A Day in the Life of my Many Roles: About me Blog

So what’s it like to balance business, school, outside activities, a family, and all the other events that come from such lifestyle at 22 years of age? well let me open the door and guide you to my world.

Who I am

Ever since I can remember from my time being in Venezuela (Venezuelan born) and coming to the USA I have always had a passion for business. Coming from a background of Venezuelan born parents, with a father that was a branch manager at a financial institution and a mother who was a doctor and now professor, it was not difficult for my parents to figure out that I would become an entrepreneur. It is said that there are individuals that are born to be doctors, teachers, firefighters, in my case I was born to be a leader. My life from a business perspective went from selling/trading baseball and Pokemon cards to now building an online auto part business.

It’s not easy to start a business, it is a lot or hard work, dedication, planning, and being informed. It is especially not easy when on top of everything you have a home to maintain, bills to pay, and a beautiful and exploring 3 year old daughter that expects you to dedicate every minute to her. To add to the matter, it is even more difficult when you have to attend full time university. Thankfully, I will be receiving a bachelors degree in business administration with a concentration in marketing from Aurora University this summer (August).

So, how is all this possible?

The biggest thing to remember is that hard work pays off in the end. Being able to set goals, creating rituals to obtain those goals, and being dedicated and focused at what you do will take you to places that no one ever imagined you could reach. It does not matter what others say you can or cannot do, as long as is legal of course, what matters is what you believe you are capable of achieving. Oh, and it also helps to have an activity/hobby that can relax you and keep your mind at ease for the moment. Honestly, car racing, working on cars, everything cars and outdoor activities with my family is what I love to do and what keeps me calm and relaxed.

Being an eBay Top Rated Seller: How it Builds Consumer Relationships

It is 1 in the morning and you are doing some online shopping on eBay when, finally, you found the item you were looking for all along but wait, there are several different options of the same exact item (same item and same return policy). Are you going to go for the item priced at $4.99, although the seller has a 95% feedback score, or are you going to go for the item priced a bit higher at $9.45, with a seller feedback of 100% and a “top rated seller” badge next to it?

By the way, being a Top Rated Seller on eBay means being recognized and rewarded as sellers who consistently deliver outstanding customer service. In addition, they must be able to meet certain sales and tracking requirements.

If you are anything like me and most consumers through experience, you will go with the higher priced item with the seller feedback of 100% and a “top rated seller” badge next to it, even though the items are basically the same in every aspect.

Here are some reason why being a Top Rated Seller on eBay will enhance consumer relationships for your large or small business:

1) Transaction Defect Rate- The transaction defect rate is a system eBay utilizes to measure sellers on eBay and the percentage of total transactions that had any one of seven defects being low detailed rating from item as described, opened cased for items not as described, open return requests, low rating for shipping time, items not received, neutral or negative feedback, and transactions seller cancelled. The more this percentage increases, the less likely the chance you will become a Top Rated Seller and vice versa.

As you can see, when consumers are satisfied completely with their purchase they will leave high detailed ratings for the seller, which will maintain their score at a 0% defect level. similarly, other consumers will be able to view the sellers outstanding ratings which will bring in more business while still maintaining relationships with previous consumers and thus bringing in repeated business. Remember consumers are prone to building relationships with businesses that provide high quality service and products, that is part of their perceived value. 

2) Tracking Uploaded Within Handling Time- What this does is that it makes sure that the seller is shipping out items within the specified time they assure the consumer their item will ship and arrive. The higher the percentage of tracking number being uploaded within time and validated by the carrier, the higher the rating will be for the seller.

Consumers now days are in a society where consumer culture demands that business cater to the consumer. Part of catering to the consumer would include being able to ship out items at a abnormally fast and competitive pace, especially now that the E-commerce business is booming and becoming more competitive. Being able to cater to consumers with such excellent service will definitely build consumer relationship and create repeated business.

3) Cases Closed Without Seller Resolution– This is required to maintain Top Rated Seller status because it demonstrates if the seller is being proactive at solving customer problems, it is part of providing excellent customer service.

