Shacara Pitre
CYSE 494
February 8, 2023
Week 4 Journal Entries
- Why do entrepreneurs get in trouble with the law?
There are many reasons why entrepreneurs may get in trouble with the law. One of them is neglecting to follow corporate compliance laws. Another is employee termination. You can reduce your chances of employee retaliation by explaining employment terms in person and making sure the right actions are being taken. Filing taxes can be another issue if they are not filed correctly. Lastly, shareholder agreements should be in place and are legally binding so that there are not any gray areas for any of the stakeholders (Nationwide).
- What does psychology have to do with marketing?
Psychology in marketing is important because it anticipates the buyer’s behavior by understanding the cognitive biases of the consumers. Consumers make irrational decisions when it comes to buying products because of these biases. Marketing psychology applies theoretical knowledge to the marketing field (Wintermeiser, 2019). As a result, marketing strategies are designed to capitalize on psychological insights when it comes to ads and purchasing behavior. Overall, psychology is a way to look for patterns in a person and assess its correlation to their spending habits.
- What type of marketing sway my decisions?
There are many different marketing strategies that are used to sway a person’s decisions. Many of them are meant to get a reaction by using imagery and word associations tied to emotional responses. The more consumers that react to marketing campaigns, the more people will talk about them. People are more likely to buy products from a brand when people are discussing the ads. Also, knowing your audience helps sway consumer’s decisions to buy products. For instance, when it comes to targeting a younger audience, using popular catchphrases and memes will resonate with them more than an older audience (Peek, 2023).
- How can I pitch ideas better?
A pitch starts with a problem you are trying to solve. Then, you need to explain how it works and how it is going to be profitable. A pitch should be scalable for the audience. There are three different types of pitch. First, elevator pitch is between 30-90 seconds. Second, the short form is between 5-6 minutes long. Third, long form pitch is 20 minutes or more long including a Q&A. In order for a pitch to be successful, entrepreneurs should indicate a strong understanding of their idea, strategy, and business plan.
- What are my strengths and weaknesses in pitching?
Strengths when pitching are using visuals instead of just words. Also, identifying your target market, so that people can understand that you have a well-defined idea. It is important to mention and describe your competition and that you have researched them. Highlighting critical risks are also important in order to acknowledge that there will be challenges. Overall, less is more in a good pitch. On the other hand, there are weaknesses in a pitch. One is too much technical jargon which means that everyone should be able to understand what you are trying to say whether they are familiar with the idea or not. Another is overestimating revenue and thinking that you are going to be successful right off the bat because it is not realistic. Others are boring your audience and failure to listen to advice at the end of the presentation.
References
Nationwide. (n.d.). Legal issues faced by entrepreneurs. https://www.nationwide.com/business/solutions-center/starting/legal-issues-faced-by-entrepreneurs
Peek, S. (2023, January 23). The Science of Persuasion: How to Influence Consumer Choice. https://www.businessnewsdaily.com/10151-how-to-influence-consumer-decisions.html
Wintermeiser, N. (2019, November 20). 46 Psychological Marketing Examples for Smarter Marketing. https://blog.crobox.com/article/psychological-marketing-examples#:~:text=Marketing%20psychology%20anticipates%20buyer%20behavior,knowledge%20to%20the%20marketing%20field