Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Bottom of the Pyramid Markets

The goal of developing and growing bottom of the pyramid (BOP) markets is to create mutual value between businesses and the community. To market within the BOP market, radical innovation is necessary in order to modify products and make them affordable for people of all income levels. The problem with this strategy, however, is that companies often fail to consider the perspective of the poor themselves. Businesses that mainly focus on top of the pyramid (TOP) markets are more likely to fail within the BOP market, as products created for the rich are not suitable to the poor. Consequently, the BOP market requires company’s to create unique business strategies for the BOP market in order to produce effective results.
 
Within the BOP market, companies have to determine new solutions on attracting the consumer and then provide an affordable solution. To get products to the BOP markets, company’s can consider the sachet revolution; a marketing approach used to package items within sachets that make them affordable to the poor. Additionally, companies should partner with local leaders within BOP markets to help with implementing a strategy. Microsoft is a company that generates activities targeted at emerging markets including the BOP market. The company partners with local governments, organizations, educators, and community business leaders to implement software and hardware into employment areas and the education system to help improve lives. Nonetheless, there is no single solution for creating a successful BOP market strategy and achieving success. Technology, global standards, and global scales must all be utilized to help solve the poverty problem. Firms operating in the BOP market have to utilize unique strategies to reach the market and learn how to do more with less.    
 
Income, prices, savings, debt, and credit availability determine economic purchasing power. The economy has strong impacts on consumers and businesses that are geared at particular income-based segments of users. The goal of the marketing firm or marketing consultant is to develop strategies that influence consumer purchases. Consequently, the marketer is responsible for creating strategies that can reach the desired consumer no matter the income level or location. Although the BOP market does create risk and obstacles that may be outside of a marketer’s comfort level, it does not mean that the market should be avoided for an easier, more convenient market. Within a BOP market, firms and marketers need to innovate and create unique strategies and products that reach the market and consumers. Within innovation, markets get ignored and business, and individuals are left at a disadvantage.       
 
Information and communication technology (ICT) can assist with developing bottom of the pyramid (BOP) marketing goals. Company’s can achieve their BOP market goals by creating strong relationships and open communication between local partners within the BOP communities. ICT can contribute to economic development and poverty reduction. ITC assists individuals and companies grow their economy, build opportunity, and increase process efficiency. If people within BOP markets do not have the opportunity to take advantage of new ICT applications, they will be disadvantaged or excluded from participating within global communication. In many parts of the world, ICT contributes to revolutionary changes in businesses and everyday lives of the poor. Providing BOP markets with the opportunity to use technology to communicate with one another and across the globe creates strong social and economical impacts. However, corporations deal with many risks as they attempt to restructure their business strategies, processes, and implementation into BOP markets.   

Repairing Strategy – Responding to a Customer Complaint

When responding to a customer complaint, your company should have one main goal and that is to defend its name. Within this process, the first thing that needs to be done by your company is to check the information and try to figure out who wrote the complaint and why they wrote it. This information can likely be found by analyzing the complaint to find hints of information about the author. Normally, those who leave complaints don’t leave their true identity or contact information. Once your company finds out who wrote the complaint, you should get together a response for the complainant. This complaint response should be well written, it should answer the complainant somewhat directly and it should come directly from a respected and high authority.

The department that worked with the customer should write the response and it should be edited and signed by the company’s CEO. This will allow for a filtering of the response that will rid it of any emotional attachments.

In addition to putting together a response, your company should also check the damage of the complaint. Things to you may want to check are other complaint boards, user responses and the search engine rank of the complaint.

If the complaint has influenced a negative spread and additional complaints, your company should look to respond promptly to the complaint. To find the true spread of the complaint, you could use search engines such as Google, Yahoo and Bing. With these search engines, you should search the name of your company and see which complaints show up and respond to them from highest to lowest ranked.

