Q.1 How does a consumer’s level of involvement affect a choice of a problem-solving process? Give an example when an organization triggers recognition and give example of which you have experienced post-purchase cognitive dissonance and to overcome it.
Ans. The way a consumer responds to changes are depending upon the involvement with the stimulus or on the personality to interact with it, this is called Level of involvement. Permanent involvement is an ongoing attention in a product class, while situational involvement is a provisional interest that comes from the specific circumstance in which customers find themselves (Boxall & Winterton, 2018).
Low-involvement purchases involve little risk, are repetitive, and frequently lead to a habit. In addition, these acquisitions are not significant to the customer, which are called impulse purchasing. By contrast, high-involvement purchases are closely associated with the customer’s ego and self-esteem. This may include monetary risk, social risk, or emotional risk. For example, IBM triggers the needs of the customers and create an external event to manage their corporate image, reputation, and personality. The customer has purchased the Nikon Camera and faced with many issues such as quality, battery, lenses etc. after the purchase. This is typical prominent to post-purchase dissonance. It can be overcome by properly evaluate the alternative, seek new data to support the choice, and by doing research (Wilkins, Beckenuyte & Butt, 2016).
Q.2 Identify each organization’s targeting strategy: –
Ans. MAZDA- Mazda is twisting its brand from a fun-to-drive, assessment vehicle. It is a practical shift as the company is targeting the young grown-ups in the early ‘00s rapidly. It is developed and well prepared to spend on a car that experiences more premium burdens. It strengthened its product pipeline, progressing out new models, like minivans, to meet rising demand from new customers. Mazda is demanding to appeal to the youth group through the on-going use of fundamental reality (Zorkóciová, Šimorová & Šášiková, 2014).
Shoes of Prey- They are targeting women to design their own shoes, which are handmade and shipped globally. They can create their perfect shoe by choosing the style, materials, shape, and color. The company then custom-makes the shoe and sends it to their door with a 365-day money-back guarantee. The team had effectively targeted 13 to 17-year teenage girls as an appreciated vehicle for increasing word of mouth about the brand. By running a competition company has encouraged audiences to design their own shoes and share with family and friends, they have also considerably expanded their spread to the mothers, followers, and friends of the 13 to 17-year girl demographically (Zucchella, Hagen, Denicolai & Masucci, 2016).
Q.3 Companies progressively build their brand equity and improve market share with their digital marketing policies. How does Kate Spade utilize its website to connect with customers?
Ans. Companies progressively moving towards the digital era. The prevailing brands generate strategic gains by positively pronouncing significant points of diversity in their value proposition. Prior to the internet, emerging a brand reputation, trust and reliability was much more difficult. Further, it should specify the entering of a brand into the market, advance market share, and preserve a competitive edge among its target market. Kate Spade launches organization with a collection of nylon bags subsequently they introduce fashion apparel and accessories to furnish the needs of customers. Market share and sales growth have been raised progressively in the last five years. They have signified its e-stores as its ultimate flagship with its widest assortment and improved brand equity (Leeflang, Verhoef, Dahlström & Freundt, 2014).
Kate Spade utilizes its website to connect with customers by providing opportunities for scholarships, grants, and offer careers for women. They make network through their websites by utilizing simple and fun designs and concerning reasonable pricing. They reach out to their consumers by using pixel tags, cookies, web beacons, and similar technologies to accumulate certain data and other information about collaboration with customers through websites (Straker & Wrigley, 2016).
Q.4 Do you think companies that goal to shape a sustainable brand is more competitive in today’s market.
Ans. Yes, companies that aim to build a sustainable brand are more competitive in today’s market as they grow by using aggressive market strategy but if they do not sustain their brand and cater the needs of the customers then they will ultimately fall in future. As the company is using sustainable strategy, will not succeed in the short run but in the end, it will achieve the market share, profitability, and growth. For example, IKEA product’s prices are economical so that customers can easily purchase the product. Initially they have faced many struggles and difficulties in terms of earning the profit and expanding the sales but in the long run, it is sustaining effectively and more competitive than other companies (Kumar & Pansari, 2016).
