1. Final Research Paper Presentation
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Hofstede's cultural dimensions can provide insight into market cannibalism strategies. The document discusses Hofstede's six dimensions of culture that can help relate customer buying patterns to their cultural backgrounds. It also examines how culture heavily influences consumer behavior and perspectives, which are important factors for market cannibalism approaches as a marketing strategy. Market cannibalism can be viewed not just as a phenomenon but as an intentional strategy when considering how cultural influences consumer preferences.
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1. Final Research Paper Presentation
- 1. Effect of Cultural Dimensions on Market Cannibalism An understanding of how market cannibalism, marketing strategy can be related to the Hoftede’s Cultural Dimensions. Authors: Maithreya Chakravarthula Vikram Aditya Chakravarthula
- 2. Key Concepts 1. Hoftede’s Theory of Cultural Dimensions 2. Culture & Consumer Behavior 3. Consumer Behavior & Marketing Strategy 4. Market Cannibalism as a Marketing Strategy
- 3. Use culture to build a brand & then a Brand to build a Culture Product + Brand + Culture = Value
- 4. Hofstede’s Theory of Cultural Dimensions A scale of comparison on unique aspects of culture Six different dimensions Importance: Understanding people as a society Why? A tool to relate customer buying patterns with cultures
- 5. The 6 dimensions… Hofstede’s Dimensions of Culture (100 point scale)
- 6. Consumer Behavior One defining factor… “Perspective” Heavily influenced by Culture
- 12. Market / Product Cannibalism In Theory
- 13. Market / Product Cannibalism In Reality
- 15. Why?
- 16. Each iPhone as a new product
- 17. All iPhones as a single product
- 19. Why?
- 20. Conclusion Market Cannibalism – Not a phenomenon but a strategy Market Cannibalism – based on Consumer Behavior Consumer Behavior – Heavily influenced by culture Hofstede’s Dimensions provide an insight in
Editor's Notes
- Importance of culture on brand, market, customers, decision making, psychology etc.
- First poster : A man lying in the hot desert sand totally exhausted and fainting. Second poster : The man is drinking Coca-Cola. Third poster : Our man is now totally refreshed. And then these posters were pasted all over the place. "Terrific! That should have worked!" said the friend. "The hell it should have!" said the salesman. "No one told me they read from right to left!”
- Video on perspective and relate perspective to culture
- Blank Slide
- Same slide with markings on it! Ask them the difference between this and the other
- The reason we identified the spot on the previous slide is because of these. And the way we interpret these differences are defined and shaped by our culture.
- Traditional: Man eats another man Modern: He eats himself
- New iPhone 6 promotion should boost its own sales The sales of the 5s must go down!
- New iPhone 6 promotion should boosts the sale of the older phone The sales of the 5s go up!
- Expected theoretical Technique of cannibalism. Raise in sales when new product launched. Compare Q4 to Q3. Initially Q4 sales < Q3 sales (New product expected in next quarter, so people don’t buy);
- The trend of following the bell curve does not work in this case. Why? After the launch of each new product, initially it is common that people are critical about it. They wait for the reviews, ask people about it and then buy it after they are convinced.
- When all iPhones are considered as a single product though… the bell curve retains its position
- Unexpected Technique of cannibalism – In modern times, reality Raise in sales when new product launched but at the same time rise in sales of the 4th quarter. Compare Q4 to Q3. Q3 sales < Q4 sales (New product expected in next quarter, yet people buying the older product before the launch of the new one)
- Cost to benefit ratio! Clearly price is a determining factor. Each new release is just an incremental upgrade. Lower cost to benefit ratio!
- The other way… Started with Culture, consumer behavior, cannibalism Ended with cannibalism, consumer behavior, culture