Perspectives on Consumer Behavior

WEB EXERCISE 2

Perspectives on Consumer Behavior

Focus: Chapters 4

Carefully look at the print ads posted in this folder. Provide your answers to the following questions in the submission area within this folder. Make sure you integrate information from the ads and from the chapter readings into your answers. Be thorough but concise.

1. Which of the ads was/were designed to induce problem recognition among consumers? Briefly explain why (choose two ads).

2. Look at the Audi Ad, which level of the Maslow hierarchy of needs does the ad represent? Briefly explain why.

3. According to Chapter 4 in the textbook, marketers use a number of attitude change strategies in their advertisements. Which of the ads is/are meant to influence attitude change? Briefly explain the strategy being used (choose two ads).

4. Which of the ads integrates external influences on consumer behavior? Briefly explain which external factor the ad represents (choose one ad).

5. Which of the ads emphasizes Functional Consequences and which one emphasizes Psychological Consequences? Briefly explain why

Nucor Case Study

5. Real options analysis (20 points)

Consider the following strategic (real) options situations:

  • Is there benefit to waiting 1-2 years?
  • Is there benefit to starting the project but then later abandoning      the project? In other words, how much of the $340 million investment is      redeployable for other uses if we decide to later stop the project?
  • How should we think about possible growth options (i.e.,      consideration of plants beyond the first one)? Keep in mind that Ken would      ultimately like to build 3-4 plants.5. Real options analysis (20 points)

    Consider the following strategic (real) options situations:

    • Is there benefit to waiting 1-2 years?
    • Is there benefit to starting the project but then later abandoning      the project? In other words, how much of the $340 million investment is      redeployable for other uses if we decide to later stop the project?
    • How should we think about possible growth options (i.e.,      consideration of plants beyond the first one)? Keep in mind that Ken would      ultimately like to build 3-4 plants.

Mermaid Waffles and Unicorn Waffles

  1. Instructions

    First, read the following business article from americanexpress.com

    https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-business-lessons-from-a-lemonade-stand-1/

    With the lemonade stand example in mind, answer the following questions:

    • What uncontrollable variables might introduce complexity and difficulties as the lemonade stand starts selling in another city, another state, and another country?
    • How do the variables controllable by the firm (e.g. the 7 strategies suggested) vary if the lemonade stand starts selling internationally?

    This assignment challenges you to think deeply about some of the many (logistic, legal, cultural, economic, administrative…) difficulties that come when a local business expands its scale. You will be graded on your ability to explain the factors that make international marketing complex and necessary.

    Write your answers in a Word document or another text processing file and submit the file here.

    Instructions

    First, read the following business article from americanexpress.com

    https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-business-lessons-from-a-lemonade-stand-1/

    With the lemonade stand example in mind, answer the following questions:

    • What uncontrollable variables might introduce complexity and difficulties as the lemonade stand starts selling in another city, another state, and another country?
    • How do the variables controllable by the firm (e.g. the 7 strategies suggested) vary if the lemonade stand starts selling internationally?

    This assignment challenges you to think deeply about some of the many (logistic, legal, cultural, economic, administrative…) difficulties that come when a local business expands its scale. You will be graded on your ability to explain the factors that make international marketing complex and necessary.

    Write your answers in a Word document or another text processing file and submit the file here.

Discuss on Marketing Management)

  1. Practical Connection Assignment

    it is a priority that students are provided with strong educational programs and courses that allow them to be servant-leaders in their disciplines and communities, linking research with practice and knowledge with ethical decision-making. This assignment is a written assignment where students will demonstrate how this course research has connected and put into practice within their own career.

    Assignment: 
    Provide a reflection of at least 500 words (or 2 pages double spaced) of how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge could be applied to an employment opportunity in your field of study.

    Requirements:

    • Provide a 500 word (or 2 pages double spaced) minimum reflection.
    • Use of proper APA formatting and citations. If supporting evidence from outside resources is used those must be properly cited.
    • Share a personal connection that identifies specific knowledge and theories from this course.
    • Demonstrate a connection to your current work environment. If you are not employed, demonstrate a connection to your desired work environment.
    • You should NOT, provide an overview of the assignments assigned in the course. The assignment asks that you reflect how the knowledge and skills obtained through meeting course objectives were applied or could be applied in the workplace.

