Entrepreneur Introduction

Please introduce yourself as an entrepreneur. Describe your field of interest and your product or service. If you are not sure about your entrepreneurship characteristics and areas for improvements, please do this week’s assignment first. A minimum of 150 words is required as your DF submission.

This question is based on this unit and your own reflections.  You are asked to introduce yourself as an entrepreneur. Imagine that you are featured in one of entrepreneur’s newspaper or magazine.  Write up your profile as an entrepreneur featured there.  You may insert your picture in your text if you wish to do so. It could be serious or funny. Preferably it should show you in any type of action related to what you do best.

Hey there! As an entrepreneur, allow me to introduce myself. My name is Elena and I’m going to create a trendy clothing brand called “Noir Threads”. My brand will specialize in offering a unique collection of black-themed clothing, accessories, and merchandise for fashion-forward individuals.

Noir Threads logotype
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Learning Journal 8

Each day, reflect how you encounter (or generate) examples of buzz about products, services, brands or companies.

Buzz marketing is a strategic marketing approach that aims to generate excitement, interest, and conversation around a product, service, brand, or company. It involves creating a buzz or hype through various channels and tactics to capture the attention of the target audience and create a sense of anticipation or curiosity. Buzz marketing relies on word-of-mouth recommendations, social media, influencer endorsements, viral content, and other creative strategies to engage consumers and generate organic buzz. The goal is to create a buzzworthy experience or story that captures the imagination of consumers, sparks conversations, and ultimately drives awareness, interest, and sales. By leveraging the power of social influence and consumer engagement, buzz marketing seeks to create a positive buzz that spreads rapidly and amplifies the reach and impact of marketing efforts (SendPulse, 2023). 

My daily encounters with buzz about products, services, brands, or companies would vary throughout the week. Here’s a reflection of how I might encounter or generate examples of buzz from Monday to Sunday:

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Learning Journal 7

Reflect on how you would make a decision by identifying several important criteria, their weights, and the scoring of several alternatives. Explain which alternative would be preferred according to the Bayesian approach, and which would be preferred by a conjunctive approach. Which would be more appropriate and why?

Winter is coming, and it tends to be very cold where I live. Recently I’ve been looking for a winter coat, and decided to discuss this purchase in the Learning Journal this week. When making a decision to buy a winter coat, several important criteria can be considered, such as price, warmth, style, durability, and brand reputation. The weights assigned to these criteria may vary depending on personal preferences and priorities. The following weights are my criteria:

– Price: 0.3

– Warmth: 0.4

– Style: 0.2

– Durability: 0.05

– Brand Reputation: 0.05

Now, let’s consider three alternatives and score them based on these criteria:

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Role Dynamics in a Major Household Purchase Decision: Buying a Family Car

Identify a major purchase decision that a household or organization would face. Identify several different people who would have a voice in this decision. Explain the role (leader, veto, consultation, or inform) that each would want to play and the role that each should be allowed to play.

Introduction

A major purchase decision that a household or organization may face is buying a family car. This decision is significant due to the financial commitment and the potential impact it could have on the daily lives of the family members. The people who would have a voice in this decision include the head of the household (typically a parent), the spouse, and the children (if they are old enough). In some cases, other extended family members or close friends may also have a say.

Body

According to Davis (1976), the head of the household, often considered the leader, would want to play a dominant role in this decision. They would likely be responsible for setting the budget, determining the necessary specifications, and ultimately making the final decision. However, as the leader, they should also be open to input from others to ensure that the decision meets everyone’s needs.

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Learning Journal 6

Each day, reflect Maslow’s different needs and how different products and services meet those different needs.

Maslow’s Pyramid of Needs, also known as Maslow’s Hierarchy of Needs, is a motivational theory proposed by the psychologist Abraham Maslow in 1943. It suggests that individuals have various needs that they strive to fulfill, and these needs are arranged hierarchically in a pyramid structure (Mcleod, 2023). Here is my reflection of different needs during the week:

Monday: Physiological needs

After a long day at the training center, I often find myself exhausted and in need of a quick, nourishing meal. This is where food delivery services like Meituan come in handy. They offer a wide variety of meals from different restaurants, allowing me to satisfy my hunger without having to cook.

