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Discussion 3In 2017, nearly 148 million Americans had sensitive
- 1. Discussion 3 In 2017, nearly 148 million Americans had “sensitive personal information” stolen from Equifax servers in one of the largest data breaches in history. Information that was stolen included social security numbers, driver's license numbers, addresses, dates of birth and more. In response to the data breach, millions of Americans began immediately purchasing identity theft protection services from private companies, one of the largest of which was LifeLock, Inc. In an attempt to capitalize on the business opportunity, LifeLock began running the following ad after news of the data breach broke: A major credit bureau just experienced a breach potentially impacting 143 million people. Don't wait to get identity theft protection. The data breach and subsequent ad campaign was a great success for LikeLock. LifeLock's Web traffic increased sixfold (Links to an external site.)Links to an external site. and enrollments in their identity theft plans increased 10 fold. "Most are paying the full price, rather than discounts," an executive for the company said. "It's a really incredible response from the market." What LifeLock didn’t advertise, however, is that when you buy identity theft protection from LifeLock, you're actually signing up (and paying) for credit monitoring services provided by Equifax, the same company that put your identity at risk in the first place. Meaning, you are buying identity theft protection from the same company that lost your identity. LifeLock is not alone, many other identity theft protection services also pay Equifax to handle the “back office” for their protection plans. Many estimates conclude that when the dust settles, Equifax will have made a generous profit from the data
- 2. breach, due in large part to their relationships with identity theft providers such as LifeLock. LifeLock has responded to criticism by stating that they disclose their relationship with Equifax in their terms of service (Links to an external site.)Links to an external site.document, which is a small-font 6,000-word document on its website wherein they list Equifax Consumer Services as one of their "service providers." Answer the following: 1. What ethical issues are presented by the Equifax and LifeLock relationship? 2. Do you feel companies like Equifax should be permitted to profit from their own negligence? What, if anything, would you do to prevent situations like the Equifax & LifeLock conflict? Then, choose two of your peers’ ethical issue(s) and present an opposing view of why that would not be considered an ethical issue. Part I Would you make a purchase from a business with less than two stars? Why, or why not? Would you not make a purchase from a business with more than four stars? Explain your answers. 200 words Part IIInstructionsMarketing Plan: Part II In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your
- 3. choice. For Part II, make certain to include the sections listed below in your marketing plan.SWOT Analysis A valuable step in your situational analysis is to assess your firm's strengths, weaknesses, opportunities, and threats (SWOT). For this section, conduct an inventory of your internal strengths and weaknesses. Then, note the opportunities and threats that are external to the organization based on your market and the overall environment.Competitive Analysis For this section, create a comparative chart discussing the differences between a minimum of two competitors.Goals What are the objectives and goals of your marketing plan? What is it that you hope to achieve? Please be very specific in this section.Corporate Social Responsibility, Sustainability, and Ethics Strategy For this section, explain any governance policies that you will use to be socially responsible and ethical. Identify any aspects of your business model that will create more sustainable operations (with a focus on bettering people, the planet, or profits). must be at least three pages in length, not counting the title and reference pages. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least two references. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.
- 4. MKT 3301, Principles of Marketing 1 Course Learning Outcomes for Unit V Upon completion of this unit, students should be able to: 4. Develop effective marketing strategies. 4.1 Describe the elements in a SWOT (strengths, weaknesses, opportunities, and threats) analysis. 5. Examine marketing decision-making through ethical frameworks. 5.1 Analyze the relationship between consumer purchases and business decision-making. Course/Unit Learning Outcomes Learning Activity 4.1 Unit Lesson Chapter 8 Unit V Essay 5.1
- 5. Unit Lesson Chapter 9 Unit V Essay Required Unit Resources Chapter 8: Distributing Value: Place Chapter 9: Communicating Value: Promotion Unit Lesson The content for this unit is presented through the interactive presentation below. You will see text. You may refer back to this lesson and video as needed. Note: Be sure to maximize your internet browser so that you can view each lesson on a full screen, ensuring that all content is made visible.