Discuss on indications for Government Intervention

 

Analyze 1 of the following government intervention programs:

  • Countercyclical fiscal policies (countering economic disruptions such as the housing bubble and the Great Recession)
  • US agriculture support programs
  • Assistance for Low Income Families (choose 1)
  • Housing vouchers
  • Earned Income Tax Credit (including Child Tax Credit)
  • Supplemental Nutrition Assistance Program (SNAP)
  • Low income healthcare (choose 1)
  • Medicaid (including Children’s Health Insurance Program).
  • Affordable Care Act expansion
  • Social insurance programs (choose 1)
  • Old Age, Survivors, and Disability Insurance (OASDI)
  • Medicare
  • Unemployment insurance

Write a 700- to 1,050-word summary of your analysis. Identify the intervention and the market failure leading up to the intervention. Complete the following in your paper:

  • Analyze the arguments for government intervention as opposed to arguments for market-based solutions.Hint:See the information about market failures.
  • Examine who has been helped and who has been hurt by the selected government intervention.
  • Examine externalities and unintended consequences of such intervention. For example, consider whether the SNAP program and health coverage for low-income families result in higher future tax revenues because low-income children grow up healthier and produce higher incomes over their lifetimes.
  • Analyze whether cost of the intervention you selected as a share of GDP or the number of participants is increasing,decreasing, or varies with the state of the economy, based on the cost trend(or number of participants) since its inception or since 2000.
  • Analyze credible economists’ opinions on the success or failure of the intervention that you chose in achieving its objectives.
  • Recommend whether the program should be continued as is, discontinued, or modified based on your conclusions. Defend your recommendation.

Note: Use of charts and graphs is encouraged with appropriate citations. Any charts or graphs retrieved from the Federal Reserve Bank of St. Louis FRED website may only be included when the data sources used by FRED are US government sources such as the Bureau of Economic Analysis or the Bureau of Labor Statistics.

Cite at least 2 academically credible sources.

Format your assignment according to APA guidelines.

 

Analyze 1 of the following government intervention programs:

  • Countercyclical fiscal policies (countering economic disruptions such as the housing bubble and the Great Recession)
  • US agriculture support programs
  • Assistance for Low Income Families (choose 1)
  • Housing vouchers
  • Earned Income Tax Credit (including Child Tax Credit)
  • Supplemental Nutrition Assistance Program (SNAP)
  • Low income healthcare (choose 1)
  • Medicaid (including Children’s Health Insurance Program).
  • Affordable Care Act expansion
  • Social insurance programs (choose 1)
  • Old Age, Survivors, and Disability Insurance (OASDI)
  • Medicare
  • Unemployment insurance

Write a 700- to 1,050-word summary of your analysis. Identify the intervention and the market failure leading up to the intervention. Complete the following in your paper:

  • Analyze the arguments for government intervention as opposed to arguments for market-based solutions.Hint:See the information about market failures.
  • Examine who has been helped and who has been hurt by the selected government intervention.
  • Examine externalities and unintended consequences of such intervention. For example, consider whether the SNAP program and health coverage for low-income families result in higher future tax revenues because low-income children grow up healthier and produce higher incomes over their lifetimes.
  • Analyze whether cost of the intervention you selected as a share of GDP or the number of participants is increasing,decreasing, or varies with the state of the economy, based on the cost trend(or number of participants) since its inception or since 2000.
  • Analyze credible economists’ opinions on the success or failure of the intervention that you chose in achieving its objectives.
  • Recommend whether the program should be continued as is, discontinued, or modified based on your conclusions. Defend your recommendation.

Note: Use of charts and graphs is encouraged with appropriate citations. Any charts or graphs retrieved from the Federal Reserve Bank of St. Louis FRED website may only be included when the data sources used by FRED are US government sources such as the Bureau of Economic Analysis or the Bureau of Labor Statistics.