The goal of the response is for your company to confront the mistake and seek a resolution. In addition, your company should provide a positive image of the company and alternative methods for complainants to resort their anger. This alternative method should include either the websites testimonial section, using the contact form on the company website or contacting the company CEO. By providing links and email addresses to these other sources, you can prevent future complaints on third party websites from happening.

The best solution comes by contacting the complainant directly to solve the issue at hand, and once they are satisfied with the results, you should ask the customer if they would be polite enough to remove the complaint or request removal of the complaint. Someone simply listening to the customers concern and finding a mutual understanding can easily resolve most complaints. You can prevent future complaints by sending out progress reports to customers and by encouraging customer feedback and satisfaction through these reports. This will allow for small problems to not turn into big problems.

Mobile Marketing – Why you need it

Case Study:

  • The goal of this marketing plan is to have potential and current clients subscribe to receive special discounts on products and services from CompanyEC via text messaging to their mobile devices.
  • Customers will be able to access the website either by clicking on a link within the text to go to CompanyEC’s website or they can access the website via another computer.
  • CompanyEC will create a mobile website where customers will be able to access from their mobile devices. This mobile website will have 3 buttons which consist of a portfolio, free quote, and button to dial CompanyEC’s phone number.
  • customers can subscribe to this marketing plan via the website where they will sign up by placing a checkmark in a box on the quote request form and the contact form.

 Why will customers care?

  • Customers will want to get involved with this marketing plan to find the best deals and upcoming events that that CompanyEC may be holding.
  • The idea of this marketing plan isn’t very original or unique from many competitors. However, it’s a marketing plan that works and currently doesn’t need a fix a better it.

 Contextual Relevance o Hard‐selling doesn’t work in digital channels. Bring to The time that these marketing messages will be sent to the subscribers phone will be approximately 3:00p.m. CST on selected Thursdays.

  • The reason for this timing is that customers of CompanyEC normally contact the company for their services at the beginning of the week and having this marketing plan later in the week will draw in customers at that time.

Using mobile marketing will allow CompanyEC to stay in contact with their customers and will allow customers to always consider CompanyEC when needing creative services as mobile marketing helps keep customers thinking of the company.

  • 100% of this marketing plan is focused on sales. The idea is to have subscribers receive a text message from CompanyEC and then either contact the company for more information or login to the website and gather further information on the company and then complete the “Free Quote Request” form.
  • All customers and potential customers who purchase the marketed product from CompanyEC will receive the discount with or without receiving a text message with the special.
  • The marketing text message is meant to be informative only and will also be posted on the home page of the website. The idea is to market to customers who haven’t been to the website on that particular date on which the special was started.

SPAM!!! – What are the rules? – Case Study

Current Site Traffic

From a recent study, CompanyEC has found that we have a low level of returning visitors to our website. While we are receiving a high number of new visits per day, on average only 12% of our visitors per month are returning.

This is an issue that we have noticed and today I would like to introduce to you the solution on gaining more return visits.

The method that I will present to you today is called bulk email marketing. “A Direct Marketing Association study found that email marketing is second only to search engine marketing as a top method of driving traffic to Web sites.” This marketing will target users who have specifically optedin to our mailing list to receive updates on new sales, discounts and other company information.

In addition, this campaign will allow for us to lower the cost of developing promotional hard copy, printing, packaging, postage, and other material. Email marketing is also known to yield a much higher response rate than traditional mailings.

What is SPAM?

If you have ever heard of the term bulk marketing, then you have probably also heard the term SPAM used to describe it.

The question is, what is “spam”?

SPAM is the acronym used for Specifically Persecuted Advertising Mail

The term spam was first used in the early 1990s to describe email messages, not related to the topic of discussion and postings that swamped newsgroups. Spam is frequently described as email that is sent in bulk; flooding the Internet with copies of the same message and forcing these unwanted messages on Internet users who might otherwise have chosen not to receive them. Rich, R. Lloyd. (1999).

