Journal #4

Journal #4

Feb 08

1. Why do entrepreneurs get in trouble with the law?    Entrepreneurs get in trouble with the law for various reasons. Some reasons are: neglecting to follow corporate compliance laws, intellectual property, such as trademark and copyright infringements, non-disclosure agreements (NDA’s), separate business and personal assets, employment handbooks and contracts employee termination, shareholder agreements, and correctly filing taxes.1However,two common reasons are: hiring a lawyer with little no experience working with entrepreneurs and neglecting to use NDA’s. When a hiring a lawyer with little to no experience, this depicts not enough research was done on a lawyer to determine if they know enough information about laws. Having a good lawyer can benefit an entrepreneur. Neglecting to use NDA’s will prevent entrepreneurs from being sued for exposing information.   “Legal issues faced by entrepreneurs” https://www.nationwide.com/business/solutions-center/starting/legal-issues-faced-by-entrepreneurs .Nationwide. n.d. Last Accessed February 8 2023. (1)

2. What does psychology have to do with marketing?    Psychology has to do with behavioral changes when it comes to marketing, and marketing tries to alter people’s behavior so they can buy a product or service. It also helps determine whether people are making rational decisions. Psychology can also help marketing in various ways according to, “10 Psychological Tactics for Impactful Marketing,” The first tactic is to understand the buyer decision process. In this tactic, there are 5 stages of the consumer decision making process which include: need recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Taking advantage of impulse purchase is the second tactic and it states how makes purchase of impulse, “the human brain’s neocortex controls obsessive-compulsive type behavior and flight-or-fight responses.”1 A survey within this article has depicted what percentage of people have made impulse purchases. “Utilize the Foot-in-The-Door Technique” is the third tactic and this tactic implies if someone will commit to something small, they will also commit to something bigger. Tactic four, “Choose Provocative and Powerful Imagery, “states if people can be influenced by someone then they will be loyal to what the person has or does especially if the person is a social media influencer because people process images quicker than text. They have the ability to follow the influencers’ content. Tactic five, “Know the Relationship between Colors and Human Behavior,” mentions how colors and designs can have an effect on the decisions make, “62% to 90% of impulse decisions regarding products are based on colors alone.”1 Tactic six is Use Language that Promotes Trust and Reliability. This shows how using strong words that are positive can helps a person’s brand grow and be successful. In Tactic seven, “Trigger Strong Emotions,” someone would want to get an emotional response by providing empathy or sympathy for their customers when it comes to certain situations. Use Exclusivity to Lure Customers, is tactic eight and something as simple as having a slogan that will catch someone’s eye to make them want to join a membership. For tactic nine, “Create a Brand Personality that Resonates with Consumers,” being able to relate to a customer is important in this tactic because it will make customers feel they have something in common with the brand. The last tactic, “Employ new Technology: Augmented Reality,” it shows how important technology is to help a brand grow their business by keeping up with the digital world. All of the tactics help explain why psychology correlates with marketing. “10 Psychological Tactics for Impactful Marketing”. https://online.maryville.edu/online-bachelors-degrees/marketing/resources/psychological-marketing-tactics/. Maryville University. n.d. Last Accessed February 7 2023. (1) 3. What types of marketing sway my decisions? Types of marketing that sway my decisions are framing and diffusion. Framing can affect my decisions when it comes to marketing because framing is, “The focus of a persuasive message, whether outcomes are described in positive or negative consequences.”1 Framing can lead me to being indecisive when it comes to making decisions especially if something is presented to me as biased. I also believe this because framing is quite common even outside of marketing. Another individual affect I feel it would have on me would be, “such decisions may be sub-optimal, as poor information or lesser options can be framed in a positive light.”2 Diffusion is, “the process by which an idea or innovation “spreads” or is adopted by a community.”1 I believe this sways my decision because there are five steps of the Diffusion Innovation Marketing guide. All five stages: Innovators, Early adopters, Early majority, Late majority, and Lagardes. This guide will help how to interact with my business when it comes to my products. “10|Marketing – Glossaries of Key Terms and Key Concepts”. https://canvas.odu.edu/courses/131858/pages/10%7Cmarketing-glossaries-of-key-terms-and-key-concepts?module_item_id=4029384. n.d. Last Accessed February 7 2023. (1) Why Do Our Decisions Depend On How Options Are Presented To Us? https://thedecisionlab.com/biases/framing-effect. The Decision Lab. n.d. Last Accessed February 7 2023 (2) 4. How can I pitch my ideas better?    I can pitch my ideas better by starting with the problem that needs to be solved so I can show why my pitch is needed. I also need to be able to explain how my pitch is going to work, whether it is for a community or a specific service. I can prove my pitch is going to work by having evidence to prove traction. It is also important to show how I can make my pitch idea work independently. When it comes to the three ways to pitch, which are: elevator, short, and long. I need to determine which will best suit my audience. Guy Kawasaki’s the, “10-20-30 Rule 2,” is also a good tool to help me pitch my idea because it helps me break down how to pitch my idea the best way possible. Ensuring I have a good presentation can help me as well, I need to focus on what the problem is along with following the four P’s (promise, picture, proof, and pitch).       5. What are my strength and weaknesses in pitching?     One of my strengths in pitching would be focusing on the main point because I believe I can stay on topic about a something especially if I know what I am talking about. I also can create a presentation where I feel confident enough my audience will be interested. As far as weaknesses, being nervous is something that concerns me because I am an over thinker. However, I do believe the throughout reading the module and watching videos I can overcome my weakness.