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Question 1 -
A. Does social media marketing work in the B2B marketplace? Considering the assigned articles, how does social media compare to other channels for B2B marketing? Summarize a conclusion from an assigned article and add your own interpretation of social media for B2B. Provide at least two specific examples of how might you use social media marketing in the Conscious Capitalism simulation to build relationships with business buyers.
Answer - In fact, I believe that social media marketing is also suitable for corporate marketing. This is because all potential consumers can effortlessly access information in social media and be confident in purchasing products in the process. Pushing social media platforms, for example, Facebook and Twitter can be used to reach a large number of consumers, and to evaluate their input and see if they are satisfied. This will establish a good connection with the consumer. Social media is used as part of (BTB) marketing to promote business and build strong relationships.
Businesses use LinkedIn, Twitter and Facebook to drive their business and create ads on Facebook pages. Include the same category of business platforms in their LinkedIn. Post news, work titles and advertising crusades on Twitter. Business swings to social networking sites, work with others, reads the news, and tracks the market. For on-site replication, the goal of social media is to showcase to potential members or locations of interest to the business group. The basic arrangement of BTB marketing is to establish INTERNET search optimization, occasional marketing, and email.
Case General electronic is implementing a social media campaign to promote the latest version of its appliance lineup. GE teaches their team at Quirky to inspire innovation and limit discussion. Another case is that American Express provides business cards to organizations. They built an open-ended gathering and dedicated social media platform to share information and talk about knowledge and build strong relationships with business owners. The convergence of LinkedIn and Facebook, they use the information you contribute to your profiterole, as well as the different employment of information from marketing, enabling them to work directly on products that may be of interest to you. The capacity of all of these examples provides assistance to consumers directly and quickly for these different phases, which can effectively and quickly win the respect and trust of consumers as a specific project case and help. In the replay of Market Live, our project customers should do the same.
B. Summarize Kristi Roger's assessment of the advertising industry in her Ted Talk. Considering her hypothesis and results, what are some implications for marketing managers as they seek to improve the ROI of marketing expenditures on all forms of marketing communications? How could these ideas affect your decisions within the Conscious Capitalism simulation or your future endeavors?
Answer - Imagine a globe in which each ad you see is relevant - advertising is not random and intrusive; however, a well thought out product portfolio that already you want to know about. In this talk, Kristi Rogers advertising researcher described how the application of advanced mathematics in marketing will eventually change the method we interact with the products as well as how brands interact with us. There are few implications for marketing managers as they seek to improve the ROI of marketing expenditures on all forms of marketing communications every year, marketing manager's works with select companies and foundations to identify internal thinkers, inventors, connectors, and creators. Marketing managers must uses the same rigorous approach as preparing speakers for company's main arena, working closely with every partner to oversee curation and provide concentrated one-on-one conversation growth to sharpen or fine-tune thoughts. These ideas affect our decisions within the Conscious Capitalism simulation as it helps me to produce growing and valuable decisions that stimulate innovation and change the organization.
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Question 2 -
A. Using the resources on multichannel distribution, summarize the benefits and challenges of using more than one channel, specifically direct, indirect, and multichannel. What is channel conflict? How can marketers use two or more channels and minimize the potential of channel conflict?
Answer - There are both pros and cons of using more than one channel in marketing, Good marketers must choose the best channel combination to minimize channel conflicts.
1. Sales increase
2. Reduce costs
3. Better information
4. Reduce business risks
1. Customer resentment and confusion
2. Increased costs
3. Channel conflict
4. Loss of uniqueness
Channel conflict: When a brand is offered through multiple distribution channels, there is a possibility of channel conflicts that directly compete with the same market and customers and provide the same products. Once you make the decision to expand, it is important to have arguments that may resolve these issues in the discussion, and these issues will inevitably occur. Your existing distributor is likely to complain every time you offer your brand through a new channel, whether or not the new channel is a direct competitor.
Marketers use two or more channels and minimize the potential of channel conflict:
Conduct an actual assessment of the risks and opportunities associated with your decision. Don't favor another channel. Implement a potential customer vesting system that allows entities that obtain potential customers to get sales.
B. What are the various types and functions of marketing intermediaries? Which are more important for large business and why? Which are more important for the small business and why? How could additional marketing channel options in the simulation help you better serve your target market?
Answer - These are the different functions and types of intermediaries:
Brokers and Agents: These are middlemen who bring buyers and sellers together or provided their capability to help exchange fixed commissions as their services fees. They don't acquire ownership or ownership of goods.