Most spam is considered commercial advertising and it has received its bad name of spam due to it often relating to “dubious products, getrichquick schemes, or quasilegal services”. Spamming normally consist of targeting a bulk list of users simultaneously with theadvertisement. (Rich, R. Lloyd, 1999).


The CANSPAM Act

CANSPAM Act of 2003 is an acronym, which stands for: Controlling the Assault of NonSolicited Pornography and Marketing.

The CANSPAM Act of 2003 was signed into law on December 16, 2003 by President George W. Bush.  This law was the United State’s first attempt at a national regulation for the sending of commercial email.  The Federal Trade Commission (FTC) is responsible for regulating and enforcing the law. (Spam Laws, 2009).

The CanSpam act consists of setting the rules and regulations for commercial messages and emails. In addition, it gives the recipients the rights to have the sender of the spam to stop emailing them.

SPAM Penalties

The canspam act also has tough penalties for those who do get caught spamming without abiding by the rules of it. Violation of theCANSPAM Act is subject to penalties of up to $16,000 (Federal Communications Commission, 2010).

A wellknown case of spam involved the popular social networking site Facebook and Sanford Wallace and two others in February 2009 alleging they used phishing sites or other means to fraudulently gain access to Facebook accounts and used them to distribute phishing spam throughout the network. Sanford hacked into user accounts and sent as many as 30 million junk emails a day in the 1990s. (Mills, Elinor, 2009). 

The result of this case was that Sanford was charged and had to pay a fine of $711 million.

This is an extreme case of spamming that has a perfectly reasonable outcome. This kind of spamming should be penalized and this person should get what he deserves. However, we defiantly don’t plan to hack into accounts and utilize another company or websites server to our advantage. That isnt our goal, nor will we do it under any circumstance.

The fact is that unsolicited Spam has absolutely no benefits. It is unethical, notoriously low converting, and can even land you in jail – or leave you with millions of dollars worth of fines.

Bulk Mailing CanSPam

Our bulk mailing list will only include solicited advertising to an optedin list of users. We have no plans to spam illegally.

Despite its name, the CANSPAM Act doesn’t apply just to bulk email. It covers all commercial messages, which the law defines as “any electronic mail message, which has a primary purpose of commercial advertisement or promotion of a commercial product or service,” this could also include email that promotes commercial websites and its content.

The rules stand strong rather if they are sent to current, previous or potential customers. Businesstobusiness emails also have no exception to the rules. All emails must comply with the laws.

SPAM and the First Amendment.

Many have stated that spam is simply an act of our first amendment right. I myself personally agree. However, this right doesn’t give everyone the right to solicit their commercial business or product to anyone they choose or to however many email addresses they can find. No one wants to be solicited by products or services that they didn’t sign up for or products or services that they have no interest in.

And for that reason, our marketing plan has no desire to spam using this method. We will only market to those who are interested in our services. If they choose that they aren’t interested any longer, they simple unsubscribe to that newsletter. We aren’t going to make it hard for them. We don’t plan to keep pushing our service to someone who isnt interested. Because if we did, that wouldn’t benefit us.

The fact is that we will have people who will mark our messages as spam. We will have subscribers who unsubscribe to our mailings. We will possibly even get a few hate emails from prospects that are upset that their name is on our mailing list.

Nonetheless, if we create a great list of users interested in our services, which we will, we will ultimately have more sales. We will create a strong list of users who are glad that they have signed up for our mailings because they were able to find out when we had a new promotion or discount. We will have users tell their friends about our new service line. We will also have thank you emails from customers who are grateful that we are offering and promoting such great services.

With that said, while the first amendment does give us freedom to say what it is that we want to say. It works even better when we say it to people who want to hear it. People who will voluntarily sign up to hear what it is that we want to say. The plan is to create a list just like that. Our mailing list will include users who volunteered their information. We’ll create this list from asking current and previous customers. Any time a user signs up for our services, we will ask them if they also want to sign up for our newsletter program. In addition, we’ll add an optin box on our website which will allow for potential customers to sign up. By creating our list this way, we will create a strong list of subscribers who will be happy to receive our emails.

