7.

Suitable KOL

1.Who are they offline?

Firstly, you need to find out about your favorite Key Opinion Leader clearly while
you might use an online contract, they could be a different person offline. So you
need to make sure they are loyal to your brand.

Secondly, find out if they are promotion to the competitor’s product, are working
to sell an alternative lifestyle offline before reaching them online. Take an in-depth
look at their offline reputation and see who they are when their camera is turned
off.

Thirdly, if you partner with the wrong KOL, it could be detrimental to your brand.

2.Who are they online?

If they fit into the offline bill, take some time to observe their online presence and
activity. Consider:

 Their followers and rate of engagement

There are thousands of KOLs - some real, some fake. To make sure you preferred
KOLs that are genuine, take a look at their followers count and engagement rates.
Depending on your communication goals, you should aim to work with influencers
with a medium-large following and their profiles that receive a high level of
engagement. Compare the number of likes, shares and comments they receive to
the total number of followers they have online to determine if their followers are
real or not.

 The platforms they use

While every KOL has their preferred platform, the majority will share content on
several different platforms simultaneously - such as : Tiktok, Youtube, Facebook,
Instagram,… - depending what they want to say and who they want to say it to.

 The content they create

Depending on your objectives, you should aim to work with KOLs who create
their own content and have a news feed that is not tainted by too much sponsored
material.
3. How relevant are they to your brand?

Look for KOLs who have worked to promote products or services in your industry
or who share your values. The more you have in common, the better - and the
easier it will be for you to build a lasting professional relationship.

Example:

The KOLs for gaming gear Corsair’s brand: Phung Thanh Do (Mixi Gaming).

MixiGaming is one of the most popular streamer, youtuber in VietNam. He makes

the own content about lifestyle, talkshow, playing game,…

Until now, his subscription on Youtube has reached 4,77million subscribed,

Facebook has reached 4,4 million followers. Almost entirely who is follow his
channel like to playing game. Therefore, he is suitable to promote keyboard
gaming gear to the gamer community by his influence.

MixiGaming is a big fan of Corsair's keyboard. So you can see on his stream that
the keyboard he’s using comes from Corsair's brand. He has attracted 70 thousand
viewers while he is livestream every day. That’s why he is a potential partners with
Corsair’s brand.

6. What are some important pros and cons of e-commerce?

Advantages of eCommerce 

1. A Larger Market

eCommerce allows you to reach customers all over the country and around the
world. Your customers can make a purchase anywhere and anytime, especially
more people are getting used to shopping on their mobile devices.

2.  Customer Insights Through Tracking And Analytics

Whether you're sending visitors to your eCommerce website through SEO, PPC
ads or a good old postcard, there is a way to track your traffic and customers' entire
user journey to get insights into keywords, user experience, marketing message,
pricing strategy, and more.
3. Fast Response To Consumer Trends And Market Demand

Streamlined logistics, especially for drop ship merchants, allows businesses to

respond to market trends and E-Commerce and consumer needs in a way. quick.
Merchants can also create quick promotions and deals to attract customers and
generate more sales.

4. You don’t need a physical store

Save yourself from paying for the location. While of course, you have to pay for
the hosting for your website, they’re usually cheaper than paying rent for your
shop.

5. Sell 24/7

Click, search, buy, regardless of time and location is one of the best advantages of
Ecommerce businesses that your store is always open of new orders.

Disadvantages of eCommerce 

1. Lack of personal touch

You might definitely personal touch and relationship that develops with a retail
store.

2. Lack of tactile experience

No matter how well a video is made, consumers still can't touch and feel a product.
Not to mention, it's not an easy feat to deliver a brand experience, which could
often include the sense of touch, smell, taste, and sound, through the two-
dimensionality of a screen.

3. IT Security Issues

More and more businesses and organizations have fallen prey to malicious hackers
who have stolen customer information from their database. Not only could this
have legal and financial implications but also lessen the trust customers have in the
company.

4.  Need for an Internet Access Device

Ecommerce can only be transacted with the help of an Internet access device such
as a computer or a smartphone.

5. Inability to Identify Scams

Consumers are often taken in by fly-by-night ecommerce websites that look good
but are up to no good. Scam artists often accept orders and then disappear.

Example:

Shopee is one of the best e-commerce platforms in Southeast Asia. Shopee’s

revenue for Q4 2020 was US$842.2 million, up 178.3 percent year-on-year.

Shopee has surpassed Lazada, Tiki, ... to occupy the leading position on e-
commerce floor.