It is now moving in a big way. They start with consumer trends, competitive advantage, and public recognition, brand equity, improving corporate images, and enhancing product value. They keep us true to our commitment to provide products with a best affordable price to every customer. As Unilever is promoting greatly from long-term philosophy and implementation of a sustainable approach, as their brands who are leading the response in this space are increasing ahead of the market. For the moment, last year Tesla created $10 billion of pre-sales for their electronic Model 3 car in just two days as sustainability now creates commercial sense (Charles Jr, Schmidheiny & Watts, 2017).
Q.5 When an organization launches its latest innovative product, which pricing policy do they commonly engage in?
Ans. Companies commonly implement a penetration pricing strategy because they want to take hold of market share. However, penetration strategy needs an iron-grip on prices and competence as it is frequently only with economies of scale that the invention becomes cost-effective and profitable (Stummer, Kiesling, Günther & Vetschera, 2015).
Another experiment with penetration strategy is its sustainability; consumers buying on amount are the most indecisive. If a lower-priced participant with an improved operational ideal comes along or one that is more anxious than the consumers may quickly churn to them. Other corporations, as if Nokia, Dell Computers, and Panasonic have embraced the penetration price strategy that includes setting a low personalize price to fascinate quickly a huge number of buyers. Dell has utilized this policy to penetrate the PC marketplace and sell high eminence products through direct networks with low cost. For a positive implementation of this policy, the market must be cost sensitive, so that a low cost to spur market improvement. It can often raise both sales volume and market share. Furthermore, a higher extent of sales can prompt to lower manufacture costs and rapid inventory turnover (Mahdi, Abbas, Mazar & George, 2015).
References
Boxall, P., & Winterton, J. (2018). Which conditions foster high-involvement work processes? A synthesis of the literature and agenda for research. Economic and Industrial Democracy, 39(1), 27-47
Charles Jr, O. H., Schmidheiny, S., & Watts, P. (2017). Walking the talk: The business case for sustainable development. London: Routledge.
Kumar, V., & Pansari, A. (2016). Competitive advantage through engagement. Journal of Marketing Research, 53(4), 497-514
Leeflang, P. S., Verhoef, P. C., Dahlström, P., & Freundt, T. (2014). Challenges and solutions for marketing in a digital era. European management journal, 32(1), 1-12
Mahdi, H. A. A., Abbas, M., Mazar, T. I., & George, S. (2015). A Comparative Analysis of Strategies and Business Models of Nike, Inc. and Adidas Group with special reference to Competitive Advantage in the context of a Dynamic and Competitive Environment. International Journal of Business Management and Economic Research, 6(3), 167-177
Straker, K., & Wrigley, C. (2016). Designing an emotional strategy: Strengthening digital channel engagements. Business Horizons, 59(3), 339-346
Stummer, C., Kiesling, E., Günther, M., & Vetschera, R. (2015). Innovation diffusion of repeat purchase products in a competitive market: an agent-based simulation approach. European Journal of Operational Research, 245(1), 157-167
Wilkins, S., Beckenuyte, C., & Butt, M. M. (2016). Consumers’ behavioural intentions after experiencing deception or cognitive dissonance caused by deceptive packaging, package downsizing or slack filling. European Journal of Marketing, 50(1/2), 213-235
Zorkóciová, O., Šimorová, L., & Šášiková, M. (2014). Corporate Identity as a Strategic Tool for Companies to Remain Competitiveness in Car Industry during Current Financial and Economic Crisis. Journal of Applied Economics & Business Research, 4(1)
Zucchella, A., Hagen, B., Denicolai, S., & Masucci, M. (2016). Early and accelerated internationalisation: the role of the niche strategy in a new generation of exporters. International Journal of Export Marketing, 1(1), 27-47
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