- 6. Unit V: Distribution and Promotion presentation PDF version of the Unit V: Distribution and Promotion presentation UNIT V STUDY GUIDE Distribution and Promotion https://online.columbiasouthern.edu/bbcswebdav/xid- 134161042_1 https://online.columbiasouthern.edu/bbcswebdav/xid- 134161042_1 https://online.columbiasouthern.edu/bbcswebdav/xid- 134127382_1 https://online.columbiasouthern.edu/bbcswebdav/xid- 134127382_1 https://online.columbiasouthern.edu/bbcswebdav/xid- 134127382_1 https://online.columbiasouthern.edu/bbcswebdav/xid-
- 7. 134161042_1Course Learning Outcomes for Unit VRequired Unit ResourcesUnit Lesson Page 1 of 41 Slide 1 - Slide 1 Slide notes Text Captions Unit V: Distribution and Promotion Page 2 of 41 Begin Begin Begin
- 8. Page 3 of 41 Slide 2 - Slide 2 Slide notes Text Captions Table of Contents Unit Lesson Unit Lesson Unit Lesson References References References
- 9. Page 4 of 41 Glossary Glossary Glossary Page 5 of 41 Slide 3 - Slide 3 Slide notes Text Captions Unit V: Distribution and Promotion Place: Marketing Channels It is the main responsibility of marketing managers to ensure
- 10. that products are available to Page 6 of 41 customers when they need and want them. This makes them keen to all consumer changes and movements within their target markets. Place is an important part of the marketing managers’ marketing mix creations. Place consists of time, place, and possession utility. Matching product availability to consumer behavior is a great challenge that, when successful, can add that much more to a product’s success. When unsuccessful, poor product availability can cause a product to fail and also damage the brand. This is especially important in business today because so many are trying to use new information technologies, including internet websites, to reach customers directly. Of course, not every consumer (or business customer) is willing or able to buy products over the internet, but the numbers are increasing, and this approach is prompting many firms to rethink the ways that they can provide greater value to their target markets. Therefore, there are many
- 11. important strategy decisions a marketi ng manager must make concerning place. Previous Previous Previous Home Home Home Next Next Next Page 7 of 41
- 12. Slide 4 - Slide 4 Slide notes Text Captions Unit V: Distribution and Promotion Promotions and Integrated Marketing Communications This unit will discuss promotions and integrated marketing communications (IMC); what it means to be consumer-focused versus customer-centric; the merits of personal selling, personal service, and customer satisfaction loyalty; and the value of customer empowerment. Page 8 of 41 The Common Language Marketing Dictionary defines IMC as “a cohesive combination of marketing communications activities, techniques, and media designed to deliver a coordinated message to a target market with a powerful or synergistic effect, while achieving a
- 13. common objective or set of objectives” (Marketing Accountability Standards Board, n.d., para. 1). Developing a good product, pricing it attractively, and making it accessible to target customers while remaining competitive is not enough in today’s marketplace. The many audiences in which companies must communicate are the general public and other interested parties, such as stakeholders (both potential and present). IMC as a part of the company’s marketing mix helps it present unified brand messages across all marketing channels to their target markets. Let’s look at some problems a marketing manager must solve. Previous Previous Previous Home Home Home
- 14. Next Next Next Page 9 of 41 Slide 5 - Slide 5 Slide notes Text Captions Unit V: Distribution and Promotion Previous Previous Previous
- 15. Home Home Home Page 10 of 41 Next Next Next Page 11 of 41 Slide 6 - Slide 6 Slide notes
- 16. Text Captions Unit V: Distribution and Promotion Although other methods exist, the objective-and-task method of setting the communications budget, which calls upon marketers to develop their budgets by defining specific objectives, is typically most desirable. In choosing the marketing communications mix, marketers must examine the distinct advantages Page 12 of 41 and costs of each communication tool and the company’s market rank. They must also consider the type of product market in which they are selling; how ready consumers are to make a purchase; and the product’s stage in the company, brand, and product. Measuring the effectiveness of the marketing communications mix requires asking members of the target audience whether they recognize or recall the communication;
