Give A List Of Personal Factors That Can Influence The D

Give A List Of The Personal Factors That Can Influence The Decision Of

Provide a list of personal factors that can influence a buyer's decision-making process. Include three examples of these factors to demonstrate understanding of how personal characteristics impact purchasing behavior. As the owner of ABC Electronics, which specializes in cloud-based storage solutions requiring high-involvement sales that involve complex, technical information, describe the kind of compensation structure you would select for your sales representatives. Explain why you chose this structure, utilizing concepts learned in your course.

Discuss the advantages and disadvantages of using behavioral targeting in marketing. Give an example of a company employing behavioral targeting to illustrate your points. Explain why advertising as a communication tool is important in business-to-business (B2B) markets. Develop an example of a B2B advertising plan, specifying the company and target audience, and describe key elements that should be considered in designing the plan.

As a marketing manager, you are tasked with creating a stakeholder-performance scorecard to monitor customer, supplier, and employee satisfaction affecting your company's performance. List three different departments or entities that could be included in this scorecard. Provide a real-world example of a company and industry using such a scorecard and explain how it benefits them. Describe the challenges and opportunities that operating in international markets presents.

Identify one challenge and one opportunity for a company you've studied, related to international markets. Outline the major decisions involved in a firm’s international marketing strategy, providing an example including the country and product involved. For instance, discuss what considerations would be involved if a US-based company decides to market a new electronic gadget in India.

Market research suggests that consumers intend to buy Snappy razors but are hesitant. How can Marco modify his messaging to motivate these customers to purchase? Share a personal example of a similar strategy to illustrate your understanding. Explain the concept of selective retention and give an example of how marketers might apply this principle to influence consumer perceptions and memory of their products.

If two service firms, such as Joe's Tax Accounting Firm and Redwing Legal Services, collaborate to create a joint marketing effort, what type of strategic alliance is this? Explain your reasoning. Provide another example of a strategic alliance, detailing how such a partnership can enhance a company’s marketing effectiveness.

Credibility is crucial for effective public speaking. Discuss how speaker credibility influences the audience’s perceptions and learning capacity. Identify and describe the three primary qualities of credibility, known as the three Cs: competence, character, and charisma. List four ways to establish credibility during a presentation, including verbal support, practice, building rapport, and ensuring accuracy of material.

Sample Paper For Above instruction

Understanding the personal factors that influence a buyer's decision is fundamental in marketing. Personal factors include age, occupation, lifestyle, personality, and economic situation, all of which shape how consumers perceive products and make purchasing choices (Kotler & Keller, 2016). For example, a young tech enthusiast might prioritize latest features and innovation, whereas an older professional might value reliability and ease of use. As a business owner of ABC Electronics, which markets cloud-based storage solutions, these personal factors influence our sales approach. The decision to target tech-savvy professionals aged 25-45, who are likely early adopters and possess higher disposable income, reflects an understanding of personal motives driving buying behavior.

Regarding compensation structures for sales representatives, especially in high-involvement, technical sales like those at ABC Electronics, a combination of salary and performance-based incentives is typically optimal. A base salary provides financial stability, encouraging expertise development and consistent customer engagement, while commissions or bonuses motivated by sales performance incentivize achievement of targets (Churchill et al., 2018). This hybrid approach aligns with the complexity of the product, requiring technical proficiency and ongoing relationship building. It motivates salespeople to deliver detailed, consultative information essential for customer decision-making while ensuring their efforts are rewarded.

Behavioral targeting in marketing involves tracking online behaviors—such as browsing history, search queries, and social media activity—to deliver personalized advertisements (Lambrecht & Tucker, 2013). Its advantages include increased relevance, higher engagement rates, and improved conversion. Conversely, disadvantages involve privacy concerns, potential backlash, and regulatory restrictions. For example, Amazon uses behavioral targeting to recommend products based on past searches, enhancing the shopping experience. Businesses employing this strategy must balance personalization benefits with respect for consumer privacy and data security.