Wholesalers: Unlike agents, the wholesalers take ownership of services and goods that they act as intermediaries. They are owned independently moreover they also own the brands they sell.
Distributor: A function of the Distributor is likewise to wholesalers because they acquire ownership of products, store it as well as sell it to retailers and other intermediaries.
Retailers: Retailer comes in all sizes and shapes: From a corner grocery store to a large chain like Target and Wal-Mart. Regardless of its size, retailers buy products from the market intermediary or directly sell them to end users for profit.
Distributors are more important to large companies because the main difference is that the distributors align themselves with ancillary products. Such as, Coca-Cola dealers do not distribute a Pepsi product or vice versa. In this means they may maintain a closer supplier relationship with the wholesalers.
Wholesalers are more important to small businesses because a wholesaler does not utilize small quantities of products: they purchase in bulk or store the product in their personal warehouses as well as storage location until they are resold. Companies can have some number of intermediaries in their channels.
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Question 3 -
A. What global marketing opportunities and challenges would you face if the simulation were based on a real-world international situation? Discuss the difference in the experience you would have without the assumptions built into the simulation.
Answer - My experience in simulation involves many challenges and opportunities. As my first experience in simulation work, I need to digest a lot of information.
My lessons in learning the market include following our strategy and depending on market research. For example, our strategy is not to follow the traveler segment, but we can offer a product that supports our innovator segmentation strategy and competes among travelers without missing a mission. Although we have many brands, this strategy allows us to expand our market share and the needs we need to compete. Tracking multiple brands is a challenge. After a few quarters, the process of analyzing and evaluating Momentum results and competition eventually took place. My experience supports the use of a consistent system to provide a solid position for decision making (Cadotte, 2016).
The simulation presents the challenge of focusing on a specific area rather than a single area. The Balanced Scorecard (BSC) approach provides a great tool for decision making and management. We hope that income and profits can be a single focus. However, BSC requires us to invest in research and development and to continuously improve our information through advertising judgments and our product and brand judgments. BSC provides a long-term, measurable method that is very useful in the real world. My studies will include more on the implementation of BSC in business (Cadotte, 2016).
B. Using the resources describing conscious capitalism and fair trade, how does fair trade support the philosophy and practices of conscious capitalism? What are the challenges to implementation of fair trade in the developing world?
Answer - Fairtrade supports the ideas and practices of conscious capitalism, which prove that suppliers, especially those in developing countries, receive higher than market prices for their goods (usually commodities), and these goods are based on specific circumstances and society. Two examples of certification bodies are a fair trade in the US and fair trade in the United States.
For small producers, fair trade certification has become extremely complex, and sometimes it is not easy to achieve fair trade standards. When you get an ISO-compliant certification, it can be too restrictive because the world is more complex than a set of standards and standards. When you certify based on ISO standards in a closed-eye manner, you sometimes expect some content from the manufacturer to be impractical. On the one hand, certificates help to increase the sales of fair trade producers, and on the other hand, reduce the benefits of fair trade. FTOs are idealists; they still make mistakes and are not always effective, but usually, they do not deliberately exploit people in the name of fair trade.
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Question 4 -
A. Southwest Airlines and Whole Foods are businesses that practice conscious capitalism. Conduct research on either company. Identify, summarize, and defend three characteristics of either company that are consistent with conscious capitalism ideals.
Answer - John Mackey, a founder of the Whole Foods Market, wrote a book called Conscious Capitalism: The Spirit of Emancipation of Heroes. Among them, he described companies that have achieved extraordinary success while making the world a superior place.
Conscious capitalisms are built on four necessary pillars:
1. A higher goal: The goal of the company is not only to make money but to inject vitality into the stakeholders of the company.
2. Stakeholder Positioning: Companies need to create value for all stakeholders (clients, workers, communities, investors and their suppliers).
3. Conscious leadership: Companies need inspiring leaders to encourage their employees to work toward greater goals.
4. A conscious culture: guiding the values, practices, and principles of the company must create an impression of success for everybody.
B. Assume that you are a marketing manager charged with developing and leading a market entry into a country with a large power distance index (PDI). What are three major concerns from a marketing viewpoint that you would need to address? Explain.
Answer - PDI is a distribution of power and wealth between nations (Investopedia). As a marketing manager, the three main issues I am worried about are differentiation, changing customer relationships, and achieving excellence (Kottler & Keller, 2015, p. 163-165). Because this country has a large amount of PDI, I assume that power and wealth are highly distributed. This means that consumers have the money to buy quality products and are selective. I need to make sure my products stand out. What makes my product different? Why do consumers choose my products in competition?
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