Assignment 7 Sus Bus

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Jomo Kenyatta University of Agriculture and Technology *

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2020

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Marketing

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Nov 24, 2024

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docx

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Uploaded by MateRiverVulture29

1 Assignment 7 Sus Bus Student Name Institutional Affiliation Instructor's Name Course Date

2 Question #A: Contagious: Why Things Catch On The expression "going viral" has been a feature of civilizations and human behavior for ages; it is not a modern phenomenon brought about by the growing popularity of the internet. Even before the internet and mass media emerged, the fundamental idea was the same but had a different name. Since the beginning of civilization, patterns and styles have always been among people because it is in their nature to imitate and act in ways similar to those around them to blend in and function as a society more efficiently. Many distinct styles have evolved and disappeared; one instance is how the fashion of the 17th century differs significantly from that of the present. Nonetheless, some trends stand the test of time and enter the fabric of daily life. In the video, Jonah Berger talks about changes in human behavior and perceptions and why certain things become popular or catch on. He discusses the six elements that everything needs to become viral and has a more significant social media presence and influence in today's technology environment (Berger, 2013). According to Berger, when a product becomes widespread, it is just a sign that it is superior. Throughout the video, he tries to answer the question, "Why do ideas, products, and behaviors catch on or become popular?" Some concepts or products become popular simply because they are superior to the original products. Additionally, the idea or the product must offer a more attractive price than rivals, another factor in the spreading and popularity of goods and ideas. Advertising is another means of spreading products or concepts. However, it is through word-of-mouth advertising rather than campaigns and promotional videos. According to Berger, word-of-mouth marketing is more successful than traditional advertising as it is more convincing and focused (2013). Also, it genuinely reaches others passionate about the subjects being explored through word of mouth. The business must target opinion influencers to ensure they propagate the message throughout society. Although maintaining a brand's place in the consumer's mind is

3 critical for a business, it is even more crucial. Similar to how new trends and other contagious ideas spread in society, it is frequently possible to disseminate an idea or product. Although having a higher quality, more competitive rates, or simply paying for advertising campaigns are all essential and practical strategies to sell an idea or product, nothing surpasses the contagious nature of social transmission more than word of mouth. Word of mouth is often recognized as the most effective type of advertising; it generates more than twice the sales of paid advertising in categories as diverse as skincare and mobile phones (Berger, 2013). The tendency of people to imitate those close to them enables word-of-mouth advertising to be such a powerful type of marketing. The content of the message is more significant than the messenger. Bergers offers the six STEPPS principles, including social currency, triggers, emotions, public, practical value, and stories, to explain the secret behind an idea or a product catching on or becoming popular. These six guiding principles encourage discussion, imitation, and sharing of things. STEPPS provides marketers with a tried-and-true framework for any potential endeavor, allowing for the scientific evaluation of ideas for the greatest likelihood of success. The scope of the content that individuals share and the factors that influence their choices are addressed by the first of Jonah's principles, social currency. In essence, shareable information has social currency, and people tweet and post about it to appear credible (Berger, 2013). People want to appear correct and fascinating in conversation, just like in actual situations, to improve how others view them, mirrored in the types of things they share on social media. For an excellent piece of shareable content, triggers are vitally essential. They serve as the ‘hooks’ that hold a notion on people's minds and tongues. On the emotion principle, people share ideas primarily because of the emotional impact it has on them (Berger, 2013). Giving their target audience something they can genuinely relate to will help them connect with them on a far more personal level and increase the likelihood that their product or idea will be

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4 successful. As stated by Jonah, "the more public something is, the more likely people will emulate it," therefore receiving publicity is crucial (Berger, 2013). Business people should always strive to produce something with an enduring appeal that will keep attracting attention and retaining a following as more people become aware of it. Moreover, people in the business industry have been applying practical value to the content for a very long time to address a particular issue. People give their audience something helpful and advantageous to them by addressing a market need and giving them specific information and insight that will assist them in getting beyond a challenge. Based on the story principle, Jonah says people should build a Trojan horse (Berger, 2013). With an idea or a product wrapped up in the center, individuals develop a narrative or story that their users will find compelling. It is doubtful that their product will be compelling enough to justify social sharing unless it is entirely novel and revolutionary. STEPPS is essential for ideas and products to spread. My Trojan Horse narrative for automakers and car dealerships is promising free or discounted gas to customers for a predetermined period but doing so while raising the price of the vehicle in other ways. From the video, I learned about STEPPS and how they are critical principles in making my product go viral and dominate the market. My business will adopt sustainable practices to enhance my products to become popular and offer the services and products consumers need, having learned about these fundamental principles. These principles will be critical in how the business will be run and the activities it will adopt or engage in them. Question #B: Start-up Secrets: Go to Market Strategies In the video, Michael Skok explains how one can find out why it can be twice as necessary to get the Go-to-Market (GTM) right, even if they have produced a great product. The video is significant in helping business people understand the strategic and tactical frameworks needed to enter a market and