- 17. how many times they saw it; what points they recall; how they felt about the communication; and what their previous and current attitudes toward the company, brand, and product are. Previous Previous Previous Home Home Home Next Next Next
- 18. Page 13 of 41 Slide 7 - Slide 7 Slide notes Text Captions Check for Understanding This term is defined as a cohesive combination of marketing communications activities, techniques, and media designed to deliver a coordinated message to a target market with a powerful or synergistic effect, while achieving a common objective or set of objectives. Pricing plans Pricing plans Page 14 of 41
- 19. Pricing plans Integrated marketing solutions Integrated marketing solutions Integrated marketing solutions Integrated marketing communications Integrated marketing communications Integrated marketing communications Marketing campaigns Marketing campaigns Marketing campaigns Page 15 of 41
- 20. Slide 8 - Slide 8 Slide notes Text Captions Check for Understanding That is correct. IMC as a part of the company’s marketing mix helps it present unified brand messages across all marketing channels to their target markets. Next Next Next Page 16 of 41
- 21. Page 17 of 41 Slide 9 - Slide 9 Slide notes Text Captions Check for Understanding That is incorrect. Click the Previous button to try again. Previous Previous Previous Page 18 of 41 Slide 10 - Slide 10
- 22. Slide notes Text Captions Unit V: Distribution and Promotion Different brand associations may be most effectively established by capitalizing on those marketing communication options best suited to eliciting a particular consumer response or establishing a particular type of brand association. Many of the television ads during the Super Bowl, America’s biggest media event, are designed to create curiosity and interest so that consumers go online and engage in social media and word-of-mouth to experience and find more detailed information. Page 19 of 41 A 2010 Super Bowl spot for the Snickers candy bar featured the legendary comedian Betty White, and the ad resulted in over 3.5 million visits to the brand’s website after it was aired. Versatility is important in any integrated communication
- 23. program; when consumers are exposed to a particular marketing communication, some will have already been exposed to other marketing communications for the brand, and some will not have had any prior exposure. Versatility refers to the extent to which a marketi ng communication option is robust and works for different groups of consumers. The ability of a marketing communication to work at two levels, effectively communicating to consumers who have or have not seen other communications, is critically important. The marketing manager’s goal is to create the most effective and efficient communications program within the budget guidelines presented in the IMC and marketing plan (Bridges et al., 2000). Previous Previous Previous Home Home
- 24. Home Next Next Next Page 20 of 41 Slide 11 - Slide 11 Slide notes Text Captions Unit V: Distribution and Promotion Relationship Marketing, Consumer-Focused Versus Customer- Centric, Personal Selling and Personal Service Increasingly, a key goal of marketing management is to develop
- 25. deep, enduring relationships Page 21 of 41 with people and organizations that directly or indirectly affect the success of the firm’s marketing activities. Relationship marketing aims to build mutually satisfying, long-term relationships with key constituents in order to earn and retain their business. On the next page, you will see an image that explains the four key constituents for relationship marketing, sometimes known as adaptive selling. Marketers must create prosperity among all of these constituents and balance the returns to all key stakeholders. To develop strong relationships with them requires understanding of their needs, goals, and desires (Marketing Accountability Standards Board, n.d.). Previous Previous Previous
- 26. Home Home Home Next Next Next Page 22 of 41 Slide 12 - Slide 12 Slide notes Text Captions Unit V: Distribution and Promotion
- 27. Previous Previous Previous Home Home Home Page 23 of 41 Next Next Next
- 28. Page 24 of 41 Slide 13 - Slide 13 Slide notes Text Captions Unit V: Distribution and Promotion Customer Satisfaction, Loyalty, and Empowerment Consumers are demanding more and more to have more emotional experiences with their brands. They are no longer being allowed to be treated as passive consumers by marketers. Using social media, their voices are amplified and simultaneously time-focused on relating their experiences with the brands they sometimes use, sometimes love, and sometimes hate. Page 25 of 41 Marketing managers are now beginning to realize they must share their brands with this newly engaged audience. Consumers are demonstrating
