Tag: marketing

Hannah Perfecto discovered her passion for psychology and consumer behavior when she was an undergrad at Yale University. “It was the time when a lot of these pop psychology books, like Freakonomics or Nudge, that were using data to answer questions about how people are behaving on a large scale, were coming out,” says Perfecto.

Fortunately, faculty at Yale’s School of Management were conducting research on the intersection of consumer psychology and marketing—a topic she found fascinating.

“I worked in that lab for basically my whole time there,” says Perfecto. “When I realized that I could keep doing that as a graduate student and then subsequently as a professor, I jumped at the opportunity.”

Her graduate studies would take her to West Coast, where she earned her MS and PhD at the University of California, Berkeley, and to Olin, where she continues to research judgment and decision making. Specifically, Perfecto says she looks at how marketers can make small changes to how a decision is phrased or how outcomes are described.

“Even with these small changes, we can see sometimes dramatic changes in how people make those decisions or feel about those outcomes,” she says.

Get to know Hannah Perfecto, assistant professor of marketing, in the video above.

 

Research Interests:

Consumer behavior, behavioral decision theory, meta-cognition, field experiments, research replicability and reliability

Selected Publications:

  • “Rejecting a Bad Option Feels like Choosing a Good One”, Journal of Personality and Social Psychology, Issue 5, 659-670, with J. Galak, J.P. Simmons, and L.D. Nelson, 2017

View More Publications

Awards/Honors:

  • Hillel Einhorn New Investigator Award, Society for Judgment and Decision Making, 2016
  • AMA-Sheth Foundation Doctoral Consortium Fellow, American Marketing Association, 2016
  • Diversity Travel Scholarship, Society of Consumer Psychology, 2016

Sydney Scott, assistant professor of marketing, has spent the last decade in Philadelphia at the University of Pennsylvania. She earned her undergraduate degree in psychology there, followed by what she calls “a natural evolution” to a master’s and PhD in marketing at Wharton.

Scott’s dual interests in psychology and marketing have been a perfect match for studying consumer behavior. She has conducted research into consumer preferences for natural, organic products versus genetically modified products.

Scott grew up in California, but is getting acquainted with her new hometown, exploring St. Louis’ ice cream shops and trying out local delicacies like gooey butter cake.

Area of Expertise:

Consumer behavior and decision-making

Research Interests:

Morality and consumption; judgment and decision-making; preference for naturalness

Selected Publications:

  • “Evidence for Absolute Moral Opposition to Gentically Modified Food in the United States”, Perspectives on Psychological Science, Issue 3, 315-324, with Y. Inbar, P. Rozin, 2016
  • “The Price of Not Putting a Price on Love”, Judgment and Decision Making, Issue 1, 40-47, with A. McGraw, D. Davis, P. Tetlock, 2016
  • “Why Does the Cognitive Reflection Test (Sometimes) Predict Utilitarian Moral Judgment (and Other Things)?”, Journal of Applied Research in Memory and Cognition, Issue 3, 265-284, with J. Baron, K. Fincher, S. Metz, 2015
  • “Asymmetrical Social Mach Bands: Exaggeration of Social Identities on the More Esteemed Side of Group Borders”, Psychological Science, Issue 10, 1955-1959, with P. Rozin, H. Zickgraf, F. Ahn, H. Jiang, 2014
  • “Integrative Complexity Coding Raises Integratively Complex Issues”, Political Psychology, Issue 5, 625-634, with P. Tetlock, S. Metz, P. Suedfeld, 2014
  • “Psychological Strategies for Winning Geopolitical Forecasting Tournaments”, Psychological Science, Issue 5, 1106-1115, with B. Mellers, L. Ungar, J. Baron, J. Ramos, B. Gurcay, K. Fincher, D. Moore, P. Atanasov, S. Swift, T. Murray, E. Stone, P. Tetlock, 2014
  • “Nudge to Nobesity I: Minor Changes in Accessibility Decrease Food Intake”, Judgment and Decision Making, Issue 4, 323-332, with P. Rozin, M. Dingley, J. Urbanek, H. Jiang, M. Kaltenbach, 2011



Where were you when Steve Jobs pulled the first iPhone out of his pocket on June 29, 2007? For many, including future historians of the digital age, that day marks a turning point in mobile communication and handheld technology. For anyone under the age of 25 it’s impossible to remember life without smart phones. Believe it or not, people used to walk, ride bikes, drive cars with their heads up, looking at the world around them instead of staring into the universe displayed on a palm-sized screen.

Rumors have been circulating for months about the iPhone 8 iterations expected to debut later this year along with a souped-up 10th anniversary special edition. Customers will probably once again camp outside stores for the bragging rights to be among the first to buy the newest model.

Seethu Seetharaman

Seethu Seetharaman, W. Patrick McGinnis Professor of Marketing at Olin uses iPhone sales data in his Data Analysis for Brand Management class. “I have used sales data for the years since the iPhone was launched to teach students how to forecast future sales. I use a new product diffusion model called the Bass Model to do this.”

