Solved by verified expert:Utilize the same product/service that your team chose for Week 3. Bitcoin Encrypto credit cardPrepare a 5-slide Microsoft® PowerPoint® presentation with speaker’s notes illustrating your cross-cultural, Internet, mobile, and social media marketing strategy:Include the following in your presentation:Choose a country where you will introduce your product/service after you have introduced it in the United States. Review how you will incorporate at least four of the following international considerations into your decision to enter this country:In what ways can we communicate about the product/service?What are the ethical implications of marketing this product/service in this country?
consumer_decision_making.pptx
internal_and_external_influence__1_.pptx
Unformatted Attachment Preview
Consumer Decision
Making
SANNA ADEM, CHERRIE BLACKMAN, COURTNEY JACKSON,
DOMIVILLIS MARTE, DANIELLE MORRIS, KERRY WILLIAMS
APRIL 23,2018
SUSAN TOMASKI
MKT/435
Content
• Situational influences
• Potential importance of each
• Awareness of product/service
• Impact on marketing strategy
• Factors contributing to external information
search
• Factors contributing to reduction of external
information search before product purchase
• Evaluative criteria
• Importance of each when purchasing
product/service
• Conclusion
• References
Situational
Influences
• Marketing the Crypto Currency Credit
card is essential in order to be able to
reach more consumers
• Situational influences can sway a
consumers decision to purchase the
product
• Purchasers choice depends on the
purchase situation, usage situation,
temporal perspectives, and task
definition
Situational
influence in
Developing a
Marketing Strategy
Purchase Situation
• Make consumers feel comfortable
when purchasing
• Let consumers know the
advantages with the crypto
currency credit cards
• Get current consumers opinions
and display them for potential
consumer to see
This Photo by Unknown Author is licensed under CC BY-NC-ND
This Photo by Unknown Author is licensed under CC BY-NC-ND
Situational influence in
Developing a Marketing
Strategy
Usage Situation
• Creating consumer satisfaction
is key
• Expand the idea that Crypto
credit cards are useful in any
situation
• Real Estate purchases are faster
since eliminating third party
interactions
• You own the rights to your
account
This Photo by Unknown Author is licensed under CC BY-NC-ND
Situational influence in
Developing a Marketing
Strategy
Temporal Perspectives
• Companies can offer first time credit card
holders a special rate and little to no fees for
a limited time
• Money back incentives for each purchase
made in the first year
• Consumers can jump on the bandwagon of
new and innovative products
Word Press, 2018
Task Definition
• Convey to consumers
that they can purchase
gifts for others
• Go on that well
deserved vacation that
you always wanted
Blogger, 2018
Situational influence in
Developing a Marketing
Strategy
• Gifts can change
relationships with
others for the good
How Market Segment Awareness
Impacts Marketing Strategy
• Marketing strategies should be more aggressive
• When customers are aware of the product simple marketing
techniques cannot attract their attention
• The strategies to be implemented should be more aggressive
• They should make consumers understand that they only know a
little about Bitcoin
Market Awareness of Product/Service
Awareness Impact on Marketing Strategy
Factors Contributing to External Information
Search Before Purchasing Bitcoin Credit Card
• The purchasing habits of customers are influenced by factors such
as price, benefit, Consequences and personal preferences
• Marketing strategies that are not aggressive can result in external
search
• Customers will conduct external information search on products
to examine these factors
Factors
Contributin
g to External
Information
Search
1. Characteristics of the market
• Number of other alternatives available
• Availability of information
a. Advertisements
b. Sales personnel
c. Experienced consumers
d. Independent sources
• Price range
2. Product characteristics
• Price
• Differentiation
Factors
Contributing
to External
Information
Search
3. Consumer Characteristics
• Age
• Gender
• Learning Experience
• Social Status
3. Situational Characteristics
• Time
• Social Surroundings
What is Evaluative Criteria?
• Evaluative Criteria is defined as the various
dimensions, features, or benefits a
consumer looks for in response to a specific
problem.
• Consists of: Functional Attributes,
emotional reactions this product brings
and reactions of important reference group
members.
• Evaluative Criteria varies from person to
person. One individual may evaluate price,
another person may evaluate the style and
someone else will evaluate the convenience
the product can bring.
• Evaluative Criteria is usually associated
with desired benefits the product has that
the individual is searching for.