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Motives & Attitudes

Select one of Hofstede’s dimensions of culture. Explain where your culture falls on that dimension. Give one example of how this influences your culture’s attitudes toward a given product, service, brand or company.

One of Hofstede’s dimensions of culture is Power Distance, which refers to the extent to which less powerful members of a society accept and expect power to be distributed unequally (De Bruin, 2017). Having lived in China for many years, I can say that Chinese culture (which I assimilated) falls on the higher end of the Power Distance dimension.

In Chinese society, there is a strong emphasis on hierarchy and respect for authority figures (Chien, 2016). This is evident in various aspects of daily life, such as the relationship between parents and children, teachers and students, and employers and employees. The power distance is reflected in the way people interact and communicate with those in positions of authority, where deference and obedience are expected.

This influence can be observed in Chinese attitudes toward brands or companies. Chinese consumers tend to place a significant emphasis on the reputation and credibility of a brand or company. They often rely on the opinions and recommendations of authority figures, such as celebrities, experts, or influencers, when making purchasing decisions. The endorsement of a product or service by a respected figure can greatly influence the perception and trustworthiness of that particular brand or company.

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Learning Journal 5

Each day, reflect how you forgot to do different things (especially purchases). How could a marketer have helped you remember these?

Life can be pretty chaotic, and forgetting things happens to me very often. Thankfully, a marketer could definitely help me not to forget at least about buying things. This week, on Monday, I celebrated my birthday and as soon as it became my biggest recent concern, I forgot several other things.

First of all, being busy with preparations and going out to have a party, I completely forgot about buying groceries on Monday. It was frustrating because I had no normal and fresh food to eat on the following day. I don’t like buying groceries for the whole week in advance because I prefer eating fresh food. Therefore, I buy things 3-4 times a week. There are no big supermarkets with everything I need nearby, and usually I order these products online using the Meituan app. I believe that marketers could have helped me in this situation by app notifications so I wouldn’t need to rely solely on my memory. In fact, according to Efimova (2023), push notifications are effective in improving user engagement and reminding customers of upcoming tasks.

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Advertisement for Niffler Merchandise at Universal Studios Park

Design an advertisement for a product, service or brand. If possible, take a photograph or create a video on youtube that you can link to. Explain how the material of this unit helped you develop a more effective advertisement.

Introduction

Welcome to the enchanting world of nifflers! In this advertisement, we will delve into the captivating universe of Fantastic Beasts and showcase the delightful merchandise available at Universal Studios Park. Whether you’re a devoted fan of the movies or simply captivated by the whimsical charm of magical creatures, this advertisement is designed to pique your curiosity and bring a touch of magic into your life.

Within the realm of Fantastic Beasts, nifflers are mischievous and lovable creatures known for their insatiable attraction to shiny objects. As you explore the magical world created by J.K. Rowling, you can now bring a piece of that enchantment home with the range of niffler merchandise available at Universal Studios Park. From cuddly plush toys to intricately crafted figurines, the niffler merchandise captures the spirit and allure of these marvelous creatures.

So sit back, open your imagination, and prepare to be mesmerized as we take you on a captivating journey through the world of nifflers and their enchanting merchandise. Let the magic unfold!

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Physiology, Learning, & Memory

Come up with an example of a consumer related habit and how it has been classically conditioned. Identify each of these components: the unconditioned stimulus, the neutral stimulus that becomes conditioned, and the response.

Come up with an example of a consumer related habit and how it has been operantly conditioned. Identify the response and the kind of reinforcement (positive or negative).

Consumer habits are deeply ingrained behaviors that individuals develop over time. These habits can be influenced by classical and operant conditioning, two fundamental concepts in psychology (Indeed Editorial Team, 2022). Consider a consumer who has developed a habit of associating the smell of freshly baked cookies with the purchase of a particular brand of coffee. Initially, the smell of cookies is a neutral stimulus that does not elicit any response related to coffee purchasing. However, through classical conditioning, this neutral stimulus becomes a conditioned stimulus that triggers a response (Cherry, 2023).

The unconditioned stimulus in this scenario is the aroma of freshly baked cookies. This scent naturally elicits feelings of warmth, comfort, and pleasure. The neutral stimulus is the brand of coffee, which initially does not have any inherent association with the smell of cookies. The response is the act of purchasing the coffee.

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