MAT15 Risk and insurance

• Topics

  A successful marketing strategy must be based on knowledge about consumer behavior. For marketers, the key to successful development of marketing tactics is to understand how consumers think and feel (consumer psychology), how they make their decisions, and what are the main antecedents influencing consumers´ decisions. If a company does not have this insight, their marketing strategy will likely fail, and competitive advantages will evaporate. In a branding perspective, insight into consumer behavior is critical for the understanding of how to position products and services in a market and how to build positive, strong and unique brand associations. The main topics covered in the course are consumer psychology, the process of making decisions, and strategies for influencing/improving decisions made under high and low effort.

  Themes:

  Consumer psychology (Motivation, perception, knowledge, attitudes, memory and retrieval)

  Consumer decision making (problem recognition, information search, judgments and decision, post-decision processes)

  The difference between high-effort and low-effort decisions and how to influence them

  Customer journeys

  "Nudging" - help consumers to make decisions that are in line with their long-term goals

• Learning outcome

  After completing the course, students should:

  Knowledge

  • Have knowledge about how consumers make decisions about the acquisition, use, and disposition of goods, services, or other offerings
  • Have knowledge about the psychological core, and how it influences consumer behavior
  • Have knowledge about the differences in decision-making under high and low effort
  • Have knowledge about how consumer behavior is influenced by culture
  • Have knowledge about consumers' adoption processes of innovations
  • Have knowledge about new consumer trends (e.g. sharing economy, sustainable consumption, the experience economy etc.)

  Skills and competence

  • Be able to use knowledge about consumers' decision making to develop marketing strategies and tactics
  • Be able to develop specific strategic interventions to influence how consumers make decisions under high and low effort
  • Be able to analyze and deal critically with various sources of information about consumers and markets, and to use this information to structure and formulate scholarly arguments
  • Be able to use relevant methods for consumer research and scholarly work in an independent manner
  • Be able to carry out an independent, limited research or development project under supervision and in accordance with applicable norms for research ethics
  • Be able to communicate about academic issues, analyses and conclusions in the field, both with specialists and the general public

• Teaching

  Plenary sessions and group meetings (physical). There will be no recording.

• Recommended prerequisites

  MAT10 Analysis and Linear Algebra

• Required prerequisites

  None.

• Credit reduction due to overlap

  None.

• Compulsory Activity

  Multiple choice test

• Assessment

  Written group-based term paper (60%) and oral presentation of the term paper (40%)

  The term paper assignment will be handed out at the start of the semester, and students work with the term paper continuously throughout the term.

  Term paper and oral exam are in English.

  Groups should consist of 3-6 students.

  For students who took the course before autumn 2018 and wish to retake the course: The new evaluation form applies to students who want to retake the course. They are, however, not required to re- take the multiple choice test

• Grading Scale

  A - F

• Computer tools

  None.

• Literature

  Hoyer, W. D., MacInnis and Pieters, R. (2013). Consumer Behavior, International edition 7th edition, South-Western, Cengage Learning, US.

  Selected articles.

• Permitted Support Material

  Formula sheet and mortality tables (distributed in the examination room)

  Calculator

  One bilingual dictionary (Category I)

  All in accordance with Supplementary provisions to the Regulations for Full-time Study Programmes at the Norwegian School of Economics Ch.4 Permitted support materialhttps://www.nhh.no/en/for-students/regulations/https://www.nhh.no/en/for-students/regulations/and https://www.nhh.no/en/for-students/examinations/examination-support-materials/https://www.nhh.no/en/for-students/examinations/examination-support-materials/