Citation Style: APA
Word Count: 940
The behavior concepts that my fellow student identified are classical conditioning, observational learning, and customer reference program. The student in question identified how each is applied in advertising and how they result in influencing a consumer to purchase a certain product. The examples and explanations used were relatable and relevant to the behavioral concepts that the student was interrogating. However, this student did not identify the ultimate goal of the advertisements.
In my response to the student’s post, I identified that each of the advertising examples used had a product benefit that the advertisement sought to show the target market. As such, I pointed it out and explained the link between the concept of each advertisement and the benefit that the product is apparently supposed to give to the user or purchaser of the product.
One of the conclusions I drew from this discussion is that marketing takes a lot of work, given that it utilizes psychological concepts in developing advertisements to entice customers to buy their products. Another conclusion I have drawn is that the behavioral concepts that marketers use in advertising have the intended effect of making a significant number of their target market develop the desire to purchase their product, whether intentionally or not.
In this discussion, I relayed my thoughts on dynamic pricing. My response shows critical thinking in trying to find out why retailers use dynamic pricing. The reasons given such as to maximize profits and the example of the car sellers’ tactics are relevant. This example is distinct and relevant since everyone at one point or another has had to or will have to buy a car. As to application in the retailing sector, considering buying habits, variations of disposable income and the retailing business which make small profit margins, one is able to see why dynamic pricing is such a viable option for retailers.
The student’s response identified dynamic pricing as a tool that retailers can use to inspire customer loyalty. However, I slightly disagree with this assesment. This is because dynamic pricing may in turn result in the alienation consumers of both high and low spending capacities, as the student also points out. The assertion that dynamic pricing may be a competitive advantage is accurate to the point that fixed prices may alienate some customers. When customers know that they have a say on the price of products, they are likely to be more willing to go to a certain shop other than one that uses fixed prices.
Therefore I conclude that dynamic pricing results in both risks and rewards that the sellers may benefit from when utilized. Additionally, dynamic pricing is more appropriate for retailers rather than wholesalers, especially considering the fact that the former have small profit margins.
The readings and the activities in the advertisements helped me see marketing in a different light which added to my knowledge of the subject. Activities such as reviewing advertisements that one would normally not scrutinize, shows that a significant amount of work and thought goes into coming up with advertisements. The use of behavioral psychology shows that there is an interdisciplinary approach involved in marketing which most people are unaware of.
The other students’ responses have particularly helped me to learn and understand alternative opinions. The discussions allow for the analysis and interrogation of different points of view. This has enabled me to appreciate them and include them in my learning. The few diverse assumptions and interpretations are also important in the learning process. This is because they highlight the mistakes that one is likely to make. The fact that they took place in a discussion forum was ideal since it proves that they can be corrected in a timely manner, thus avoiding any serious effects on one’s education or career.
When progressing through the course, my opinions and views on marketing have shifted significantly. This is because with the little knowledge I had as a layman, my thoughts on marketing were simplistic and focused on the business aspect. The course has allowed me to dispel many of these simplistic views and notions. It has thus become clear that marketing also involves behavioral psychology and considerations such as financing. These are important aspects in that the former seeks to identify ways that influence customers to purchase products. Financing involves using allocated funds to achieve the objective of a marketing campaign while attracting the maximum customers possible.
Initially, I considered one-on-one marketing to be the best option with regard to marketing strategies. However, I have come to learn that this is not the case. The main reason being that it does not reach as many people as is the case with television and social media advertising. Also it is quite expensive compared to the available alternatives. Therefore, from the knowledge garnered through these discussions, my opinion on the matter has since changed.
Before the course, I did not consider that there was a need to include ethics when trying to reach one’s target audience. It was, in my opinion, unlikely that an advertisement could offend people as I saw them as inconsequential to an ad’s success. However, I have come to learn that this is not the case. It has become clear that people do get offended and even take to protesting whether online or in the streets when slighted by corporation’s marketing attempts. This highlights why marketing professionals have to be sensitive to triggers that are likely to offend people when creating advertising campaigns.
From the above, it is clear that this course has undoubtedly had an informative effect on me. It has altered my understanding of marketing and in particular advertising, thus, enabling me to understand the ins and outs of the sector. Every time I see an advertisement, I will try to identify which techniques the firm has used and if it has been successful.