In B2B markets, advertising plays a vital role in establishing brand credibility, informing high-stakes purchase decisions, and building long-term relationships. For instance, a manufacturer of industrial machinery might target procurement managers and technical directors through trade magazines, trade shows, and online platforms, emphasizing product reliability, technical specifications, and after-sales support. Elements to consider include the decision-maker’s preferences, industry standards, technical details, and establishing thought leadership to differentiate from competitors.

Creating a stakeholder-performance scorecard involves monitoring satisfaction levels of various internal and external stakeholders such as customers, suppliers, and employees. For example, a manufacturing company might track customer satisfaction via surveys, supplier reliability metrics, and employee engagement scores. This comprehensive approach helps identify areas for improvement, align strategic goals, and foster stakeholder trust (Kaplan & Norton, 1992). In international markets, such scorecards face challenges like cultural differences and varying expectations, but also offer the opportunity to enhance global stakeholder relationships and improve competitive positioning.

A real-world challenge faced by many companies expanding internationally is managing regulatory differences. For example, a US-based food company entering the Chinese market must navigate complex food safety standards, import regulations, and cultural preferences. Conversely, an opportunity lies in capturing emerging middle-class consumers hungry for global brands. Successfully navigating these factors requires careful market research, adapting products to local tastes, and establishing strong local partnerships (Root, 1994).

When considering international markets, firms face critical decisions such as selecting target countries, adapting marketing strategies, and determining entry modes. For example, a US-based electric vehicle manufacturer might decide to enter the Indian market with a compact, affordable model tailored to local driving conditions and income levels. Key decisions include whether to adopt joint ventures, direct exports, or wholly owned subsidiaries, taking into account legal, economic, and cultural factors.

To motivate hesitant consumers for the Snappy razors, Marco could employ messaging strategies that emphasize urgency, social proof, or exclusive offers. For example, he could create a limited-time discount or highlight testimonials from early adopters. Personally, I used a similar approach when promoting a fitness app by offering a free trial period, creating a sense of urgency that boosted initial downloads and subscriptions.

Selective retention refers to consumers’ tendency to remember information that confirms their preexisting beliefs or attitudes about a product. Marketers can leverage this by emphasizing product attributes that align with target consumers’ values. For instance, if health-conscious consumers value eco-friendliness, a brand may highlight its sustainability efforts to reinforce positive associations and boost long-term memory retention.

Strategic alliances, like the joint marketing efforts between Joe's Tax and Redwing Legal, are classified as cooperative alliances aimed at synergizing marketing resources to reach broader audiences. Such partnerships enable shared advertising costs, combined expertise, and an amplified market presence. An example is Starbucks collaborating with Spotify to enhance customer experience through integrated music streaming services, thereby strengthening brand loyalty and expanding market reach (Gulati & Singh, 1998).

The effectiveness of a speaker hinges on credibility, which influences audience engagement and learning. The three Cs—competence, character, and charisma—are essential traits. Competence refers to demonstrating expertise and knowledge during speech, such as citing credible sources. Character involves honesty and trustworthiness, which can be showcased through transparent communication. Charisma is the speaker’s ability to engage confidently and enthusiastically, capturing audience attention. Establishing credibility can be achieved by preparing thoroughly, practicing delivery, connecting on a personal level, and ensuring factual accuracy and clarity of presentation (Hovland et al., 1953).

References

• Churchill, G. A., Peter, J. P., & Calvin, R. J. (2018). Marketing Research: Methodological Foundations. South-Western College Pub.
• Gulati, R., & Singh, H. (1998). The Architecture of Cooperation: Managing Strategic Alliances. Academy of Management Executive, 12(1), 34-43.
• Hovland, C. I., Janis, I. L., & Kelley, H. H. (1953). Communication and persuasion; psychological studies of opinion change. Yale University Press.
• Kaplan, R. S., & Norton, D. P. (1992). The Balanced Scorecard: Measures That Drive Performance. Harvard Business Review, 70(1), 71-79.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Lambrecht, A., & Tucker, C. (2013). When Does Retargeting Work? Journal of Marketing Research, 50(5), 561-576.
• Root, F. R. (1994). Entry Strategies for International Markets. Lexington Books.