Assignment:
Creating Value Through the Marketing Process
Overview:
For this conversation, you are being asked to share your opinions as a consumer. Share your personal experiences on a recent purchase with an online seller or retail store. What factors did you consider when deciding on your purchase? Was the price the most important factor? The quality? How did the promotion influence your decision?
Simulated Business Scenario:
The marketing process is intended to create value for the consumer. For example, customer satisfaction is dependent upon the product's perceived performance relative to a buyer's expectations. If the product performs as or better than the customer expected, they are likely satisfied and willing to purchase the product or service again. If the product does not meet customer expectations, the customers will likely not be satisfied and may write a poor review on the company and/or the product.
Questions:
For this discussion, think of an example of a product or service offering that has either met or exceeded your expectations by creating value for you OR did not meet your expectations or create value for you. Write a review of that product/service. Give it a 1-5 star rating (1 being awful and 5 being awesome) and explain why you rated it the way you did.
Keep in mind, you are being asked to share your personal opinions and purchasing experiences!
In response to your peers, address your experience with similar products/services and your assessment of your classmate's review.
Readings and Resources
eBook:
Armstrong, G., & Kotler, P. (2021). Principles of Marketing (18th ed.). Boston, MA: Pearson Education, Inc.
• Chapter: Marketing Creating Customer Value and Engagement
This chapter introduces the basic concepts of marketing. You will learn the key elements of a customer value-driven marketing strategy and major trends and forces that are changing the marketing landscape.
• Chapter: Analyzing the Marketing Environment
In this chapter, you will see that marketing operates in a complex and changing environment. No business operates in a vacuum. Micro and macro-environmental factors play a vital role in determining whether each individual business succeeds or fails.
Articles, Websites, and Videos:
Technological advances like social media have transformed marketing and socio-cultural forces have raised expectations for marketers. This article showcases how this has altered customer needs while generating opportunities for value creation.
• Is Your Marketing Organization Ready for What's Next? R2006H-PDF-ENG
https://hbsp.harvard.edu/tu/40c9ec90
This video showcases the importance of value-driven marketing and how a brand can make an impact on consumers.
This video walks through the internal and external factors that make up the business environment.
Discussion: Perception
In this unit, you are learning about how perception affects social situations. According to your textbook, we use four types of cognitive schemata (schemas) to make sense of perceptions: prototypes, personal constructs, stereotypes, and scripts. We apply schemata to organize and interpret experiences in our lives. The schemata shape our perceptions and influence how we communicate.
For this discussion board:
• Read your textbook to find information to help you understand the concepts discussed in this assignment.
• Find a recent example in the media that features a stereotype. (Your choice of media can be a commercial, scene in a movie/TV show, social media video, etc. that you saw in the past year. )
• Explain how the stereotype influenced the social situation in the media clip.
• Please include an APA reference for your media clip. (To find the proper way to format resources, use Academic Writer link on the left sidebar of Blackboard.)
Readings and Resources
eBook:
Wood, J.T. (2017). Communication in our lives (8th ed.). Stamford, CT: Cengage.
• Chapter: The World of Communication (pp. 1-21).
• Chapter: Perception and Communication (pp. 25-43).
Articles, Websites, and Videos:
This brief video identifies and explains the three models of communication covered in your textbook; linear, interactive, and transactional.
The 3 Models of Communication
This video explains the concept of self-fulfilling prophecy and offers a few suggestions on how to utilize it in a positive way.
You Become What You Think About | Self-Fulfilling Prophecies