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Criticise my friends business idea....its not really a topic, there is no topic as such - Essay Example

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Criticise my friends business idea....its not really a topic, there is no topic as such

For instance, the case study illustrates that there are only thousands of people worldwide that have sought these biohacking magnetic implants. Thus, there is an indication that it could be problematic to gain considerable demand. This is not advantageous for the marketing entity in the provided case study. It might be more advantageous for the friend in the case study to, first, consider a more mass market strategy in order to gain the attention of consumers that would appreciate these magnetic implants. The provided case study is limiting the marketer to a niche market which could also limit profit success. However, there is some possibility that utilising a tattoo chain as the chosen marketing intermediary could have some degree of success. For example, a recent study showed that consumers in their 20s, today, are happy with life and seek to explore having fun and tend to be attracted toward a variety of premium products which seek to build social identity (Executive Digest 2008). It is rather commonly understood, from a marketing perspective, that tattooing is often an outward expression of self identity and uniqueness from a social perspective. Thus, theoretically, this would be an ideal channel for marketing and sales focus by providing unique products to a younger market that is seeking adventure and the desire to explore fun. The case study provided evidence that magnetic implants could, in theory, create a new type of emotional experience by allowing the consumer that accepts these implants to be different from others in society or in their own age group. Why is this important in supporting the plans for the “friend” in selecting the tattooing chain as the appropriate marketing solution? Marketing and social sciences teach businesspersons that individuals in society often make what is referred to as social comparisons, the process of viewing others in the social environment and identifying how one might be superior to others (Suls, Martin and Wheeler 2002). People in society, as a rather homogenous whole, want to believe that they are superior to those through which social comparisons occur. A person’s total well-being, according to theory, is greatly enhanced when one believes they have this superiority over others in society (Taylor and Brown 1988). Magnetic implants, which would theoretically provide opportunities to sense electromagnetic fields or even pick up metal objects utilising only their skin (via assistance from the implant) is currently something that is not common in society. Hence, it would give the individual who receives the implant the ability to enhance their personal and emotional well-being as they would have opportunities to constantly make positive social comparisons and feel superior to others. With this in mind, the marketing entity in the provided case study is selecting tattoo chains as a proper marketing channel as this environment already provides said uniqueness that often services a need to show others in the social environment that they are different and helps to confirm and affirm self-identity. Morgan and Hunt (1994) further emphasise that relationship marketing is a strategy that can enhance the viability of a brand as it provides loyalty and often leads to positive word of mouth. Tattoo chains not only have to provide quality art products (as ...Show more

Summary

A critical analysis of biohacking marketing approaches BY YOU YOUR SCHOOL INFO HERE DATE HERE A critical analysis of biohacking marketing approaches Demand is determined, according to marketing theorists, as the needs and wants of consumer segments (Brownlie and Saren 1992)…
Author : volkmannatalia
Criticise my friends business idea....its not really a topic, there is no topic as such essay example
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