The question is, is it truly considered spam if we are marketing web design services to individuals who are interested in web design services? Should all commercial email advertising be punished because authorities consider it spam? No. I don’t agree with that, nor is that the law. We have never illegally spammed, nor do we have any plans to illegally spam.

The Advantages of SPAM

We wont be buying a bulk list of prospects in order to spam their email account.

In addition, we will also include a link so that users can easily unsubscribe to our emarketing service if they no longer wish to receive emails form us.

How we will follow the rules

The rules to spamming state:

Don’t use false or misleading header information.

In response to this rule, we will make sure that our headers are not misleading. A way to make sure of this is to match our headings to the message body. If the body of the message is to promote our upcoming sale on business cards, our header will read: Save on Business Cards

Don’t use deceptive subject lines.

Okay. We will make sure that we are truthful and accurate in our subject lines. If we are looking to promote our 10% discount on our web design services for a particular month: the subject title will read: Save 10% on a new web design.

Identify the message as an ad.

Our mailings will include words such as sale, discount and will clearly state that it is an advertisement. We wont confuse our subscribers to think that it is a personal message.

Tell recipients where you’re located.

Our mailings will include our website address, phone number, return email address and physical address information within its footer. If users wanted to contact us, they could do so easily.

Tell recipients how to opt out of receiving future emails from us.

Our mailings will include information on how to optout. This could include a link, which directs the users to our company’s optout web page. Here, users will be able to fill in their email address and press a button and they automatically become removed from our list.

Honor optout requests promptly.

We’ll make sure that our list is automated so that human error is less likely. Once the user clicks the optout button, they will receive a confirmation and our systems will be updated.

Avoid purchasing email list that may not have given valid permission.

We will be sure to create a list of users who have optedin only.  This will allow us to avoid upsetting recipients and will allow for us to create an accurate and targeted list of users.

(Federal Communications Commision, 2010).

Email Sample

The answer isnt to not spam, its to spam legally.

Here is an example advertisement of how we plan to use spam legally.

As you can see, this advertisement covers all of the guidelines.

  • Its clearly an advertisement as it mentions discounts and sale information
  • Has the company address and other contact information.
  • Has a clear header and subject.
  • Provides users with a way to opt out of receiving any further mailings.

 

In addition, it allows for us to

  • Market our company brand and image.
  • Advertise our services and products.
  • Let users forward to a friend
  • Connect users to our social networking sites

It’s a winwin for the recipient and for our company.

Conclusion

Yes: spamming is illegal. Mass unsolicited email is illegal. However, bulk marketing is perfectly legal.

The difference is that bulk email marketing can consist of an optin list of users who have signed up to a mailing list because they areinterested in the product or service. The legal part about this that we will utilize in our campaign is that it has a list of users who have optedin to receive these messages from the company.

We will be sending these users highly targeted advertisements. We don’t plan to send emails about vitamins or new techware. Users who sign up will be interested in our services and news and will be linked back to our company website.

These individuals will consist of a list of users who have already shown a deep interest in our services.

How we benefit

Utilizing email marketing to attract attention to our services is a very effective way to turn prospects into clients. With this service, we can keep our users updated and familiar with our website and services. Bulk email marketing is a great way of ensuring that we receive valuable and repeat customer visits.

Credits

Federal Communications Commission. (2010). Canspam: unwanted commercial electronic mail. Retrieved September 9, 2010, from http://www.fcc.gov/cgb/policy/canspam.html

Federal Trade Commission. (2009). The canspam act: a compliance guide for business. Retrieved September 9, 2010, from http://www.ftc.gov/bcp/edu/pubs/business/ecommerce/bus61.shtm

Mills, Elinor. (2009). ‘Spam king’ could face criminal charges in facebook case. Retrieved September 9, 2010, from http://news.cnet.com/83011009_31026406983.html

