Discussion Post #5

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Colorado State University, Global Campus *

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ACCT560

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by ProfWaterPelican44

As society advances towards the public reliance on the internet and technology, there is increased scrutiny on the ethical implications of this dependency. As discussed in the article, it was identified that some people think there will be added convenience in the marketplace that consumers will grow dependent on (whether because of brand loyalty or otherwise). However, once “locked in” the consumer tends to trust that the company will make the right decisions (Rainie, 2020). This article made me think of companies like Apple & Amazon that have a very strong brand/customer loyalty. Although these companies provide a service that is beneficial, I feel like often consumers tend to think that company will make the right decisions to benefit them. At the end of the day, these companies still have shareholders that expect financial results. It will be interesting to see how trust in these companies will change over time. Another example is when companies take a stance on a social or political issue to present a positive image of the company. According to Smart Insights, it appears this trend has pushed consumers to trust these brands (Wright, 2020). A specific example would be a company like Patongia. Over the past few years, Patagonia has continued to position itself as a massive supporter of environmental causes. This has led to increased customer loyalty as people want to support a company that aligns with their individual views. As we continue to adapt to a digital society (accelerated by the pandemic), this trust and brand loyalty will continue to be essential for market share growth. In order to build greater trust online in a digital era, the article identified several key areas of action, mostly around technology enhancements. Specific examples include increasing encryption/better online identity-verification standards, tighter security standards on internet protocols, and new laws & legislation (Rainie, 2020). As companies continue to grow in size and enter the global market, this becomes more difficult. It is difficult to increase identity-verification standards or create new legislation as countries have significant cultural differences. Similar to the unified global accounting standard issue we discussed in a previous module, it is difficult to enact a standard with cultural differences between the countries. As the internet is increasingly global, I am looking forward to following legislation/company action in terms of how to operate in a unified manner. Since I don’t have much exposure or experience in marketing, there was quite a bit of new content in this week’s module. I was a little confused on the details behind market segmentation. Although there were a few examples, I still found it difficult to understand the differences between the various criteria. Additionally, I found that I would mix up the interpersonal determinants with the personal determinants in the consumer behavior process. References: Rainie, L., & Anderson, J. (2020, August 17). The fate of online trust in the next decade. Pew Research Center: Internet, Science & Tech. Retrieved February 15, 2022, from https://www.pewresearch.org/internet/2017/08/10/the-fate-of-online-trust-in-the-next-decade/

Wright, G., & Lindley, S. (2020, May 21). Consumers are increasingly trusting brands that take a stance. Smart Insights. Retrieved February 15, 2022, from https://www.smartinsights.com/online-brand-strategy/consumers-are-increasingly-trusting- brands-that-take-a-stance/ Hi Robin, I also found understanding the consumer behavior concepts a bit confusing. As I was trying to better understand, I stumbled across a great article that provides examples/charts for the Consumer Decision making process. I found once I understood the decision making process, other consumer behavior concepts started to make more sense. Feel free to check out the article here: https://www.lucidchart.com/blog/consumer-decision-making-process As you mentioned, access to the internet will cause challenges for those who are wishing to reach audiences without compromising on privacy. How do you see the timeline of broadband internet in rural communities impacting this issue? Do you think that once rural populations “catch up” with cities in terms of internet, the current privacy issues will expand to this population. Or, do you think that by the time everyone across the country has access to the internet, proper privacy standards will be in place to protect these new users? I grew up in a rural community and didn’t recognize the gap in technology until I went to a college in a major city. Either way, I’m always curious about how increased access to technology will impact privacy. References: Definition and examples of the consumer decision-making process. Lucidchart Blog. (2019, November 11). Retrieved February 15, 2022, from https://www.lucidchart.com/blog/consumer- decision-making-process Hi Kristen, I couldn’t agree more with your comment about how today’s access to information has been shown to make people leery of all information. According to consumer behavior, this is known as a choice overload bias. Basically, this describes how people get overwhelmed with too many options to choose from (Choice Overload Bias, 2021). I find this very common when shopping online. How do you see this in terms of customer trust? Often, I feel if I don’t have a fair amount of options to choose from, then there’s better opportunities elsewhere. At the same time, I often am overwhelmed by the magnitude of options available and turn away from a product or service. Do you think it is better to present a customer with a recommendation for a product or service or provide a few different options to choose from? Maybe a combination of the two? I

don’t think a company (at least to my knowledge) does a really good job of tackling the intersection between the two. References: Choice overload bias - biases & heuristics. The Decision Lab. (2021, September 30). Retrieved February 15, 2022, from https://thedecisionlab.com/biases/choice-overload-bias/

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Discussion Post #5

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