Cite at least 2 academically credible sources.

Format your assignment according to APA guidelines.

Situation Analysis And Marketing Plan

The Music2Go Marketing Simulation gives you the opportunity to formulate and implement a Marketing Campaign within your own company (an MP3 Player Manufacturer). Music2Go will require you to analyze Company Reports and Market Research to implement your own Marketing Plan while keeping to a fixed budget.

Each week you will need to log into the Smartsims website, open your Music2Go company and make decisions before the Sunday midnight (MST) rollover (decision deadline). In the first decision period, you will be making decisions for the company’s only product. These decisions will be Retail Price, Retail Margin, Advertising budget, Advertising mix, and entering a Sales Forecast. In following weeks you will be able to make Sales Promotion decisions, conduct Product Development, and launch New Products. The success of your decisions will be determined by your Total Marketing Contribution (TMC) over the length of the simulation.

To begin you must first register for the Music2Go Marketing Simulation through the Smartsims website. After registration has been completed, it is strongly recommended you start by reading the Music2Go Assignment Schedule, Music2Go Player’s Manual, and view the Music2Go Tutorial Videos available through the Smartsims website.

For this assignment you are required to complete each of the following:

  • Part A. Conduct a Situation Analysis
  • Part B. Write a Marketing Plan

NOTE: Before completing this assignment, be sure to complete the Assignment 03.1: Music2Go Decisions before Rollover #1.

For Assignment 03.2: Music2Go Situation Analysis and Marketing Plan, follow these detailed directions:

Part A. Conduct a Situation Analysis
Your goal in Music2Go is to maximize Marketing Contribution for your MP3 Player company. Marketing Contribution is your profit after sales and marketing expenses have been deducted. At the end of the simulation, you will then be graded on your Total Marketing Contribution (TMC).

To understand the simulation and achieve the highest TMC you can, you must first conduct a Situation Analysis. To complete this written assignment you will need to have open the Music2Go Player’s Manual and be logged into your Music2Go company (log in through the Smartsims website). Part A should be two-three pages in length.

  1. Using the information provided in Chapter 2 of the Music2Go Player’s Manual write a brief description of the three market segments in the Music2Go MP3 Player Market. Your answer should be half a page in length.
  2. Complete a short analysis of your company by answering the short answer questions below:
    1. What was your Sales Revenue, Gross Margin and Marketing Contribution last year? (Hint: see the Industry Benchmark Report)

Define Parallel translation

Define Parallel translation

 

Marketing research

International marketing research

Research process

Secondary data

Primary data

Back translation

Parallel translation

Decentering

Multicultural research

Expert opinion

Triangulation

Analogy

Define the key terms listed above.

typed paragraph or two should not exceed one page

Marketing research

International marketing research

Research process

Secondary data

Primary data

Back translation

Parallel translation

Decentering

Multicultural research

Expert opinion

Triangulation

Analogy

Define the key terms listed above.

typed paragraph or two should not exceed one page

Define Parallel translation

 

Marketing research

International marketing research

Research process

Secondary data

Primary data

Back translation

Parallel translation

Decentering

Multicultural research

Expert opinion

Triangulation

Analogy

Define the key terms listed above.

typed paragraph or two should not exceed one page

Marketing research

International marketing research

Research process

Secondary data

Primary data

Back translation

Parallel translation

Decentering

Multicultural research

Expert opinion

Triangulation

Analogy

Define the key terms listed above.

typed paragraph or two should not exceed one page

Who are Magnolia Brands’ major competitors?

