Unit 2 Exercise

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Dec 6, 2023

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DALILA MINTER 3/21/23 UNIT 2 EXERCISE Content 1. Describe the traditional communications model. How does it differ from the updated communications model? 2. Explain the role opinion leaders and market mavens play in shaping communications about new products 3. Define semiotics. Describe how advertisers can use the principles of semiotics to enhance their communications. 4. Describe the economic rationale for creating, accepting, and using advertising. 5. What is a heuristic? How do marketers and advertisers use heuristics to achieve brand loyalty?

DALILA MINTER 3/21/23 UNIT 2 EXERCISE 1. The traditional communications model involves a sender who encodes a message and sends it through a channel to a receiver, who then decodes the message. This model assumes that communication is a one-way flow of information. The updated communications model, on the other hand, is a two- way model that emphasizes the importance of feedback and interaction between the sender and receiver. 2. Opinion leaders and market mavens are individuals who have a strong influence on others in a particular market or social group. They are individuals with a significant social influence who have a strong knowledge of a particular industry or product category. Market mavens, on the other hand, are individuals who have a deep interest in market information and are knowledgeable about many different types of products. Both opinion leaders and market mavens can spread information and influence others through word-of-mouth communication, social media, and other channels. 3. Semiotics is the study of signs and symbols and their use or interpretation. Advertisers can use the principles of semiotics to enhance their communications by carefully selecting signs and symbols that convey their intended message and appeal to their target audience. By using semiotics effectively, advertisers can create more powerful and memorable advertising campaigns that resonate with consumers. 4. The economic rationale for creating, accepting, and using advertising lies in its role as a means of communication, market competition, and income generation. Advertising serves to inform consumers about products and services, promote market competition by helping businesses differentiate their offerings, and generate income for media platforms showcasing the advertisements. Through these benefits, advertising contributes to the efficient allocation of resources within an economy, supports business growth, and fosters consumer choice.

DALILA MINTER 3/21/23 UNIT 2 EXERCISE 5. A heuristic is a problem-solving approach that utilizes practical, time- efficient strategies without guaranteeing optimal solutions. It is often based on educated guesses and involves using mental shortcuts to quickly arrive at a decision or judgment. Marketers and advertisers use heuristics to achieve brand loyalty by appealing to consumers' cognitive biases and emotional triggers. They employ various tactics such as - familiarity heuristic, as familiarity increases, consumers are more likely to develop a preference for the brand. - authority heuristic, consumers tend to trust and follow brands backed by authoritative figures or institutions. - scarcity heuristic, by using limited-time offers, exclusive deals, or limited product availability, marketers create a sense of urgency for consumers who don't want to miss out on opportunities. References: Libretexts. (2022, February 23). 4.2: From talking to consumers to talking with consumers . Business LibreTexts. Retrieved March 26, 2023, from https://biz.libretexts.org/Courses/Prince_Georges_Community_College/BMK_2770%3A_ Advertising_and_Promotion_(Mosby_2022)/04%3A_Consumers_and_the_Communicatio ns_Process- _SSK_Gets_to_Know_Its_Consumers/4.02%3A_From_Talking_to_Consumers_to_Talkin g_with_Consumers Semiotics in marketing: What it means for your brand and messaging . (n.d.). Retrieved March 27, 2023, from https://www.business2community.com/marketing/semiotics-in-marketing- what-it-means-for-your-brand-and-messaging-02215420 Take online courses. earn college credit. Research Schools, Degrees & Careers . Study.com | Take Online Courses. Earn College Credit. Research Schools, Degrees & Careers. (n.d.). Retrieved March 26, 2023, from https://study.com/academy/lesson/heuristics-types- theories-impact-on-marketing.html

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DALILA MINTER 3/21/23 UNIT 2 EXERCISE

Unit 2 Exercise

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