5 occupy a dominant position. The lecture teaches how to develop their 'brand essence' and integrate other critical marketing assets to pursue an impactful sales and marketing approach. These approaches are fundamental for the sustainability and success of any business. Therefore, anyone intending to start a business should consider what Skok shares in the video. Michael makes it clear that a brand is what every person intending to venture into business should consider defining first before anything else ( Harvard I-Lab, 2013) . He uses this lecture to discuss Go to Market (GTM) strategies for a start-up business. A Go-to-Market strategy is a plan of action that outlines how a business will connect with its target market and gain a competitive edge. A GTM strategy serves as a guide for providing goods or services to the final consumer while considering certain variables, including pricing and distribution. A business plan and a GTM strategy are relatively similar, but the former is more comprehensive and considers other aspects like funding. Therefore, besides businesses and companies having a business plan, they should also have a Go-to- Market strategy before their start-up. In addition, a GTM strategy can be used by organizations for a variety of occasions, such as the launch of new goods or services, the expansion of an existing product into a new market, or the relaunch of the business or brand. Also, a business can use the GTM strategy to define its goals for introducing a product, identify its target market, and develop a strategy for connecting with and persuading customers to purchase its goods or services. Go-to-Market strategies are significant to every business start-up, and no one intending to succeed in a sustainable business would ignore them. They must also get their GTM strategies right. They help business people and companies develop a pitch for their products. According to Michael, a start-up GTM framework should focus on strategic tactics (including brand positioning), channels for product distribution, and audience, including target segmentation ( Harvard I-Lab, 2013).

6 When individuals and companies understand this framework well, they are good to go on with introducing their venture. Additionally, the video is very significant in learning how to build a brand essence framework for sustainability in the business. In building any brand, Michael argues that an individual must interrogate how the world changes or evolves, making them or the business necessary. With this consideration, the start-up should focus on products and services that match the changes and current state of the world to serve the customers' needs at that time. The individual or the company should also consider what they promise to the customers at the most fundamental level, which would capture their attention in the company products and services. Defining the brand must clarify which products make it unique for people to get behind and go for it. The brand definition should consider the consumers’ emotions as they interact with the product. According to Skok, the brand will mainly revolve around it, and people will define it with the founder because they will interrogate what the founder will bring to the market ( Harvard I-Lab, 2013). The brand is all about the starter. Therefore, the founders of the start-up should consider how their people and their culture may be embedded in the brand, which will help them realize what consumers will take from their businesses. In building a brand essence, I learned that it is critical to identify the brand challenges and how to overcome them for the start-up to thrive and succeed in a competitive market while pursuing impactful sales. The video covers a case study of Demandware to illustrate the branding challenges and the impact of overcoming them on any given business ( Harvard I- Lab, 2013). The company had to consider many things, including brand positioning. As Jamus notes in the video, brand positioning is not about how the customer feels about the business and about what the business or the brand makes the customers feel about themselves. Before the start-up, the company or the business should consider satisfying the customers' needs. According to Jamus and what worked for Demandware, the brand promise

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7 rests on brand attributes, including innovation, simplicity, partnership, and performance. Every business must consider these attributes to take over the competitive market with its brand. In addition, I learned about the start-up secret, which is critical for any sustainable business. According to Michael, the start-up secret is consistent with brand integrity ( Harvard I-Lab, 2013). Great brands are consistent, the same in everything, and consistent with company or business values. Great brands that take over the market and remain sustainable are consistent with their promise ( Harvard I-Lab, 2013). For a business to pursue impactful sales and marketing, it must define its segmentation and target customers, together with considering the competition in terms of unique differentiation and barriers to entry. Michael states that for target segmentation, every start-up should consider the 3D solution (discontinuous, defensible, and disruptive) and the 4U need, including unworkable, unavoidable, urgent, and underserved markets. The video is significant for every thriving business, and every business person or company should adopt sustainable practices. When put into practice, the Go-to-Market strategies discussed in the video will see every business pursue impactful sales and marketing.

8 References Berger, J. (2013, October 9). Wharton prof. Jonah Berger - "Contagious: Why things catch on" . YouTube https://www.youtube.com/watch?v=mQzAlanlm4g Harvard I-Lab. (2013, January 3). Harvard I-Lab | Start-up Secrets: Go To Market Strategies . YouTube. https://www.youtube.com/watch?v=rqi-n0hA4uo

Assignment 7 Sus Bus

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