When sellers have one or less cases closed without seller resolution it means they are providing excellent customer service resolution skills and customers are overall satisfied. When customers are satisfied it means that they are more prone to continue doing business with your business.

Hopefully this how-to build consumer relationships by being an eBay Top Rated Seller will assist your own business to grow an build consumer relationships.

Observing Consumer Culture Theory: Benefits Businesses

“Companies that were paying attention understood they were witnessing the birth of the “self-directed consumer”, because the internet and all the other tools for the flat world had created a means for every consumer to customize exactly the price, experience, and service he or she wanted.”

-Thomas L. Friedman

With such powerful quote in mind, it is relevant to see that marketers must be able to observe and listen to what it is that consumers are viewing as socially acceptable in a high consumer culture society. If you as a company are able to understand such concept and gain insight you WILL succeed as a business, whether you are a large or small business.

Consumer Culture is defined as the commonly held social belief that defines what is socially acceptable in a specific society. So, for example the United States would pretty much be considered a large consumer culture in many aspects. See, this Society follows a lifestyle where utilitarian values, such as obtaining material goods, are used to feel a sense of happiness and satisfaction. Which can be beneficial from an economic perspective, since consumer culture helps drive consumer spending. An example of consumer culture would be keeping up with the latest iPhone like the peers around you, or even purchasing a sort of merchandise to improve quality of life, whether it is due to the valuable experience or other factors.

The Consumer Culture Theory in marketing is a philosophy that focuses on the psychological effects of buying. Most marketers use such theory to their advantage by advertising how a certain product will benefit the target markets life. In other words, marketers portray lifestyle benefits of the certain product(s) and encourage customers like you and me to define the product(s) as the path to happiness, or a more satisfying lifestyle.

So, how are companies taking advantage of the theory?

Well, ever walk into a store like Bed, Bath, and Beyond and find yourself staring at advertisements of a woman relaxing in a bathtub reading a book with all calmness? well that advertisement is just utilized to sell a bathrobe. However, beyond the scope of just selling. it is targeted to reach an audience that seeks to live a lifestyle such as the woman in the ad; which will eventually lead to the purchase of the bathrobe.

As you can see, it is relevant to see how marketers can assist businesses to grow just by observing us, the consumers that create a culture in society; that is, the consumer culture.

Brand Customer Loyalty: 5 Main How-To Tips

In order for companies to be ahead of the competition and to encourage consumers to repeat business, companies must be able to provide consumers with what they seek. Keep in mind that generating business from a customer who has previously done business with the company before is simpler and less expensive than acquiring a new customer.

Below are 5 how-to tips to build brand customer loyalty:

• Provide exceptional customer service:  Customers are vital to an organization, which means that being able to provide exceptional assistance to consumers will provide them with a sense of issue resolution and feeling of satisfaction. As a result, consumers are more likely to post/share on social media or other channels the positive experience that they encountered with the organization, even if they had a bad experience with the product. According to 2010 Right Now Customer Experience Impact report, stated that 9 in 10 Americans are willing to spend more with companies they believe provide excellent customer service. Overall, being able to provide exceptional customer service will set your organization apart from the competition.

• Communicate shared values with consumers: Most consumers are not loyal to companies, but to their actual beliefs. A Corporate executive Board (CeB) study published by the Business Harvard Review, stated that out of 7,000 consumers who said that they had a strong brand relationship, 64% cited shared values as the primary reason. Being able to connect with consumers on a personal level relationship is crucial to building a brand loyal consumer basis. The best way to connect with consumers is to demonstrate the organizations purpose outside of making money, as well as engaging consumers in such beliefs. Zappos, an online shoe and clothing shop, builds their core value around impressing consumers with their priority of exceptional customer service towards consumers.

• Keeping quality high: Organizations that are able to provide quality products at reasonable prices are more likely to have continued business. Consumers are more prone to purchasing from a store that sells quality products, rather than a store that sells a product that will not last the expected time. Amazon is a online retailer that has excelled in providing excellent quality products at affordable prices, such as the Amazon Kindle.