Zedtoo. (n.d.). Did you really mean to say spam is legal in the united states. Retrieved September 10, 2010, from http://www.zedtoo.demon.co.uk/nospam/legal.html

Scott Hazen Mueller. (2010). Frequently asked questions about spam. Retrieved September 10, 2010, from http://spam.abuse.net/faq/

Rich, R. Lloyd. (1999). Internet legal issues: spam. Retrieved September 10, 2010, from http://www.publaw.com/spam.html

Spam Laws. (2009). The canspam act of 2003. Retrieved September 10, 2010, from http://www.spamlaws.com/federal/index.shtml

eHow. (n.d.). How to abide by spam laws when sending mass emails. Retrieved September 10, 2010, from http://www.ehow.com/how_2040799_abidespamlawssendingmass.html#ixzz0zIZqFToq

Market Efficiency Theory

Market Efficiency Theory
Market efficiency was formulated by Eugene Fama in 1970, labeled as efficient market hypothesis. His theory suggests that stock and market value are based on publicly available information. Investors invest with the goal that their investment will generate a positive return on their investment. An efficient capital market is when a stock price reflects publicly available information that may affect the stocks value, which could benefit investors. Efficient markets generate random patterns that cannot be predicted, and an investor cannot factually predict a stock value with secretive information.

Less Efficient U.S. Markets
Markets are much more inefficient than they used to be, and unreliable information could cause investors to receive inefficient values. If markets are unreliable, the value could potential plummet and non-informed investors may not be interested in purchasing new stock. Furthermore, An inefficient market would likely be placing a market value above or below its true value. An inefficient market creates unfair advantages for certain investors who would not otherwise have access to the company’s information. Markets become less efficient often due to greed, economic involvement, negligence, and lack of communication.

Markets in Other Countries
Many studies have found that market prices are difficult to predict. Compared to the United States, other countries also have problems with market inefficiency. Market efficiency asserts that there is no pattern or trends that can be used to predict future value. In the Indian capital market for instance, market inefficiency exist that contradict the efficient market hypothesis. A study, which examined a calendar anomaly within the stock market; found that stocks often held until after the New Year present a higher return rate, and that Monday is considered the worst day of the week to invest. While this isn’t considered inside information, it does create a predictable trend that creates a level of efficiency to use in predicting market trends and potential.

Finding efficiency within the stock market may seem fairly simple with the use of technology and cheap software tools that can find patterns within stock prices. However, the reality is that there is no way in determining the direction of a stock by using computer technology or human assumptions. In addition, if exploits did exist, they would be found and corrected to prevent future defrauding.

With the efficiency market hypothesis, the securities will always reflect the available public information. No system, tool, calculation, or individual investor has access to secret information that would help them generate a rate of return above others. Consequently, investors should always expect to receive a fair value for their securities.

To determine the direction of a stock, investors must be skilled at analyzing data, predicting stocks, and have the ability to comprehend statistics and understand the stocks industries. To achieve this, it takes an investor that is passionate and has the time to evaluate the market.

In addition to rationality, independent deviations from rationality, and arbitrage, t he efficiency market hypothesis makes the assumption that there are three levels of market efficiency’s. The three levels assume that the value of an investment should reflect all available information. Prices should change based only on publicly unexpected information. The hypothesis is considered a model based on how markets tend to work and not how they should work. The three levels of market efficiency include strong, semi-strong, and weak (Maguire, 2010; Ross, Westerfield, & Jaffe, 2013). The weak level of efficiency does not base it results on reliable data such as earnings, forecast, or company announcements. However, they are often random and based on mathematical assumptions relating to historical data. A market is considered semi-strong if it can be predicted by using publicly available information. Information that helps predict a market using a semi-strong efficiency level includes information regarding accounting statements, and historical data. The strong efficiency level uses all publicly and privately available information to determine a stocks value.

