How is inflation affecting consumer demand?What are 2 ways consumers are currently responding to inflation in the U.S.?

For some people, it might be possible to splurge a bit on a favorite fragrance, and for others, it might be grabbing a chocolate bar at checkout. The common theme is that it’s a temporary reprieve during a period of uncertainty. “It could be nice to take a 20-minute bath with your favorite products at the end of a long day, when you’ve been constantly worried about how you will manage all of your bills in three months,” Howard said. This could be why sales of products like home fragrances and candles are holding up reasonably well.
Executives at Bath & Body Works, a seller of fragrant soaps, body sprays and washes as well as candles, described those products as “affordable luxury” on a recent call, adding that customers were continuing to stock up: Sales of soaps and plug-in air fresheners were higher last quarter versus a year ago.
It’s called the lipstick effect, when consumers spend on small luxuries like perfume or high-end beauty purchases even in a downturn, said Priya Raghubir, professor of marketing at NYU Stern School of Business. She expects spending on some bigger indulgences will continue, too, in the near term.
“The difference with this inflationary cycle is that we are coming out of a pandemic. People have a lot of repressed needs. They’ve been dreaming of a vacation for over two years, celebrating life events with family and friends,” said Raghubir. “There won’t be such a downturn in travel and leisure.”
But those indulgences could also mean shoppers are giving up something else, said Neil Saunders, retail analyst and managing director at GlobalData Retail.
“Basically, this is an environment in which people are having to make choices,” he added. “If they buy one thing, they may not be able to afford another.
That forced choosiness when at the store could continue, and even deepen, he added. “We’re still in the early stages of inflation,” Saunders said. “If higher prices linger for longer, the shifts will become more pronounced — spending will be trimmed further and faster.”

QUESTIONS
1. Based on the article above, what are 2 ways consumers are currently responding to inflation in the U.S.?
2. How is inflation affecting consumer demand?
3. Diedra is a college student who is living on her own and struggling to make ends meet during the current inflationary period.
Suggest 2 things she might do to

Does promotion and advertising of a sporting event impact the atmosphere and environment of a sporting event? How do you feel the location of a sporting event influences the behavior of the sports fans?

THE MARKETING MIX

What is the “product” that a sports team “sells” to the public?
What is the “competition” for a sporting event?
How do you feel the pricing of sports events influence the bad behavior of the sports fans?
Does promotion and advertising of a sporting event impact the atmosphere and environment of a sporting event?
How do you feel the location of a sporting event influences the behavior of the sports fans?

What is the main issue/problem?In a Microsoft Word file, write your summary/assessment of the case. What are the key issues to be addressed by the sports teams in the case study?

WHAT IS THE SEMESTER PROJECT?

The semester project involves your creating a consumer behavior assessment.

There is not a comprehensive final exam in this course. The semester project will serve as the means by which you will demonstrate your mastery of the subject matter.
WHEN IS THE PROJECT DUE?

The completed semester project is due in Canvas 11:55 p.m. Monday, August 8, 2022

HOW SHOULD I GET STARTED?

Read the case study: SPORTS FANS BEHAVING BADLY CLICK HERE TO READ THE CASE. DO NOT ANSWER THE QUESTIONS AT THE END OF THE CASE STUDY.

DEFINE THE PROBLEM / ISSUE

What is the main issue/problem?In a Microsoft Word file, write your summary/assessment of the case. What are the key issues to be addressed by the sports teams in the case study?

TARGET MARKET

In your paper explain the following:

Who is the target market for the sports teams?
Does the target market change based on the sport?

What what social media platforms should Mercury recommend based on InStyle fashions target audience?

Unit 6, D.B: earned versus paid media

There are several various forms of media as it related to digital marketing. Take a look at this short video Meylan.C..Owned-Paid-Earned media before jumping into this week’s business scenario.

In style fashion is a new entrance into the fast fashion market. In style fashion targets gen Z age between 18 to 22 and Millennials aged between 23 and 28 years old. This market is valued at 35.8 billion and two of their primary rivals are fashions Nova and misguided.

Simulated business scenario:

Julio, the owner of InStyle fashion, is trying to follow the earned media model of leveraging the reach of social media to promote the launch of new products. In other words, what customers become the channel.
Julio has recruited Marguerite from asos . To head up his new initiative. There is a lot of positive buzz from the fashion industry and Margaret is charged with creating a distributing press releases in an integrated marketing communications plan in advance of the Q3 launch of the install fashion brand.

Questions
1 What what social media platforms should Mercury recommend based on InStyle fashions target audience?

2 How would Marguerite’s team utilize earned versus paid media for the launch of the premier brand?

What are the current brand strategies of your business? Describe your brand equities. Does your brand have an overall theme? Look and feel ?

Product or Service Marketing Plan

Assessment Instructions:

You will create a Product or Service Marketing Plan for a brand of your choice. You will also need to conduct your own research. Note: Use the below Word document as your template and read the entire document before starting, so you understand what is required.

Download 6.5 Product or Service Marketing Plan-1.docSituational Analysis .

Business/Brand Overview

Historical background
Nature of business
Current business goals
Current Brand Strategies

What are the current brand strategies of your business?
Describe your brand equities.
Does your brand have an overall theme? Look and feel ?
Marketing Objectives

How will your product or service be manufactured and distributed? Will your product or service be sold retail or wholesale or through B2B channels?

Supply Chain Strategy

Explain the Supply Chain Strategy for your product or service.

How will your product or service be manufactured and distributed?
Will your product or service be sold retail or wholesale or through B2B channels?
Where will the location of your product/service be? (US, International, online, in-store, etc

Describe the Good and Service: Specific characteristics are described for both the good and the service.

Review the elements of the marketing mix — product, price, promotion, and place — as discussed in the learning activities within this class .
Select 1 good AND 1 service with which you are familiar. Be specific in terms of a brand vs a general good like shoes, a candle, etc. or a general service like a manicure. Here are other ideas for services: 18 Examples of Consumer Services – Simplicable . For example, one could select their cell phone brand as the “good” and an unrelated “service” such as your favorite hair salon/barber or restaurant.
Analyze how the marketer of each type of product has built the marketing mix for each. See the criteria below for what to submit for both the GOOD and SERVICE.
Criteria to Submit
Complete the following criteria in a PowerPoint, Prezi or Word document.

Describe the Good and Service: Specific characteristics are described for both the good and the service. Provide the following:
Share at least 3-4 features and their associated benefits for both the good and the service. (Think how does the good and the service solve the needs/problems of the target market better than the competition?) Refer to chapter 12 and feature/benefit assignment.
Describe the Target Market for both the Good and Service: The target market segmentation for your good and service is described. (Think who the marketer was intending to target as the primary customer.)