Marketing Is About Creating Exchanges When Two Parties Give Som ✓ Solved

Marketing is about creating exchanges. . . . when two parties give something of value to each other to satisfy their respective needs and wants†(Gitman et al., 2018, p. 413). As a start up business owner of a sole proprietorship you are confronted with two questions by your financial backers. · Can the marketing concept be applied effectively? Explain why or why not? · How does the stage of a product’s life cycle affect price? Give an example of how products in your business will be impacted.

I have a skincare business called . Your original post to this forum must be at least 250 words. Original post is due by midnight Thursday, April 15, 2021. Responses to two classmates are also required and due by April 18, 2021 by midnight. Users must post in order to see classmate replies to this discussion Please follow the directions.

Textual citations, references, and the cover page should be in APA formatting using the APA 7th edition. Please check for grammatical errors. Make sure to fully answer the questions provided. 167 CHAPTER 8 Design Your Life The development of general ability for independent thinking and judgment should always be placed foremost, not the ac- quisition of specialized knowledge. — Albert Einstein Fate or Freedom: Which Do You Choose? Many people talk about their lives as if the events in them were prede- termined, as if some force in the universe had issued a timeless decree by which the order of all things (including their lives) was prescribed and all events were controlled by inevitable necessity.

If you think about your life as a predetermined product of forces over which you have no control, you lose the chance of controlling your life. The Very Idea of Freedom The idea of designing one’s life comes from two primary insights: 1) there is a significant difference between life as it is typically lived and life as it might be lived; and 2) by deliberately changing your thinking, you can live in a manner closer to your ideal than if you uncritically allow your thinking to be shaped by the forces acting on you. Lifelong learners are skilled thinkers who recognize the different roles that learning can play in life. There is a significant difference between being passive and being active as a learner.

For the passive learner, the primary end is that of establishing habits that “work,†that enable the individual to “get by.†Passive learners tend to be stagnant as thinkers, for once they 168 CRITICAL THINKING find something that enables them to get by, they then lack the motivation to change. What they seek in their learning is confirmation of their pres- ent beliefs, their present judgments, their present behavior patterns. They defend their status quo. Test the Idea : To What Extent Are You a Passive Learner? Think back on the learning experiences you have had in your life, as well as the opportunities for learning you have had.

Answer the follow- ing questions: To what extent would you say you have been a passive learner? To what extent have you actively sought out opportunities for learning? To what extent have you taken responsibility for your own learning? To what extent do you see learning as something that happens to you rather than something you make happen? To what extent do you see value in learning?

For critical thinkers, active learning is a tool for continually bridging the gap between what is and what could be. Critical thinkers recognize the role learning can and should play in their lives. They establish for them- selves habits of continual improvement, of always reaching for the next level of skill, ability, and insight. Critical thinkers are lifelong learners and take charge of their experiences, their learning, and the patterned behaviors that define their lives. They, in essence, “design†how they think and feel, and hence lay the foundation for how they live.

They recognize that their think- ing will shape their emotions and that their emotions impact their thinking. They use this recognition as a tool in self-deliberation ( Figure 8.1 ). Lifelong learners design their lives by becoming clear as to their goals, problems, and options. They carefully think through decisions. They give thoughtful consideration to options.

They give explicit priorities to goals. They do not simply react to immediate imperatives, the predictable and unpredictable distractions that occur in all of our lives. Instead, they cre- ate their own imperatives by bringing their foremost goals into the center of their thoughts and actions, and they create their own calendar of actions. Though our choices are always limited, we usually have a much larger range of choices than we generally recognize to be so. CHAPTER 8 • DESIGN YOUR LIFE 181 To conclude, a scanning of the history of critical thought heightens our awareness of the power and necessity of critical thinking as well as of its rar- ity in human experience.

Nowhere is there, as far as we can see, a developed community of critical thinkers. No society systematically teaches it to its young. Every society teaches its view of the world as the TRUTH and invests a good deal of effort into justifying itself to itself. The only community of critical thinkers, to date, exists across cultures and disciplines, across ethnic groups and orientations, across belief systems and lifestyle agendas. Test the Idea : Committing Yourself to Reading Backward Try to commit yourself to reading one book per month that is on our “reading backward†author list, or books by other highly reputable authors from different periods in history.

Choose books that represent differing perspectives, differing ways of looking at the world. Should you make such a commitment, as time passes you will experience consider- able development in your ability to see things from multiple perspec- tives, and your worldview will significantly broaden. Implications for the Design of Your Life If we become committed to designing our own lives, and recognize that, in doing so, we are resisting social forces, and, to greater or lessor extent, act- ing outside of the expected behavior patterns of the social groups of which we are a member, we also learn to keep some of our thinking private. We learn that others must undergo their own evolution, their own development as critical thinkers, and that we cannot give to others the products of our thinking, when it is unorthodox, without their going through a process simi- lar to the one we experienced.

Chapter 8 Summary Summarize the key ideas you have learned from this chapter and previ- ous chapters. Write your answers as follows: 1. The main ideas I have internalized from working through this chapter are... 2. These ideas are important because...

