Business Finance - Management Week 1 Assignment- Marketing for Competitiveness

Week1AssignmnetInstructions-MarketingforCompetitiveness.docx Marketing for Competitiveness Week 1 Assignment Marketing Strategies to Influence Buyer Behavior: The Consumer For this Assignment, you will act as the director of marketing for a company and will provide an analysis of how you would promote your products and/or services to a specific demographic targeted market using social media marketing strategies. This analysis will be divided into three separate presentations. This week, you will submit the first presentation on incorporating the consumer. In Week 2, you will submit a presentation on incorporating product and service innovation. In Week 3, you will submit a presentation on incorporating marketing in the technological era. With those thoughts in mind, you will select a particular industry (e.g., health care, automotive, consumer goods) and identify a specific target market. Using that information, you will analyze the use of social media marketing strategies to reach that target market and influence buyer behavior. To showcase your analysis, you will create a PowerPoint slide presentation, along with a written script (in the Notes section of the PowerPoint) that you would use to give your presentation. As you develop your presentation, be sure to include specific examples where applicable, as well as relevant citations from the Learning Resources, the Walden Library, and/or other appropriate academic sources. To prepare for this Assignment: · Select a particular industry (e.g., health care, automotive, consumer goods) and identify a specific target market. · Download the Week 1 Assignment Template.  Submit your presentation and accompanying script in the Notes section of each slide. Be sure to fully address the following in approximately 4 slides, excluding references: Incorporating The Consumer · Explain what it means to be a consumer. Provide two or more examples to support your explanation. · Analyze the process consumers use to make decisions. As part of your analysis, identify influencing factors that contribute to how and why they make decisions. · Examine how conditioning and culture challenge the development of a marketing strategy. · Analyze how consumers’ needs could change the strategy for a marketing campaign. Week1LearningResources-MarketingforCompetitiveness.docx Marketing for Competitiveness Week 1: Learning Resources Mindsets and Purposes When you think of mindset and purpose, what comes to mind? Your mindset plays a critical role in determining how you cope with life's challenges. A person with a growth mindset tends to have a hunger for learning and a desire to work hard and discover new things. This often translates into academic achievement. What does it mean to have purpose? Purpose is the reason something exists, an intended end, an aim, or a goal. Purpose creates meaning, offers a sense of direction, and helps guide our paths, behaviors, and goals. Through these resources, you will examine the connection between mindset and purpose. Consider how you approach these two valuable tools. · Centaur Media. (n.d.).  Six ways consumer mindsets have changed since COVID-19  Links to an external site. . Marketing Week. https://www.marketingweek.com/six-ways-consumer-mindsets-changed-covid-19/ · Egol, M., & Khurana, A. (2020, September 30).  Six building blocks for revitalized B2B marketing and salesLinks to an external site. .  strategy + business . https://www.strategy-business.com/blog/Six-building-blocks-for-revitalized-B2B-marketing-and-sales · Gregg, B., Kim, A., & Perrey, J. (2020, April 23).  Leading with purpose: How marketing and sales leaders can shape the next normalLinks to an external site. . McKinsey & Company. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/leading-with-purpose-how-marketing-and-sales-leaders-can-shape-the-next-normal · McKinsey & Company. (2020, October 15).  The evolving consumer: How COVID-19 is changing the way we shop  Links to an external site. . https://www.mckinsey.com/about-us/covid-response-center/leadership-mindsets/webinars/evolving-consumer-how-covid-19-has-changed-us-shopping-habits Making a Decision When faced with a problem, how do you go about deciding how to solve it? Do you think about what you have always done and try to approach the problem using your experience to guide you? Or do you try to remove your preconceived ideas and think only about the situation at hand, considering multiple perspectives and working to “think outside the box”? In its simplest sense, decision making is a process; it’s the act of choosing between two or more courses of action. In the wider context of problem solving, decision making involves choosing between possible solutions to a problem. Decisions can be made either through an intuitive process or reasoned process—or a combination of the two. Using these resources, you will examine the decision-making process and how it involves both the consumer and the marketers’ thinking processes. · Andriendko, O. (2015, November 11).  Psychology and #marketing: What influences our decisions  Links to an external site. . SEJ. https://www.searchenginejournal.com/psychology-marketing-influences-decisions/142368/ · Crespo, C. (2015, April 13).  How do people make decisions online?Links to an external site.   Good Barber . https://www.goodbarber.com/blog/how-do-people-make-decisions-online-a580/ · Mehrguth, G. (n.d.).  5 stages of the consumer decision-making process and how it’s changedLinks to an external site. .  Directive . https://directiveconsulting.com/blog/5-stages-of-the-consumer-decision-making-process-and-how-its-different/ Conditioning and Culture Cultural conditioning is a process through which we absorb and interpret the influences, norms, and messaging from our environment and translate them into what we believe to be acceptable behaviors. Each person absorbs the cultures around them through a different lens and interprets them in their own way. At some point in your life, you have likely engaged in conditioning, which is simply the process of interpreting and applying the influences in your environment. Through these resources, you will explore the effects of culture and conditioning on marketing. · Belyh, A. (2019, September 23).  Customer psychology frameworks  Links to an external site. . Cleverism. https://www.cleverism.com/customer-psychology-frameworks/ · Ceruto, S. (2020, February 19).  The psychological concept that can make you a more effective marketer  Links to an external site. . Forbes. https://www.forbes.com/sites/forbescoachescouncil/2020/02/19/the-psychological-concept-that-can-make-you-a-more-effective-marketer/?sh=103c249021a4 · Fields, R. (2014, April 7).  Culture as competitive advantage for marketers  Links to an external site. . Forbes. https://www.forbes.com/sites/onmarketing/2014/04/07/culture-as-competitive-advantage-for-marketers/?sh=716d9d067a13 · Zoeller, S. (2021, March 15).  How Apple uses consumer behavior marketing to winLinks to an external site. .  Stephen Zoeller’s Marketing Blog . https://www.stephenzoeller.com/apple-consumer-behavior-marketing/