Seetharaman, who is also Director of the Center for Customer Analytics & Big Data (CCABD) and Academic Director for the Master of Science in Customer Analytics (MSCA) program, points to the data that show iPhone sales increased from $19.3b in 2006 to $215.6 in 2010. That’s an 11X increase.

“The iPhone has been a disrupter like no other,” explains Seetharaman. “It has not just hurt traditional phones (i.e., competitors within the same category), but has destroyed at least four other product categories in a decade’s time!”

Seetharaman shares more data from 2006-2016 as proof of the products left behind in the wake of the iPhone’s success:

  • Digital camera sales fell by 66%
  • MP3 player sales fell by 87%
  • Portal Navigation Systems sales fell by 80%
  • Camcorder sales fell by 93%

Carol Johanek

Carol Johanek, Olin Adjunct Professor of Marketing, says building customer loyalty has been a key to Apple’s success:
“Apple has excelled in building loyalty for its overall brand by continuously understanding the changing preferences of its core customers and adapting its platform to laptops, tablets, smart phones and online music over the years. Their excellence in customer service and allowing for an easy transition into upgrades has enabled the brand to achieve a strong retention among its customer base.”

Craving iPhone trivia? Here are a few sources:

  • In July 2016, CEO Tim Cook announced Apple had sold the billionth iPhone.
  • Currently, there are more than 700 million iPhones in use worldwide. That’s according to an estimate from BMO Capital Markets which includes more than 200 million second-hand iPhones.  Source: Fortune
  • Why is 9:41 always the time displayed on Apple devices in marketing materials? Link to answer.
  • 60 amazing iPhone facts & stats



Katie Wools, Creative Director in Olin’s Marketing & Communications department, is a Gold Winner in the 2017 Hermes Creative Awards competition for her poster design that promoted this year’s Shakespeare at Olin event.

Katie, who is a freelance illustrator with children’s books to her credit, was quick to say that the poster was a team effort. “Paula Crews, Judy Milanovits, Cathy Myrick—all members of our MarComm team—and I, first met to discuss concepts for the poster. Dean Taylor approved, and then I got to work on a sketch—Cathy laid in the type.”

Katie says the Dean made a great suggestion when he saw the initial sketch. “It was his idea to put Juliet on top of Brookings Hall to mimic the iconic balcony scene from Romeo & Juliet. It was brilliant!”

It was also Dean Taylor’s idea to stage the first-ever Shakespeare at Olin, held April 23, in honor of the Bard’s 453rd birthday. Katie also designed banners that decorated the tent on Mudd Field where several local professional theater groups and WashU students performed scenes from Shakespeare.  Link here for complete program.

Photo by Jerry Naunheim, Jr.

Pen and ink and watercolor are Katie’s illustrating media. Once complete she scans the artwork into a digital file. For the Shakespeare poster, she added a parchment-like background and a “few other tweaks” in PhotoShop. Total time for the project? Katie estimates 20 hours, but who’s counting? “It was such a fun project I didn’t keep track. I am never happier than when I get to work on a project like this,” Katie said.

At right, Katie’s illustration of William Shakespeare was blown up to five feet tall for a fun selfie station complete with Elizabethan props and quotes from the Bard’s plays.

“Hand illustration is definitely a disappearing art,” said Katie. “Working in traditional media is scary. If a client makes a change to your digital illustration it is often an easy fix in PhotoShop. If they make a change to your painting, you sometimes have to start all over again. But I use both traditional and digital techniques in my art. When I am done with a watercolor, I often make small tweaks in photoshop to clean it up. But I am still careful to maintain the integrity of the original painting.”

 


Hermes Creative Awards is an international competition for creative professionals involved in the concept, writing and design of traditional and emerging media. Hermes Creative Awards recognizes outstanding work in the industry while promoting the philanthropic nature of marketing and communication professionals.

Hermes Creative Awards is administered by the Association of Marketing and Communication Professionals (www.amcpros.com). The international organization consists of several thousand marketing, communication, advertising, public relations, digital media production and free-lance professionals. AMCP oversees awards and recognition programs, provides judges and awards outstanding achievement and service to the profession.

 




When Marci Furutani,MBA ’11, graduated from Olin she went to work for The Republic of Tea in Novato, California. She led a marketing team charged with transitioning their strategy from direct mail to a web-based business model that encompassed all digital channels. “Our team contributed year over year double digit growth for the four years I led this channel,” Furutani tells the North Bay Business Journal that has named her to its 2017 Forty Under 40 list of remarkable young professionals.

“I am a leader, authentic and empathetic. I motivate and provide purpose. I listen, ask questions, collaborate and mentor. I am passionate, enthusiastic and driven.” -Marci Furutani

Two years ago, Furutani was promoted to Minister of Brand Engagement (aka: marketing director) in The Republic of Tea. “Our team continues to find meaningful ways to engage with our citizens (customers) whether through social media, direct mail or content driven marketing explaining the health benefits of our teas. We strive to help citizens live a sip by sip rather than gulp by gulp lifestyle and enrich their lives through premium tea, education and innovation.”

Link to North Bay Business Journal’s profile of Marci Furutani.

 


Olin Business School Blog Olin Business School Blog