Foundations of Business - Standalone book (MindTap Course List)
4th Edition
ISBN: 9781285193946
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Chapter 14, Problem 1CC
Summary Introduction
To determine: The reason on why people use social media.
Introduction: Social Media is the compilation of instruments and online spaces accessible to encourage people and organizations to quicken their data and correspondence needs. Some extremely well known web based life destinations are FB, TW, YB, IG and SC.
Expert Solution & Answer
Explanation of Solution
The reasons on why people use social media are as follows:
An ongoing Pew internet research investigation demonstrated that more than 66% of online youngster utilize a type of web-based social networking sites, for example, FB, LI, TW, PT, or IT. Keeping in contact with family and companions and reconnecting with old companions are real reasons on the utilization social media.
Different reasons which include associating with other individuals who share interests, making new companions, and perusing remarks by public figures are less imperative. Organizations utilize social media or online networking to interface with clients, tune in to their partners, give another method for customer benefit, create content that is significant to their customers, and connect with customers in product improvement and designing.
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Imagine you have the sole marketing rights to a new herbal shampoo that you developed from local herbs and plants that are indigenous to your country. This shampoo can stop hair loss and promote hair growth for those who have suffered hair loss. You have branded it Nasure® Shampoo, and given your limited capital, you plan to sell your product exclusively over the Internet and support it by advertising and infomercials on late-night television. You have also planned some social media marketing, plus you are also hoping to obtain free publicity in men's fashion magazines. You plan to sell the product in a 400-gram bottle for $599 plus $9.99 shipping and handling. This price is considered premium to that of competing products, but you justify this based on the unique properties of the shampoo.
Recommend a secondary target market for the shampoo given its ability
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Respond to G.H.
Good Evening Professor and Classmates,
Hairitage Shampoo, founded by YouTube influencer Mindy McKnight, offers a range of hair care products that are vegan, cruelty-free, and formulated with natural ingredients. (Quinn, 2024) The brand's competitive advantage lies in its differentiation through personalized solutions for various hair types and its strong brand identity built by McKnight's YouTube channel, Cute Girls Hairstyles.
To sustain this competitive advantage, Hairitage should continue to innovate its product line, maintain high product quality, and leverage Mindy McKnight's influence for marketing. (Hairitage Shampoo Good For Hair? Reviews, Ingredients And More!, 2024) Additionally, expanding its distribution channels and engaging with customers through social media can help reinforce brand loyalty.
Barriers to entry for competitors include the high costs of product development and marketing, establishing a strong brand identity, and navigating regulatory…
Chapter 14 Solutions
Foundations of Business - Standalone book (MindTap Course List)
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