Marketing: On the value of things

Enlarge

What determines the kind of things people want? How do they arrive at their purchase decisions? These are typical questions in the context of marketing research. Yet business economist and behavioral scientist Martin Paul Fritze, Chair of Marketing with a Focus on Consumer Behavior at LMU since November 2024, goes a step further: “At the level of individual decision-making, we not only find the key to success for products, brands, and companies, but also the key to addressing developments and challenges across society as a whole.”

From this understanding we can learn how to tackle topical problems such as the need to live more sustainably. “Political communication on the subject often remains bland and one-dimensional. Do this! Consume less! But people don’t respond to such assertive appeals the way we want them to. We have certain basic needs, and one of these is autonomy. So, if someone meddles in our decisions, we are likely to react with resistance.”

The scientific path: Asking questions, broadening perspectives

After completing his studies as an industrial engineer at the Berufsakademie Sachsen (Vocational Academy Saxony), Fritze continued his studies – and later earned his doctorate – at the University of Rostock. “During my doctoral program, I tried to visit as many other institutions as possible, and that took me abroad a lot. This experience gave me additional valuable insights into and perspectives on academia,” the professor says, speaking of a time that would be crucial to his future career path. “Constantly asking questions didn’t go down well in my school days, but suddenly it found its place in research. As a scientist, you also have the freedom to answer your own questions. That is very satisfying.”

Fritze thus decided to stay in academia and, immediately after receiving his doctorate, started out as an Assistant Professor at the University of Cologne. He then took over the Chair of Marketing at Zeppelin University in Friedrichshafen before moving to LMU in the winter semester 2024/25. “I’ve settled here very well,” he says. “LMU offers a great environment that supports and strengthens commitment to excellence.” Fritze also highlights the economic environment in Munich: “The companies here are deeply interested in links to academia. They particularly value the combination of broad perspectives and deep insights. The result is a wonderful dialogue that is incredibly enriching for both sides.”

Professor Fritze feels his students are “highly motivated”. His undergraduate teaching centers around working with the students to reflect critically on existing knowledge about consumer behavior and applying this knowledge to specific challenges in corporate practice. The support he provides to doctoral candidates focuses on enabling them to create knowledge themselves and showing them “how an idea can be transformed into studies and, ultimately, into a paper that resonates with both researchers and practitioners”.

From the sharing economy to the blockchain: New forms of consumption

In his own research, Fritze is especially interested in consumer behavior in the context of technological transformations – above all “the bridge between the digital and physical environments in which we live”. He illustrates the point: “When we think of consumption, we often think of physical possessions that we have or want to have. The sharing economy has broken this concept up, even in areas where one would not have expected it.” His research work also takes him into virtual realities and cryptocurrencies, nurturing his interest in technologies – such as algorithms and the blockchain – that interface between the virtual world and the real world.

The professor conducts all kinds of experiments to answer his research questions: “Since it is always about identifying cause-and-effect relationships, experimental design is the core methodology,” he explains. “This approach seeks to obtain deeper insights into human behavior in consumption contexts through systematic variations and controlled measurements of specific variables.” To this end, Fritze adopts a decidedly interdisciplinary approach, combining business economics with psychology, but also drawing on empirical philosophy. He also co-founded the Center for Empirical Philosophy and Behavioral Insights. In current projects, for example, he is exploring how life satisfaction affects how often people immerse themselves in virtual environments. In another study, he is looking at how notions of freedom influence individuals’ attitudes to brands and products.

Essentially, his research deals with materiality: the value that is intrinsic to things and that people ascribe to those things. Marketing experts are often accused of merely perfecting techniques that tempt consumers to buy things. In response, Fritze has this to say: “Marketing obviously includes concrete approaches to influencing behavior. But you can’t arouse fundamental needs. Marketing is primarily about creating value.” He concludes our interview with a philosophical thought: “It’s not easy to give life meaning. We can be grateful when we recognize value in things and find what matters to us. So, isn’t it nice to get a little help sometimes?”