  1. Read “Case 6: Fixer Upper: Expanding the Magnolia Brand” in your Connect textbook.

    Evaluate Magnolia Brands’ sustainable competitive advantage by analyzing the case study and answering the following questions in 350 words:

    • How will the components of the external environment impact Magnolia Brands’ ability to realize their vision?
    • Who are Magnolia Brands’ major competitors?
    • What other factors are affecting the growth of Magnolia Brands?
    • What internal factors must be considered for Magnolia Brands to achieve its vision and mission?
    • What are some of Magnolia Brands’ strengths and weaknesses?
    • How does the new show represent an opportunity in the home remodeling industry?
    • What challenges or threats might Magnolia Brand face?
    • What measurements can be used to determine if the new show is successful?
    • What is the feasibility of the ability of Magnolia Brands to continue to be successful? Why?
    • Read “Case 6: Fixer Upper: Expanding the Magnolia Brand” in your Connect textbook.

      Evaluate Magnolia Brands’ sustainable competitive advantage by analyzing the case study and answering the following questions in 350 words:

      • How will the components of the external environment impact Magnolia Brands’ ability to realize their vision?
      • Who are Magnolia Brands’ major competitors?
      • What other factors are affecting the growth of Magnolia Brands?
      • What internal factors must be considered for Magnolia Brands to achieve its vision and mission?
      • What are some of Magnolia Brands’ strengths and weaknesses?
      • How does the new show represent an opportunity in the home remodeling industry?
      • What challenges or threats might Magnolia Brand face?
      • What measurements can be used to determine if the new show is successful?
      • What is the feasibility of the ability of Magnolia Brands to continue to be successful? Why?

Operations Management With Agile

The following exercise introduces you to the need for operations management and collaboration within the context of the Agile product development process.

Complete the collaboration warm-up exercise, Agile Product Development. A transcript of this interactive exercise is also available.

Consider what you learned in the experience and respond to the following in a minimum of 175 words:

  • Have you had any experience working on Agile teams?
  • If you have worked on Agile teams, what were the benefits and difficulties of the Agile approach?
  • If you have not worked on Agile teams, using this exercise, what benefits and challenges do you foresee applying an Agile approach in your current or future workplace?
  • How can the challenges of Agile be mitigated or overcome?The following exercise introduces you to the need for operations management and collaboration within the context of the Agile product development process.

    Complete the collaboration warm-up exercise, Agile Product Development. A transcript of this interactive exercise is also available.

    Consider what you learned in the experience and respond to the following in a minimum of 175 words:

    • Have you had any experience working on Agile teams?
    • If you have worked on Agile teams, what were the benefits and difficulties of the Agile approach?
    • If you have not worked on Agile teams, using this exercise, what benefits and challenges do you foresee applying an Agile approach in your current or future workplace?
    • How can the challenges of Agile be mitigated or overcome?

Apply: Operations Plan

Assignment Content

  1. This assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.

    Choose 3 quantitative elements that you would like to research in relation to the organization that you selected for your business plan. These elements may be related to products, services, target market, consumer preferences, competition, personnel, resources, supply chain, financing, advertising, or other areas of interest. However, at least one of these elements should be related to a product or service that your organization is planning to offer.

    Develop forecasts by implementing the following approach:

    1. Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
    2. Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
    3. Forecast future demand using a forecasting method.
    4. Make decisions based on step 3.
    5. Measure the forecast error where applicable. Look for biases and improve the process.
    6. Write a 525-word paper evaluating the findings from the supported data points above, and explain the impact of these findings on operational decision making. Insert charts and supporting data from Excel and other tools in your paper.

      Cite references to support your assignment.

      Format your citations according to APA guidelines.Assignment Content

      1. This assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.

        Choose 3 quantitative elements that you would like to research in relation to the organization that you selected for your business plan. These elements may be related to products, services, target market, consumer preferences, competition, personnel, resources, supply chain, financing, advertising, or other areas of interest. However, at least one of these elements should be related to a product or service that your organization is planning to offer.

        Develop forecasts by implementing the following approach:

        1. Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
        2. Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
        3. Forecast future demand using a forecasting method.
        4. Make decisions based on step 3.
        5. Measure the forecast error where applicable. Look for biases and improve the process.
        6. Write a 525-word paper evaluating the findings from the supported data points above, and explain the impact of these findings on operational decision making. Insert charts and supporting data from Excel and other tools in your paper.

          Cite references to support your assignment.

          Format your citations according to APA guidelines.