- 29. that they have a real desire to participate, almost as if they, too, were part- owners of the brands they use. This is new and uncharted territory for marketing managers. Other marketers have begun to advocate a bottom-up grassroots approach to marketing rather than the more traditional top-down approach in which marketers feel they are calling the shots. Burger King has launched attention-getting, edgy campaigns in recent years (e.g., Whopper Freakout, Subservient Chicken, and Wake Up With the King promotions) on consumer- friendly media such as YouTube, Instagram, Twitter, video games, and tablets. Allowing the customer to take charge just makes sense for a brand whose slogan is “Have It Your Way.” Previous Previous Previous Home
- 30. Home Home Next Next Next Page 26 of 41 Slide 14 - Slide 14 Slide notes Text Captions Unit V: Distribution and Promotion Even though marketers know that they cannot totally control what their customers are saying on social media about their brands and
- 31. their brand experiences, they have found that providing their customers with the resources and opportunities to express their passion can turn loyal customers into fans of their brands. This includes business-to- business (B2B) firms too. Page 27 of 41 Since much has been made of the newly empowered consumer, the customer is in charge, setting the direction of the brand and playing a much bigger role in how it is marketed. It is still true that only some consumers want to get involved with some of the brands they use and, even then, only some of the time. Successful marketers understand how best to accommodate their consumers’ lives and time spent with their brands compared to all of the other life events and activities that consumes their consumers’ time. Getting this balance right is important to supporting their brand’s growth. Previous
- 32. Previous Previous Home Home Home Next Next Next Page 28 of 41 Slide 15 - Slide 15 Slide notes
- 33. Text Captions Unit V: Distribution and Promotion Customer Reviews and Recommendations Although the strongest influence on consumer choice remains to be recommendations by friends or relatives, an increasingly important decision factor is consumer recommendations. With increasing mistrust of some companies and their advertising, online customer ratings and reviews are playing an important role for internet retailers, such as Amazon. Page 29 of 41 Bloggers who review products or services have become important because they may have thousands of followers; blogs are often among the top links returned in online searches for certain brands or categories. A company’s publ ic relations department may track popular blogs via online services such as Google alerts. Firms also court the favor of key bloggers via free samples, advance information, and special treatment. Most bloggers disclose when they are given free samples by
- 34. companies. For smaller brands with limited media budgets, online word-of- mouth is critical. To generate pre-launch buzz for one of its new hot cereals, an organic food maker shipped out samples before Its release to several of the 50 vegan, gluten-free, or vegetarian food bloggers that the company tracks. When favorable reviews appeared on these blogs, the company was besieged by emails asking where the cereal could be sold Other prolific websites include Yelp, Tripadvisor, and Google Reviews, where consumers can go for third-party opinions on products and services. Previous Previous Previous Home Home Home
- 35. Next Next Next Page 30 of 41 Slide 16 - Slide 16 Slide notes Text Captions Unit V: Distribution and Promotion Negative reviews actually can be surprisingly helpful. A 2007 Forrester study of 10,000 consumers of Amazon’s electronics and home and garden products found that 50% of the customers found negative reviews helpful. Most consumers purchased the products regardless of negative comments because they felt the comments reflected personal tastes and
- 36. opinions that differed from their own. Because consumers can better learn the advantages and disadvantages of products through negative reviews, fewer product returns may result, saving retailers and producers money (Van der Lans et al., 2010). Page 31 of 41 Online retailers often add their own recommendations: “If you like that black purse, you will love this red blouse.” One source estimated that recommendation systems contribute 10% to 30% of an online retailer’s sales. Specialized software tools help online retailers facilitate customer “discovery” or unplanned purchases. When Blockbuster adopted one such system, cancellation rates fell, and subscribers nearly doubled the number of movies on their order lists (Fine, 2007). Previous Previous Previous