Insider trading behavior is affected by expected trading profits from private information, and potential litigation risk. Managers tend to avoid trading before company disclosures so that they may avoid litigation risk. To reduce the probability of litigation, managers provide higher quality disclosures before insider trading. Furthermore, to avoid litigation, insiders often avoid profitable trades before earnings announcements, but will trade after the announcement in an attempt to profit from their future earnings based on the announcement.

A marketing strategy to grow your business

Marketing plans are crucial for starting and growing a business. A good marketing plan will help your business identify your target customers, and generate a plan to reach and retain those customers. The marketing plan is the roadmap to gain customers and improve organizational success if done properly.

Additionally, the plan describes the desired customer by targeting their precise needs based on their demographic profiles. This is helpful for identifying targeted customers and creating pinpointed advertisement aimed directly at those prospective customers.

An additional crucial point of the marketing plan is its plan of distribution. The distribution plan details how customers will purchase or buy into the organization. The promotional strategy of the plan is considered one of the most important sections of the plan. The promotional strategy details how new customers are to be reached.

Examples of an effective promotional strategy include distribution and promotional tactics on television, at trade shows, and through online advertising. A marketing plan includes everything from understanding the desired customer, to determining how to outperform and strategize the competition. A marketing plan is paramount to achieving business success and the time taken to develop a marketing plan, is an investment worth making considering it defines who to connect with customers and generate sales.

Creating a professional brand image

Creating a professional image

A good graphic artist will understand that business logos are not just for multi-national corporations. Graphics are for any enterprise that wants to present a professional image and customer recognition for a job (otherwise known as branding).

Your logo works for you on your business cards, stationery for your company, invoices and receipts, your business’ publications, and of course ads. A good business logo design helps your customers remember your business and many people remember images better than they remember the words.

Decision Support Systems

A Decision Support Systems (DDS) assist in reducing time needed in manual searching of information. DSS gives the ability for results to be returned at faster than human speeds. DSS is a flexible interactive IT system designed to assist non-structured decision making problems. Advantages of DSS include, increased productivity, understanding, speed, flexibility, and reduced cost. DSSs are information systems that support decision-making processes. Objective of DSSs is to enhance the effectiveness of decision-makers. Functions that DSS assist with include data storage, retrieval, manipulation, and small calculations. A crucial point of DSS is its ability to react to changes and situations quickly. DSS can be used to assist in solving many different promising diverse alternatives to problems.
 
DSS is when an individual performs decision related task. The goal of DSSs is to assist the decision maker in improving their effectiveness. Enhancing the decision maker’s insights and knowledge does this. Decision-making is dependent upon knowing past, present, and likely future situations. Information systems should have the ability to forecast the future based on probability.
 
Often a DSS will incorporate an expert system (ES). While a DSS requires the decision maker to have knowledge and expertise about the situation, an ES only requires facts and symptoms to provide solutions to problems. In a replacement role, an ES helps with improving efficiency of decision makers. ES tools are used to mainly support and assist with problems and not replace the decision maker. ES is a system that assists with reaching conclusions based on reasoning. These types of systems are useful for diagnostic and prescriptive type problems. In a support role, an ES can be known as an expert advisory. DSS generally has three components: model management, data management, and user interface management. Model management provides information to the decision makers. Data management assists with customer and product information. User interface management helps the decision makers access the information. ES tools, if used to replace human decision makers, have been shown to be just as effective, if not better than a human. Organizations should not rely on ES tools to improve the efficiency of the decision maker. 
 
The marketing firm that I am researching could use DSS to analyze its customer marketing performance and create effective strategies based on that information. Considering the organization uses tracking and monitoring tools to view its customer data, it should use DSS to highlight opportunities for each unique customer. Currently, its customers each have similar goals and processes that are used to generate sales. However, with implementing DSS, it could help in developing unique plans and goals for the customers instead of one universal marketing method. 

