Week 4 Discussion Response- Marketing for Competitiveness
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Week4DiscussionResponse-MarketingForCompetitvness.docx
Colleague 1
Delores Langston
AI can give companies a new level of power and precision in the way they approach targeting in their campaigns. If used correctly, this presents a significant opportunity to make campaigns more effective. However, AI also presents new risks that marketers should be aware of and consider when using it for targeted marketing.
The two benefits of AI in targeting that stand out to me are:
1. Personalization at scale: AI allows companies to customize ads, recommendations, and offers for each individual customer based on their unique preferences, needs, and behavior, which can significantly improve engagement and satisfaction (Boone, 2023).
2. Efficiency and ROI: Automation of tasks such as segmentation and predictive analytics can lead to less ad spending on ineffective targeting options, while insights can help marketers focus on those strategies with the highest likelihood of conversion.
The two risks are:
1. Bias and discrimination: Biased data fed to AI systems can produce biased outcomes, which can lead to groups being excluded or targeted in harmful or unfair ways.
2. Data privacy: As targeted marketing depends on detailed personal data, there is a risk of intrusion or perceived intrusion of customers’ privacy, as well as concerns about data security (Boone, 2023).
The main ethical concerns that AI in marketing raises, in my opinion, are transparency, fairness, and consumer autonomy. Customers have the right to know how their data is being used, and to have control over that data. My recommendations to reduce or eliminate these ethical concerns are:
· Transparency regarding data collection and the use of AI.
· Regular audits to check for bias in targeting.
· Minimizing data collection to only what is necessary.
· Providing customers with opt-in/opt-out choices to allow them to make their own decisions.
I believe that AI can help make marketing more efficient and customer-friendly, but only if it is used ethically. Overreaching could easily result in companies losing the trust they’re trying to gain in the first place.
Boone, S. (2023, March 16). Artificial intelligence (AI) and marketing ethics. Association of National Advertisers. https://www.ana.net/miccontent/show/id/ii-2023-03-et-ai-mktg-ethics
Colleague 2
Ashmir Chhetry
Hello Class,
AI has changed the way organizations approach marketing, especially with targeted strategies. One of the most valuable benefits is that it can quickly process large amounts of data to predict consumer behavior, which makes campaigns more personal and relevant. It also handles repetitive tasks with accuracy, saving time and improving efficiency (Boone, 2023). In a midsize law firm like mine, this could mean identifying individuals who are actively searching for legal services in specific practice areas, allowing outreach efforts to be more focused and client centered.
There are also clear risks to consider. Heavy reliance on algorithms may result in certain groups of potential clients being overlooked or misrepresented. Another concern is how personal data is managed, since mishandling sensitive information can damage trust and create legal or reputational problems (Fletcher, 2023). In a legal environment where confidentiality is essential, these risks carry significant weight.
The ethical concerns surrounding AI often center on fairness, transparency, and privacy. Boone (2023) highlights the importance of using AI responsibly to avoid bias or discrimination, while Fletcher (2023) notes that human oversight is necessary to prevent misuse. To address these concerns, I believe firms should conduct regular audits of AI tools, ensure compliance with data privacy laws, and clearly communicate with clients about how their information is being used. Striking a balance between efficiency and ethics helps protect client relationships and preserve trust, which is the foundation of legal practice.
References Boone, S. (2023, March 16). Artificial intelligence (AI) and marketing ethics. Association of National Advertisers. https://www.ana.net/miccontent/show/id/ii-2023-03-et-ai-mktg-ethics
Fletcher, K. (2023, May 30). AI is considered the “wild west”—here’s how marketers can rein it in and ensure ethical use. Entrepreneur. https://www.entrepreneur.com/science-technology/how-marketers-can-ensure-theyre-using-ai-ethically/452285
Week2LearningResources-MarketingforCompetitiveness.docx
Marketing for Competitiveness
Week 2 Learning Resources
The customer’s need (The influencer)
Through these resources, you will examine how to define customers’ needs. Customers’ needs are rooted in seeking solutions a product or service may provide. We identify those needs in marketing by asking the questions that solicit feedback to enhance our processes and practices. Through these resources, you will explore how customers’ needs are met using solid marketing practices.
