Companies waste time and money on ineffective marketing strategies. Marketing research professor Byron Sharp suggests that, instead, they should act according to research that shows definite patterns or “laws” in how buyers buy and brands grow. He defies conventional marketing theories as he explains why sellers should use mass marketing to reach light buyers, and why loyalty programs and price promotions don’t work. According to Sharp, marketing managers erroneously focus on serving existing customers rather than on acquiring new ones. However, Sharp doesn’t mention Groupon, Living Social and similar sites that redefine mass marketing every day. And, except for the occasional quirky quote, the prose – while informative and applicable – is dense and dry. getAbstract recommends his insights to marketing students, professors and researchers; to those seeking to understand consumer behavior; and to data-oriented ad buyers or analysts.
In this summary, you will learn
- How to interpret predictable patterns of consumer behavior,
- How to increase your customer base,
- Why the same customers buy competing brands, and
- How advertising and price promotions affect customers.
About the Author
Byron Sharp is a professor and director at the University of South Australia’s Ehrenberg-Bass Institute, which specializes in marketing research.