What is meant by blockchain and how do firms use it to meet organizational objectives? Provide examples.

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1. What is meant by blockchain and how do firms use it to meet organizational objectives? Provide examples. Lamb, Hair, and McDaniel identify blockchain as “a ledger in which transactions are made and recorded chronologically and publicly.” This system secures information and updates in real time. “Blockchain eliminates fraud, lowers cost of administration for shipments, increases accuracy, reduces delays and disputes pertaining to the content of shipment.” An article on xebia.com discusses smart contracts as being one of the most promising applications of blockchain technology. Stating that switching contract execution from service providers to smart contract transparent, conflict free way all while avoiding intermediaries (Scheer, 2018).”  

References

Scheer, W. v. (2018, February 13). Retrieved from https://articles.xebia.com.

Lamb, Charles; Hair, Joe; McDaniel, Carl. (2020). MKTG13: Principles of Marketing. –Boston,MA:Cengage  

1. Discuss the concept of AIDA in detail and its relevance for marketers. 

The concept of AIDA was developed by Elias St. Elmo Lewis in 1989 who was described as an “advertising advocate.” Chapter 15, pages 281-282, of MKTG13Principles of Marketing AIDA is broken down to mean “attention, interest, desire, and action.” Assuming promotions trigger consumer purchasing decisions using these four steps. The AIDA model outlines the process for achieving promotional goals in terms of consumer involvement. It proposes that consumers will respond to marketing of products in a “think, feeling, and doing sequence.” AIDA helps marketers by suggesting which promotional strategy will be most functional. 

References: 

https://www.lucidchart.com/blog

Lamb, Charles; Hair, Joe; McDaniel, Carl. (2020). MKTG13: Principles of Marketing. –Boston,MA:Cengage  

1. Explain the different stages of the product life cycle and how marketers adjust their promotion mix for the most successful impact at each stage. 

There are four stages of the product life cycle: introduction, growth, maturity, and decline. The introduction stage promotes availability of the product to the targeted market. The next stage, growth, is where the promotional blend begins to shift. There is no loner a need for excessive promotion, so consumers need fewer incentives to purchase the product. Also, there is more emphases on the advantages the firm carries over its competition. More effort will be placed on maintaining brand loyalty. In the maturity stage sales promotion becomes important again because the competition is strong at this point in the cycle. Lastley, the decline stage “all promotion and advertising are reduced.” 

References: 

Lamb, Charles; Hair, Joe; McDaniel, Carl. (2020). MKTG13: Principles of Marketing. –Boston,MA:Cengage