· Balis, J. (2021, March 10). 10 truths about marketing after the pandemic . Harvard Business Review Digital Articles , 1–11. http://hbr.org
· Breschi, A. (2021). 16 types of customer needs (and how to solve for them)Links to an external site. . HubSpot . https://blog.hubspot.com/service/customer-needs
· Haas, S., McClain, J., McInerney, P., & Timelin, B. (2020, October 16). Reimagining consumer-goods innovation for the next normal Links to an external site. . McKinsey & Company. https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/reimagining-consumer-goods-innovation-for-the-next-normal
· Kiely, T. J. (2017, August 2). How social media can drive product innovation Links to an external site. . Falcon.IO. https://www.falcon.io/insights-hub/topics/customer-engagement/social-media-can-drive-product-innovation-social-listening/
The Industry and Competition/Social Media Being the Influencer
Social media influence refers to the impact of other people’s thinking and behavior in an online community. The more influence a person has, the more appeal that individual has to companies or other individuals who want to promote an idea or sell a product. Social media possesses incredible influential power, and since the advent of the Internet, it has evolved from a simple way for people to keep in touch into a massive global network connecting organizations, communities, and people.
· Christensen, C. M., Ojomo, E., & Dillon, K. (2019, January 1). Cracking frontier markets . Harvard Business Review, 97 (1), 90–101.
· Digital Garage. (2019, January 14). How retargeting works Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=K8_yzdZbOlA
Effective Marketing Strategies
Marketing strategy provides a roadmap to a business’s overall game plan for reaching its prospective consumers and turning them into customers. There are several components to a successful marketing strategy. Through these resources, you will examine some of those key components, like the company's value proposition, key brand messaging, data on target customer demographics, and other high-level elements in these resources.
· Crestodina, A. (2020). Data-driven empathy: 7 charts that show how to make smart marketing decisionsLinks to an external site. . Orbit Media Studios . https://www.orbitmedia.com/blog/data-driven-marketing-decisions
· Karpenkova, A. (2020, April 3). Digital marketing strategies brands often overlookLinks to an external site. . DigitalMarketer . https://www.digitalmarketer.com/blog/overlooked-digital-marketing-strategies Time Estimate: 8 minutes
· Schillewaert, N. (2020, July 7). Brand religions: The 3 beliefs of the influencer religionLinks to an external site. . InSites Consulting . https://insites-consulting.com/blog/brand-religions-the-3-beliefs-of-the-influencer-religion/
Social Media Marketing
We have all been exposed to some sort of social media and its influence on our decision making, but what about when we apply marketing? Social media marketing, sometimes called e-marketing or digital marketing, uses social media platforms and websites to promote a product or service. Using these resources, you will explore how social media marketing builds on the overall marketing strategy.
· Charlesworth, A. (2017). What is social media marketing?Links to an external site. In Social media marketing: Marketing panacea or the emperor’s new digital clothes? (pp. 39–70). Business Expert Press.
· Charlesworth, A. (2017). Social media marketing: What works, what doesn’t…and whyLinks to an external site. . In Social media marketing: Marketing panacea or the emperor’s new digital clothes? (pp. 115–143). Business Expert Press.
· Davis, X. (n.d.). 7 steps for an effective social media marketing plan Links to an external site. . Duct Tape Marketing. https://ducttapemarketing.com/social-media-marketing-plan/
· Digital Garage. (2019, January 14). Social media campaigns for mobile Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=5TQUgS3TNG4
Week1LearningResources-MarketingforCompetitiveness.docx
Marketing for Competitiveness
Week 1: Learning Resources
Mindsets and Purposes
When you think of mindset and purpose, what comes to mind? Your mindset plays a critical role in determining how you cope with life's challenges. A person with a growth mindset tends to have a hunger for learning and a desire to work hard and discover new things. This often translates into academic achievement. What does it mean to have purpose? Purpose is the reason something exists, an intended end, an aim, or a goal. Purpose creates meaning, offers a sense of direction, and helps guide our paths, behaviors, and goals. Through these resources, you will examine the connection between mindset and purpose. Consider how you approach these two valuable tools.