Selling on Shopee is completely free. You do not need to spend a penny to sell on
Shopee at all. From creating booths, posting products, to product promotion tools,
Shopee also provides it for free.

When you first start selling online, getting customers to know your product is
extremely difficult. But it gets easier when you sell on Shopee. With a large
number of customers, about 34 million users, will help you reach customers much
more easily.

Shopee sellers are created with their own discount codes. You can completely
create and manage a discount code on Shopee from A to Z. This feature of Shopee
is very effective for stores to have more customers.

Beside the advantages on Shopee platform. There are some potential risks when
you are shopping online:

 When you receive the product may not match the description.

 The time for you to receive the goods will take some days.

5. Analyze the model of cognitive decision making.

Mental accounting refers to the different values a person places on the same
amount of money, based on subjective criteria, often with detrimental results.
Mental accounting is a concept in the field of behavioral economics.

Example: When you go to the shopping mall, you pass by the watch store and look
at the model that you really like. But the first thing you will hesitate about it too
expensive. If you buy a watch, you will exchange with 2 months to buy milk tea

Sunk-cost fallacy is a specific type of framing effect that affects decision-making.

It involves an individual making a decision about a current situation based on what
they have previously invested in the situation.

An example of this would be an individual that is refraining from dropping a class

that they are most likely to fail, due to the fact that they feel as though they have
done so much work in the course thus far.

Prospect theory involves the idea that when faced with a decision-making event, an
individual is more likely to take on a risk when evaluating potential losses, and are
more likely to avoid risks when evaluating potential gains. This can influence one's
decision-making depending if the situation entails a threat or opportunity.

Example: When you confuse with your decision between attend the class and stay
home to sleep. If you decide to sleep, you will feel comfortable at that moment.
But you also get the potential risk that you lost the lesson in class. Otherwise, if
you attend the class, you will understand clearly the lesson. Until coming to an
exam you will get a high score.

Loss aversion: Almost the first things we focus on what we get losses before we
thing about what we gain.

Example: When you someone ask you about to borrow money. You certainly think
whether you lend him money, you could not buy the thing that you intend to buy
before.

4. Analyze the three stages of perception

The perception process consists of three stages: selection, organization, and

interpretation
Selection is the first stage in the process of perception, during which we convert
the environment stimuli into meaningful experience. In daily life we are
bombarded constantly by such a large variety of information that at a blink
moment. However, we can not perceive all the information available to us, because
in doing so we would experience information overload and disorder. Therefore, we
perceive only part of the information from the environment through a selective
process.

For instance, In the interest of not overloading ourselves with too much
information, we limit our attention to those aspects of strangers or the situations
that are essential to what we are doing.

The second stage in perception process is organization. After selecting information

from the outside world, we need to organize it in some way by finding certain
meaningful patterns. This organization stage is accomplished by putting things or
people into categories, and that is why it is also termed categorization by some
researchers. In this stage of perception, the social and physical events or objects we
encounter will immediately have shape, color, texture, size, etc.

For instance, when asked what a human being is, some people may describe it
from the perspective of skin color, others from that of race or nationality. If we
close our eyes and think what our university library is, we experience an organized
environment with an internal and external structure.

The third stage in perception is interpretation, which refers to the process of

attaching meaning to the selected stimuli. Once the selected stimuli have been
categorized into structured and stable patterns, we try to make sense of these
patterns by assigning meanings to them. But different people may give different
interpretations of the same stimulus.

For instance, a kiss or a big hug in public is a common way of greeting each other
in some western countries, which has the function of saying “Hello!”, whereas in
many other countries they are always considered to be “lovemaking” behaviors.

3. Define Hedonic consumption

Hedonic Consumption Perspective focuses on consumer pleasure experience,

especially enjoyment of arts or games.
Pleasure, experienced through consumer behavior is examined. “Pleasure” means
not only enjoyment of arts or games, but also various experiences of subjectively
desirable emotions including satisfaction with problem solving.

Hedonic consumption is an explanation for the consumer behaviors that deal with
the multisensory, fantasy and emotive phases of product usage experience. The
authors define four hedonic perspectives: mental constructs, product classes,
product usage, and individual differences. The basic area of concern for all the
perspectives is the role that the subjective, emotional part of man plays and to what
extent it may dominate a consumption/purchase situation.

Hedonic consumption can be simply defined as “the multisensory, fantasy and

emotional aspects of consumers”.