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Marketing Concept and Product Life Cycle in a Skincare Start-Up
Marketing is fundamentally about creating exchanges that fulfill the needs and wants of two parties involved in a transaction (Gitman et al., 2018). For my skincare business, this relationship between parties is pivotal for the success of the enterprise. My financial backers have posed two crucial questions regarding the marketing concept and the impact of the product life cycle on pricing strategies. In this discussion, I will substantiate that the marketing concept can indeed be applied effectively within my skincare start-up, and I will further elaborate on how the stages of a product's life cycle can significantly influence pricing strategy.
Application of the Marketing Concept
The marketing concept emphasizes understanding and meeting customer needs more effectively than competitors (Kotler & Keller, 2016). This approach can be effectively implemented in my skincare business for several reasons. First, the skincare industry thrives on customer engagement and feedback. By conducting market research, including surveys and focus groups, I can identify my target customers’ preferences related to skin health, efficacy, and ethical considerations. This information is critical for tailoring my product offerings to meet consumer demands, ensuring value exchange (Moorman, 2017).
Furthermore, applying the marketing concept enables me to foster strong customer relationships through personalized marketing strategies. Utilizing digital marketing platforms allows me to interact directly with customers, receive real-time feedback, and refine my products based on their experiences. For instance, offering samples or trial sizes can entice potential customers to experience my product before committing to a full purchase. Such strategies enhance customer satisfaction, thereby promoting loyalty and repeat purchases (Zhang et al., 2020).
Innovation is also integral to the marketing concept, particularly for a skincare start-up. By keeping abreast of emerging trends, such as vegan or sustainable beauty products, I can adapt my product range accordingly. Capitalizing on the rising consumer awareness around ethical consumption can significantly enhance my market presence (Hiller & Hiller, 2019). Thus, emphasizing a customer-centric approach is essential for marketing success and benefits long-term growth.
Impact of the Product Life Cycle on Pricing
The product life cycle (PLC) outlines the stage of a product from its introduction to decline and includes four key stages: introduction, growth, maturity, and decline (Kotler & Keller, 2016). Pricing strategy must adjust at each stage to reflect market conditions and consumer behavior.
1. Introduction Stage: During the launch of my skincare line, I may adopt a penetration pricing strategy to attract early adopters. Setting lower prices will entice consumers to try my product in a competitive market filled with well-established brands. This strategy aims to gain market share quickly while assessing customer feedback to adjust formulations (Blythe, 2018).
2. Growth Stage: As awareness increases and sales grow, I can transition to a skimming pricing strategy that takes advantage of the demand for new, unique skincare products. At this stage, my marketing efforts will focus on differentiating my products through quality and unique selling propositions (USP). Prices can increase as the customer base expands, and my brand becomes more recognized (Peppers & Rogers, 2021).
3. Maturity Stage: Once the product reaches maturity, competition intensifies, and pricing must be evaluated critically. A cost-based pricing approach may become prevalent, ensuring operational costs are covered, while simultaneously introducing promotional pricing to maintain consumer interest. Bundling products together can also promote sales at this stage (Kotler & Keller, 2016).
4. Decline Stage: Ideally, I hope to avoid rapid decline in product sales, but should this occur, I may employ a discount pricing strategy to clear existing stock and mitigate losses. Alternatively, introducing limited editions or seasonal offers may reinvigorate consumer interest (Blythe, 2018).
A relevant example of these dynamics in practice is the rise of K-beauty products, especially during their introductory phase in the United States. Brands employed penetration pricing to establish a foothold in a new market, gradually increasing prices as their products gained popularity.
Conclusion
In conclusion, the marketing concept is highly applicable to my skincare start-up, allowing for effective customer engagement, innovation, and value creation. Moreover, adjusting pricing strategies according to the product life cycle is crucial for sustaining profitability and competitiveness in a dynamic marketplace. By leveraging these strategies effectively, I can ensure the long-term success of my skincare brand in fulfilling the evolving needs of consumers.
References
Blythe, J. (2018). Marketing. London: Sage Publications.
Gitman, L. J., Juchau, R., & Flanigan, S. (2018). Principles of Managerial Finance. London: Pearson Education.
Hiller, R., & Hiller, R. (2019). Ethical consumption in the beauty industry: Consumer motivations for buying ethical brands. Journal of Consumer Marketing, 36(6), 674-687. https://doi.org/10.1108/JCM-03-2018-2877
Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Upper Saddle River, NJ: Pearson.
Moorman, C. (2017). A critical assessment of marketing research: The bad, the good, and the opportunities. Marketing Science, 36(3), 323-338. https://doi.org/10.1287/mksc.2017.1093
Peppers, D., & Rogers, M. (2021). Managing Customer Experience and Relationships: A Strategic Framework. Hoboken, NJ: Wiley.
Zhang, Y., Zhao, Y., & Riza, E. (2020). Digital marketing strategies: Bridging the gap between social media and customer engagement. International Journal of Marketing Studies, 12(3), 1-15. https://doi.org/10.5539/ijms.v12n3p1
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