Reviews contain feedback about that product and will give examples on how to improve. By improving the customer experience, you may create happy customers who leave positive reviews and may become loyal customers. Consumer decision making trends is another area to analyze when you're working on your strategic marketing plan. So these trends change frequently and they may affect consumer behavior. Over the last decade, sustainability is a business trend that has gained consumer support. And by promoting a product or brand sustainability, you may be able to better connect with the consumer. When a customer deeply connects with a brand, emotional branding may occur. So a great example of this is Bath & Body Works or the Body Shop. So they've developed strong customer followings because of their use of scent. By using scent to connect with customers, an emotional bond may be created when a customer has fond memories and an emotional attachment to that scent. This type of bonding has a strong potential to also build customer loyalty. Most emotional bonding occurs with a brand naturally and it cannot typically be forced and that also may be developed over time. Okay, I like this colorful little slide here. This shows you the various brands and their emotional branding, if you will. We have different emotions in here. You might see Optimism is one of those. You may see McDonald's is in their Best Buy subway. They're optimistic. They're more about clarity and warmth. Then you have your friendly brands in there. Amazon, very customer friendly, is one example. Payless shoe stores, another great example, even though their stores have closed here in the United States, which again is a shoe problem that we have that now we have to order our shoes online and then return them when they don't fit. Excitement, the one that's in red there, Coca-Cola, Target, Exxon is in there, CNN is in there, Kellogg's. And then you have your creative, your wise brand. So you have your sci-fi, your Barbie is in there, Taco Bell is in there. And then you have Trust, the ones that have really worked to gain the trust of their customers. Dell Computers, Lowe's is in there, HP is in there. A couple of consumer brands, Walmart's in there. And then we have Peaceful or Your Health Related. Sorry, Your Health Related brands, John Deere is in there. We have Tropicana, the juice company. Some Intra Whole Foods is also in there. They're very peaceful companies. That is part of their mission statement. And then you have Balance, which the cartoon network is in there. Puma is in there, Nike is in there, Honda, and they're more calm brands, if you will. So it's an interesting slide when we think about how these brands connect with their customers and what they are. So I don't know about you, the one that stands out to me probably the most on here is Target's logo. And whenever I walk into a Target, I'm happy. It is exciting. You don't know what you're going to find kind of thing. And they have different products. They're very family friendly, but you do get that sense of excitement, I think, when you walk into a Target. Anyway, an interesting slide to analyze these brands and how they make that emotional connection. Okay, in conclusion. So here are the Unit 10 learning outcomes. So we talked about how you might predict a consumer's behavior or ways to look at how to predict it. We also looked at the different segmentation of customers and how you can narrow down that target market. We talked a little bit about any actions that a marketer can take to measure, monitor, and improve the customer experience. And then we talked a little bit about that emotional branding and how it impacts new customers, old customers, customer loyalty, all of it. And then what's next? So here are some additional resources for you. You have your case studies, you have your study guide, just some things that you can look at to help you with test preparation. So my name is Dr. Marcy Stone and I just wanted to say thanks for listening.