Delete / Remove Photos in iCloud Photo Stream

 

So you took a picture you shouldn’t have on your iphone and now its on all of your iDevices and Computers. What to do now considering you can’t delete images from a cloud? Well, you can. Its not as simple as highlighting and deleting, but its pretty simple. Follow the instructions below in order to delete photos from your iCloud and photo stream… and stop taking pictures you dont want showing up on your apple TV when your parents come to visit.

Side note: I just launched my Facebook Fan Page, Please click the “Like” button on the right

 

First: Delete from iCloud:

1. go to iCloud.com and login

2. click on your name in the upper right corner

3. click “Advanced” tab

4. reset photo stream

 

The above will remove it from iCloud. in order to delete from your device do the following.

  Read more

Economic and Perceived Value Pricing

Real and Perceived Value
The price of a product is reflected based on the financial needs for growth and operation of the company, in addition to consumers’ perceived value of the product. Businesses have a goal of making a profit, which often requires selling items at a perceived value. Real and perceived values are different ways in which products are valued, which are generally based on economic impacts and competition. In addition, the relevancy to the consumer determines the value of the product. If the product or message is not relevant or does not affect the consumer personally, it will not be as effective as if it did.

Advantages and Disadvantages
Value pricing allows companies to influence consumer purchases by offering lower prices for competitive products. Real value is generally easier to measure than perceived value. Factors that increase the value of real value include the cost of labor, materials, marketing, shipping, and product development. Product distribution, marketing efforts, and brand value determine the products perceived value. For example if two competitors are to sell the exact same item, built exactly the same way, and from the same materials, it is likely that the company with the better brand value reputation can sell the item at a higher price because of the perceived value by the consumer. If the consumer perceives the value of the product high, the consumer will likely show more interest. The consumers’ perception of the company’s customer support, trust, loyalty, and product quality determine the products value.

Services and Products
Value pricing attracts value conscious customers. The actual cost of the product production determines the real values. In addition, the real value depends on the usefulness of the product to the consumer as well as the value of the product components. Perceived value is based on how much money the consumer or business believes the product is worth. It is the marketer’s responsibility to generate a positive perceived value of the company’s products. Whether marketing a service or a product, the results are similar in that both rely on the consumers’ perception of the company’s or individual’s expertise, quality, and reputation. In addition, both products and services have other components necessary to complete certain task. While a product may have additional parts and components, a service technician or company is likely to have to purchase tools, software, and other items necessary to complete the service.

Perceived value for individuals looking to invest into higher education tremendously affects the institutions price. Students and family perceive the value of the institution to be within the quality of the education. Consequently, the higher the perceived value of quality, the higher the cost of tuition. Research, however, has not proven a correlation between institutional cost and actual quality. Perceived value of an institution does correlate a student’s likelihood of enrollment. Perceived value of an education has three main factors, which include, quality, cost, and emotional attachment. Failing to satisfy either of these could jeopardize the student’s enrollment potential, as it will affect the students perceived value.

In marketing, generating excitement can also generate a sale and loyal customer. If a user is excited about a product, they may ignore the cost and quality factor. To enroll students into an institution, the marketing and sales team should seek to expose students to information and experiences that excites them and builds passion for the brand.

Real and perceived value offers many benefits to businesses and consumers. The impact of marketing and social networks real and perceived value in regards to marketing efforts is hard to determine. For instance, LinkedIn is a social network that is said to build business networks and promote expertise. However, it is difficult for a user to determine the real value of a paid account, free account, or whether the service is actually making a difference and producing what its purposed to do.

The LinkedIn site is available in 20 languages, and has 238 million users globally. The Internet-based service is similar to a Rolodex of business contacts. As a user, the platform may be a good place to build a brand, increase online visibility, and grow a professional network. It is the users responsibility to determine what the real value of the LinkedIn platform is based on their needs. Although the real value may be worth the free account, the perceived value could be priceless if the user uses the platform to truly build a network and search for a new career.

If an individual truly believes in the quality and value of a product or service, then the perceived value becomes more valuable than the real value. Online platforms, website, and social networking sites work just as traditional products and services regarding real and perceived value.

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