Bitcoin Credit Card – Evaluative
Criteria
• Evaluative Criteria for Bitcoin
Credit Card
•Convenience
•Cost
•Privacy
•Pleasure
Importance of Evaluative Criteria
• Evaluative Criteria is
important to both the
consumer and the
product/company.
• Can be difficult for the
marketing manager to figure
out, as the criteria varies from
person to person.
• Companies need to place
importance on what drives
consumer’s Evaluative Criteria
to attract their target market.
Conclusion
• Affordability of using Bitcoin credit card as another criteria
• How the market segment seek to establish whether this product is
affordable
• Is it cheaper than a regular transaction approaches?
• Speed is the other essential criteria
• Market segments on how to determine how fast the Bitcoin
transactions will hit.
References
• Blogger, 2018. Midwest Travel Blog. Photo. Retrieved online from
http://midwesttravelblog.blogspot.com/2012/11/sometimes-it-pays-to-be-square.html
• Word Press. 2018. Acting out For Love. Retrieved online from
https://actingoutforlove.files.wordpress.com/2015/08/limited_time_offer_300x300.png?w=676
• Mothersbaugh, D. L., & Hawkins, D. I. (2016). Consumer Behavior Building Marketing Strategy (13th
ed.). New York, NY: McGraw-Hill Education.
• Investopedia. (2018). What are the advantages of paying with Bitcoin? Retrieved from
http://www.investopedia.com/ask/answers/100314/what-are-advantages-paying-bitcoin.asp
• MaGee, S. (2018). “How to Identify a Target Market and Prepare a Customer Profile”. Retrieved from
http://edwardlowe.org/how-to-identify-a-target-market-and-prepare-a-customer-profile/
• Martin,. (2015). Customer Awareness. Retrieved from
https://www.cleverism.com/lexicon/customer-awareness/
• Consumerpsychologist.com (1999-2018). Retreived from
http://www.consumerpsychologist.com/cb_Decision_making.html
Internal and External
Influence: Marketing
Strategy for Bitcoin
Cryptocurrency
Sanna Adem, Cherrie Blackman, Courtney
Jackson, Domivillis Marte, Danielle Morris,
Kerry Williams
April 16, 2018
Susan Tomaski
MKT/435
Bitcoin Crypto Currency Credit Cards
Product Detail
•
Bitcoin is a form of electronic or virtual currency that allows individuals
and firms to make transactions by cash, check or wiring.
•
It is entirely a digital transaction that involves computer communication
that runs on peer to peer networks and allows individuals to make
transactions.
•
Bitcoin is an example of a cryptocurrency which is a medium of
exchange that is created and stored electronically in the block chain
through the use of encryption techniques to control the creation of
monetary units.
Background and Industry
•
BitPay is a well known company
and accepted worldwide.
•
•
No transaction fees for BitPay
Card.
Multiple companies offer similar
cards using Bitcoins.
Types of Values
Self-Oriented
Religious/Secular
Sensual
Gratification/Abstinence
Postponed/Immediate
Gratification
Material/Nonmaterial
Hard work/Leisure
Active/Passive
Environment-Oriented
Other-Oriented
Cleanliness
Tradition/Change
Risk-Taking/Security
Problem
Solving/Fatalistic
Admire/Overcome Nature
Performance/Status
Individual/Collective
Diversity/Uniformity
Limited/Extended Family
Youth/Age
Competition/Cooperation
Masculine/Feminine
Bitcoin – Marketing and Values
•
After studying the various types of values, I believe Bitcoin has a mix of
Self-Oriented Values and Environment-Oriented Values.
•
Postponed/Immediate Gratification: The user can purchase items from around the world using
their Bitcoin card, conveniently and quickly, resulting in immediate gratification.
•
Tradition/Change: Very different from the traditional bank, but Bitcoin has grown in popularity.
Coin base, an exchange provider, currently has over 13 million users, but there are roughly 28.5
million bitcoin “wallets” across the world.
•
Risk-Taking/Security: When you purchase Bitcoin, you do run the risk of losing your money, but
you also have the potential to make much more than your originally purchased.
•
Problem Solving/Fatalistic: Paying with the Bitcoin Card is fast and convenient, minimal
transaction fee compared to traditional credit cards, user’s can remain anonymous and
purchases can’t be tracked by government or banks.