- 37. Home Home Home Next Next Next Page 32 of 41 Slide 17 - Slide 17 Slide notes Text Captions Unit V: Distribution and Promotion
- 38. At the same time, online companies need to make sure that their attempts to create relationships with customers do not backfire, such as when customers are bombarded by computer-generated recommendations that consistently miss the mark. Buy a lot of baby gifts on Amazon, and your personalized recommendations suddenly do not look so personal! E-tailers need to recognize the limits of online personalization while they try hard to find technology and processes that really work. Page 33 of 41 Previous Previous Previous Home
- 39. Home Home Next Next Next Page 34 of 41 Slide 18 - Slide 18 Slide notes Text Captions Unit V: Distribution and Promotion Summary The main thing to remember about what is important in
- 40. marketing is that everything is important to marketing. Where customers were once thought of by marketers as passive, nameless, consuming vessels, that has all changed with the ever- growing presence of the Page 35 of 41 internet and social media. Marketers need to now be concerned with more than having their products available at the right time and place for their target market customers. Customers, now more than ever, want to have an interactive and sometimes emotional experience with the brand offerings they use or desire. Customers can also, through an integrated social media experience, share their experiences (good and bad) with others outside of the control of the marketer. To the marketer, customer satisfaction and customer loyalty is an essential goal. Previous
- 41. Previous Previous Home Home Home Next Next Next Page 36 of 41 Slide 19 - Slide 19 Slide notes
- 42. Text Captions Unit V: Distribution and Promotion Marketing managers, now more than ever, are seeking ways (e.g., IMC) to communicate uniformly across all marketing channels in order to persuade these powerful, empowered customers , knowing they are appealing to an audience who wields power for or against their brand offering. Marketers also know that their customers’ actions affect their brand, which is beyond the marketers’ control. This means marketing offerings must not only appeal to their target audiences; failure to deliver comes with even more damaging consequences than ever before. Page 37 of 41 Focusing on customers as well as placing them in the center of marketing decision-making is increasingly important. In addition to traditional and digital marketing efforts, this is achieved through personal selling efforts and relationship marketing. This approach, through relationship building, can
- 43. enable savvy marketers the ability to create offerings, directly satisfying customer needs rather than only selling what is on the shelf. This is an exciting, dynamic time for marketers and customers alike. Each are seeing their roles changing, mostly for the best. Previous Previous Previous Home Home Home Next Next Next
- 44. Page 38 of 41 Slide 20 - Slide 20 Slide notes Text Captions References Bridges, S., Keller, L. K., & Sood, S. (2000). Communication strategies for brand extensions: Enhancing perceived fit by establishing explanatory links. Journal of Advertising, 29(4), 111. Fine, J. (2007, January 7). Ready to get weird, advertisers? Bloomberg Businessweek. http://www.bloomberg.com/news/articles/2007-01-07/ready-to- get- weird-advertisers
- 45. Page 39 of 41 Marketing Accountability Standards Board. (n.d.). Common language marketing dictionary. http://www.marketing- dictionary.org/Integrates+marketing+communications Tuten, T. L. (2020). Principles of marketing for a digital age. SAGE. https://bookshelf.vitalsource.com/#/books/9781526485359 Van der Lans, R., Van Bruggen, G., Eliasberg, J., & Wierenga, B. (2010). A viral branching model for predicting the spread of electronic word of mouth. Marketing Science, 29(2), 348366. Previous Previous
- 46. Previous Home Home Home Next Next Next Page 40 of 41 Slide 21 - Slide 21 Slide notes Text Captions
- 47. Unit Glossary Integrated Marketing Communications (IMC) a cohesive combination of marketing communications activities, techniques, and media designed to deliver a coordinated message to a target market with a powerful or synergistic effect, while achieving a common objective or set of objectives Versatility The extent to which a marketing communication option is robust and works for different groups of consumers. Page 41 of 41 (Tuten, 2020)