customer trends that emerged during covid (Essay Sample)
The material covered in the course, and more specifically the concepts and topics in each module, are applicable in business. Therefore, your task in writing a Global Summary (1-2 pages double-spaced) is to find examples in news/media articles of how the concepts fit into marketing. For each global summary, you should look for the concepts of interest to you in substantive publications (e.g. Bloomberg BusinessWeek, NY Time, WSJ, USA Today etc.). Please no social media sources (i.e. blogs, posts etc). Each global summary should relate to the week’s module topics and/or concepts and contain at least 4 different concepts. More than one concept may be in the same article. Please provide the topic or concept, the issue, the page number for the publication, a paragraph or two on each and how each item related to a specific concept in the book (include page number from the text). You should also provide the web link to the source. In addition to the grading rubric below, submissions will be graded based on the applicability of the theory or concept as well the strength of supporting arguments. The page limitation set will help you focus your thoughts in to eliminate all of the extra “stuff”. Please note: Do not exceed the stated page limit question. Also, this assignment should not be viewed as an exercise in copy and paste. Writing should be in your own words. Module concepts you can use: 1. Fundamentals of marketing: How cultural, social, and personal factors influence consumer buying behavior. 2. Marketing Intelligence & Forecasting demand 3. Building a strong brand 4. Creating value of products: how services can be defined and classified, and how they differ from goods. Please include citations within text if being used and a works cited page.
The Consumer Trends That Emerged During COVID-19 Pandemic
The EY future consumer index demonstrates four consumer behavior segments during the COVID-19 pandemic. The consumer behavior segments include; ‘cut deep,’ ‘stay calm, carry on,’ ‘save and stockpile,’ and ‘hibernate and spend.’ Consumers are bound to spend less across all their expenses since the pandemic was seen to cause a lot of havoc in society (VautierEY 1-2). Many people lost their jobs, and the cost of living changed since people had to save up since they did not have a sustainable source of income. However, some have the privilege to continue spending during the COVID-19 pandemic since the state of life did not change (VautierEY 1-2). There other sent of consumers, ‘save and stockpile’ created a habit of saving since they were pessimistic about the future. Lastly, the “hibernate and spend’ did not worry about the effects the pandemic had brought; instead, they spent a lot across all expenses. Therefore, the consumer behavior during COVID-19 was different based on how they felt the impact of the pandemic.
The fundamentals of marketing in terms of how cultural, social, and personal factors influence consumer behavior is evident in the article since the COVID-19 pandemic had a significant influence on the spending habits of the pandemic. For instance, some had the privilege of spending while others focused on spending. The spending habits changed since they influenced how sustainable the future was during the pandemic. Another marketing concept evident in the article was marketing intelligence and forecasting demand. The state of the COVID-19 pandemic determined the kind of consumer behavior individuals had therefore bringing forth the intention of the forecasting demand (VautierEY 1-2). Thus, the marketers could assess the demand for commodities based on the consumer behaviors each individual demonstrated. For instance, the save and stock up had a bulk need of items; however, the sustainability was low since they would buy things in bulk for the future. On the other hand, the hibernate and spend kind would be regular customers since they are not worried about their spending habits.
Phases of Data Life Cycle
The data life cycle defines how the users have embraced to use the data and the extent to which these data outreach programs are defined. At the same time, there is a need to embrace the urge for the proper functioning of the data since there is a need to facilitate the proper utilization of resources. The data life cycle demonstrates a seven-phase model whereby people embrace their enterprises (Bloomberg 2). The use of data is evident in enterprises since people have to establish a great flow of data for the enterprise's success. The concept of consumer behavior is evident since data demonstrates the urge the customers have whe
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