· Centaur Media. (n.d.). Six ways consumer mindsets have changed since COVID-19 Links to an external site. . Marketing Week. https://www.marketingweek.com/six-ways-consumer-mindsets-changed-covid-19/
· Egol, M., & Khurana, A. (2020, September 30). Six building blocks for revitalized B2B marketing and salesLinks to an external site. . strategy + business . https://www.strategy-business.com/blog/Six-building-blocks-for-revitalized-B2B-marketing-and-sales
· Gregg, B., Kim, A., & Perrey, J. (2020, April 23). Leading with purpose: How marketing and sales leaders can shape the next normalLinks to an external site. . McKinsey & Company. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/leading-with-purpose-how-marketing-and-sales-leaders-can-shape-the-next-normal
· McKinsey & Company. (2020, October 15). The evolving consumer: How COVID-19 is changing the way we shop Links to an external site. . https://www.mckinsey.com/about-us/covid-response-center/leadership-mindsets/webinars/evolving-consumer-how-covid-19-has-changed-us-shopping-habits
Making a Decision
When faced with a problem, how do you go about deciding how to solve it? Do you think about what you have always done and try to approach the problem using your experience to guide you? Or do you try to remove your preconceived ideas and think only about the situation at hand, considering multiple perspectives and working to “think outside the box”? In its simplest sense, decision making is a process; it’s the act of choosing between two or more courses of action. In the wider context of problem solving, decision making involves choosing between possible solutions to a problem. Decisions can be made either through an intuitive process or reasoned process—or a combination of the two. Using these resources, you will examine the decision-making process and how it involves both the consumer and the marketers’ thinking processes.
· Andriendko, O. (2015, November 11). Psychology and #marketing: What influences our decisions Links to an external site. . SEJ. https://www.searchenginejournal.com/psychology-marketing-influences-decisions/142368/
· Crespo, C. (2015, April 13). How do people make decisions online?Links to an external site. Good Barber . https://www.goodbarber.com/blog/how-do-people-make-decisions-online-a580/
· Mehrguth, G. (n.d.). 5 stages of the consumer decision-making process and how it’s changedLinks to an external site. . Directive . https://directiveconsulting.com/blog/5-stages-of-the-consumer-decision-making-process-and-how-its-different/
Conditioning and Culture
Cultural conditioning is a process through which we absorb and interpret the influences, norms, and messaging from our environment and translate them into what we believe to be acceptable behaviors. Each person absorbs the cultures around them through a different lens and interprets them in their own way. At some point in your life, you have likely engaged in conditioning, which is simply the process of interpreting and applying the influences in your environment. Through these resources, you will explore the effects of culture and conditioning on marketing.
· Belyh, A. (2019, September 23). Customer psychology frameworks Links to an external site. . Cleverism. https://www.cleverism.com/customer-psychology-frameworks/
· Ceruto, S. (2020, February 19). The psychological concept that can make you a more effective marketer Links to an external site. . Forbes. https://www.forbes.com/sites/forbescoachescouncil/2020/02/19/the-psychological-concept-that-can-make-you-a-more-effective-marketer/?sh=103c249021a4
· Fields, R. (2014, April 7). Culture as competitive advantage for marketers Links to an external site. . Forbes. https://www.forbes.com/sites/onmarketing/2014/04/07/culture-as-competitive-advantage-for-marketers/?sh=716d9d067a13
· Zoeller, S. (2021, March 15). How Apple uses consumer behavior marketing to winLinks to an external site. . Stephen Zoeller’s Marketing Blog . https://www.stephenzoeller.com/apple-consumer-behavior-marketing/
- Psychology Mini Paper
- WEEK 2
- I have capital budgeting project in excel due in 2 days
- Your neighbor faithfully applies fertilizer to his lawn to ensure beautiful, healthy green grass. Explain how your neighbor’s fertilizing habit affects at least one nutrient cycle.
- Not English but General Ed Home Work- 1250 word count Research Project Prep/Anno Bibliography
- Due tonight at 8pm
- cMGT/400 week 4 assignment
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