Marketing Implication
•
The most crucial step for marketing your
product is to make sure it meets your
consumers needs and wants.
•
Bitcoin can meet the needs and wants of
numerous consumers by offering fast and
easy purchasing, anonymity, monetary
savings with lower transaction fees and the
chance to make a profit on your Bitcoin
investment.
•
The biggest implication of marketing Bitcoin
will be higher demand which equals to more
users.
Strategic Marketing
•
Launching a new product in the market requires a well-calculated
marketing strategy that focuses on the key aspects of the product.
•
When planning for a product launch, it is essential to consider the
aspects such as available competition and its impact on the product
launch
•
Evaluate the market and come up with information on whether the
product is a niche product and whether the available market will sustain
the growth and development of the product
Marketing Strategy for Bitcoin
•
Bitcoin as an electronic currency which is new to the market and
requires a marketing strategy that is strategic capable of creating global
awareness of the virtual currency.
•
Marketing and education efforts are critical to the advancement of
digital currency.
•
Decentralized marketing networks such as through online, social media
and mobile marketing are effective in creating more awareness of the
product and its perceived features.
•
With lower overhead credit card companies can offer lower fees to
consumers
Demographic Shifts
Demographic Shifts
Demographic Shifts
•
Women’s role in the workforce
has risen thus resulting in
changes in the buying and
spending trends of the Bitcoin
Credit Cards
•
Companies will begin marketing
towards women primarily
Reference Groups
•
Reference Group
•
Influence options, beliefs, and attitude.
•
Role models and influencer
•
Types of Reference Group
Normative
• Comparative
•
Reference Groups
Marketing Strategies
•
Marketing Strategies = based on beliefs about consumer behavior
•
Word of mouth
•
Knowledge of reference group influence
•
•
•
Showing – group using product/service
Suggesting – result of using the product/service
Demonstrating – consistency of product/service
Conclusion
•
Bitcoin crypto currency credit cards is the future of finance.
•
Americans can choose the right card for them
•
Online marketing offers awareness to the consumers making the buying
process easy and hassle free.
•
The online digital buying platform is safe and secure
•
Crypto currency credit card companies can offer lower fees to their
consumers offering attractive prices and competitive fees
References
•
BinBot Pro. 2017. Bitcoin Credit Card. BinBotPRo LLC. Image Retrieved from
https://www.binbotpro.com/en/btc?utm_source=affiliates&utm_medium=referral&utm_campaign=yourm
ind&utm_content=40&utm_term=499
•
Bruijl, G. H. T. (2017). Adopting the Bitcoin as a Digital Currency Through Digital Transformation.
•
Doneria, K., & Vinodani, S. (2017). Marketing Emerging Technologies: A Business to Business Perspective
Strategic Overview, Opportunities and Challenges. Amity Global Business Review, 12(2).
•
Durden, Tyler. 2018. Demographics of Bitcoin. ZeroHedgeInc. Online. Retrieved from
https://www.zerohedge.com/news/2013-03-10/demographics-bitcoin
•
Investopedia. (2018). What are the advantages of paying with Bitcoin? Retrieved from
http://www.investopedia.com/ask/answers/100314/what-are-advantages-paying-bitcoin.asp
References Pt.2
•
Leigh, J. H. (1992). Symbolic Interactionism: Its Effects on Consumer Behaviour and Implications for
Marketing Strategy. Journal of Services Marketing, 6(3), 5-16.
•
Lielacher, A. (January 18, 2018). How Many People Use Bitcoin? Updated for 2018. Retrieved from
http://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/
•
Mothersbaugh, D. L., & Hawkins, D. I. (2016). Consumer Behavior Building Marketing Strategy (13th ed.).
New York, NY: McGraw-Hill Education.
•
Rolfe, D., & Dittmore, S. W. (2015). Case 16: A Bit of Strategic Innovation?: Bitcoin for Sports Ticket Sales.
•
Study.com. (2003-2018). Retrieved from https://study.com/academy/lesson/reference-groups-inmarketing-definition-types-examples.html
•
Statistic Brain. 2017. Statistic Brain Research institute. Retrieved online from
https://www.statisticbrain.com/credit-card-debt-statistics/
…
Purchase answer to see full
attachment