Hedonic consumption can be grouped under six categories as: adventure,

gratification, role, social, value and idea. The aim of this study is confirmation of
the hedonic consumption scale and investigation of the effect of demographics on
hedonic consumption behavior of consumers.

 Adventure Shopping

The shopping motivation labeled as adventure shopping refers to “shopping for

stimulation, adventure and the feeling of being in another world”

 Social Shopping

The category labeled as social shopping refers to the enjoyment of shopping

with friends and family, socializing while shopping, and bonding with others
while shopping.

 Gratification Shopping

Hedonic shopping can be listed as gratification shopping which refers to

shopping for stress relief, shopping to alleviate a negative mood, and shopping
as a special treat to oneself.

 Idea Shopping
 Idea shopping refers to shopping to keep up with trends and new fashions, and
to see new products and innovations

 Role Shopping

Shopping which reflects the enjoyment that shoppers derive from shopping for
others, the influence that this activity has on the shoppers’ feelings and moods,
and the excitement and intrinsic joy felt by shoppers when finding the perfect
gift for others.

 Value Shopping

Shopping for sales, looking for discounts, and hunting for bargains. The people
that make hedonic consumption for that reason mentioned that when they
bargain and have the product from lower price that makes them to feel more
pleased from the shopping experience

For example, people when they smell perfume can both take just its smell, whereas
she/he can generate internal imagery containing sights, sounds and tactile
sensations, all of which are also experienced. Those images can be historic images
as remembering a memory with a friend who used that perfume, whereas it can be
a fantasy image which is a result of consumer’s response by producing a
multisensory image not experienced before.

2. “People often buy products not for what they do but for what they mean”
explain

This principle does not imply that a product’s basic function is unimportant, but
rather that the roles products play in our lives extend well beyond the tasks they
perform. The deeper meanings of a product may help it to stand out from other
similar goods and services. All things being equal, we choose the brand that has an
image (or even a personality) consistent with our underlying needs.

For example, although most people probably couldn’t run faster or jump higher if
they wear Jordan instead of Adidas, many die-hard loyalists swear by their favorite
brand. People choose between these archrivals (or other competitors) largely
because of their brand images—meanings that have been carefully crafted with the
help of legions of rock stars, athletes, slickly produced commercials, and many
millions of dollars. So, when you buy a Jordan, you are doing more than choosing
shoes to wear to the mall; you also make a lifestyle statement about the type of
person you are or wish you were. For a relatively simple item made of leather and
laces, that’s quite a feat.

Our motivations to consume range from the practical to the fanciful. In some
cases, we decide to try a product because we want to learn more about the
experience and in some way grow personally.

For example, in one study undergraduates who were asked to try a new brand of
beer were more likely to do so when they believed their level of expertise with the
product was relatively low and thus there was an opportunity to enhance their
knowledge about different attributes of beer.

1.Three stages of consumption

 Pre-Purchase

A stage where the customer becomes conscious about a product, searches for
related data, and makes a final decision whether to buy the product or to start
searching for another product is known as pre-purchase stage.

Example:

When a consumer realizes the needs, he goes for an information search. He does
the same, so that he can make the right decision. He gathers the information about
the following −

Product Brands

Products Variations

Product Quality

Product Alternatives.

 Purchase Decision:

The purchase decision may be influenced by attitudes of spouse, friends and

relatives, cost of the product, benefits of the product, etc. Purchase decision
includes decisions with regard to product/brand, dealer, quantity and quality,
timing, and payment.

Example: The customer finds a pink winter coat that’s on sale for 20% off. After
confirming that the brand uses sustainable materials and asking friends for their
feedback, she orders the coat online.

 Post-Purchase Behaviour:

Post-purchase behaviour refers to the behaviour of the customer after the purchase
and it depends upon his experience of using the product and level of satisfaction. A
satisfied customer may make repeat purchases. If the customer is not satisfied he
may not buy the product again and may talk bad about the product to his friends,
colleagues and relatives. In the case of consumer durables like air-conditioner,
television, water purifier, after-sales service is important to achieve high level of
customer satisfaction.

Example:

Post-purchase emails don’t have to be about actively selling additional products.

So long as you’re engaging, you’re doing it right. For example, Samsung uses a
customer purchase as an opportunity to merely extend the experience. By asking
customers via email to review the products they purchase, the brand efficiently
accomplishes two important goals:

Customers must visit the Samsung website, ensuring they continue to interact with
the Samsung brand, even after the purchase is complete.

Other customers will see these reviews, ensuring Samsung's website contains rich,
robust, and valuable content their customers actively seek.