• Engage consumers: The best way to get consumers involved in today’s business world is through the use of social media. With that in mind, organizations that are able to listen to what the consumer wants and needs and is able to receive feedback using social media channels will be more prone to providing the consumer with what they want, thus satisfying their needs and building relationships. Being able to get consumers involve in your brand is an advantage for any organization. McDonald’s is a good example of a company that has been actively listening to consumers and it’s switching up their culture in a way, a more consumer oriented way.

• Loyalty programs: A loyalty program is a means to keep track of the amount of purchasing a consumer has had with a given marketer once some level is reached. At which point, once a certain number of purchases or points have been accumulated a reward is given to the consumers. The rewards could range from free products, discounts, and other forms of incentives. A loyalty program builds an incentive for consumers to continue doing business with the organization. Keep in mind however, a loyalty program will not be effective if the above tips are not taken into consideration. Starbucks is a company that does well at providing loyalty program rewards for consumers, such as free drinks and other products based on points accumulated.

Hopefully if you are planing to start your own business and/or manage one at the moment, put to practice the above tips that are sure to help your business grow by building customer loyalty!

Consumer Brand: All Personality Traits Matter

Berkshire Hathaway, does that ring a bell? No? How about Warren Buffett? come on, everyone knows the famous investor and philanthropist! some of his major qualities include wealthiness and success. The famous investor, Buffett, is the owner of a widely successful investment company, Berkshire Hathaway, whom has been converted into a consumer brand.

Although it is true that Berkshire Hathaway is a large investment firm represented by large companies such as IBM, Coca-Cola, Wal-Mart, and Gillette among others, the fact of the matter is that the true brand personality of it is none other than Buffett himself. Buffett’s personal reputation as a successful businessman and philanthropist has been a better determination of its brand personality,more than Berkshire. In other words, Warren Buffett is the real brand as opposed to Berkshire Hathaway.

In today’s society, many brands are utilizing celebrity endorsement to create a representation of their brand personality, of course by using personality traits from celebrities to assist consumers in understanding the brand. As a result of celebrity endorsement, brands hope to create positive association for their brand. With that being said, Buffett plans on using some of his celebrity endorsement, it being his financial expertise and longevity, to be able to target a consumer brand with global capacity.

Buffett plans on using his personal traits to connect them to Berkshire Hathaway, as to create brand identity across the globe. Buffett plans to invest in properties across the globe an not just in America. Berkshire Hathaway HomeServices will be expanding into markets in Europe as well as Asia. Although consumers in such parts of the world may not be familiar with the investment company, they are sure to recognize Warren Buffett. It is a stretch for Buffett to target investors across the globe, but then again he is one of the most inspirational American citizens.

Personally, Warren Buffett is one of my biggest role models and I would be considered part of his target market as an investor. Warren Buffett’s strategies have proven to be successful which could very much be due to his management style, something that I strive to acquire someday.

Unplanned Purchasing: The Motive

For some people the weekends are to relax, for others it is to party, as for me I just made the most unplanned purchase of my life. So, you are probably wondering what was the purchase and what was the motive behind it? well continue reading and the truth will be unveiled.

Over the weekend I treated myself to a 1995 Toyota Supra Twin Turbo, a $30,000 used vehicle with high miles. Most people in their right mind would not purchase a 19 year old vehicle with high miles for such a high price. However, to my defense the Toyota Supra is a legendary sports car that is only becoming rarer and less affordable. In addition, anyone that truly knows about cars also knows that the engine is the heart of the vehicle. As for the Supra, the engine it is equipped with carries one of the most powerful factory blocks (bottom end of the engine) in any car ever produced to this day. Obviously, it is clear to see why anyone would want such a beauty of a car. For a full list of reasons why to purchase a Toyota Supra make sure to click here. 

Let’s get to the point here, so what was the true motive behind the semi-large purchase? it was actually for the hedonic motivation, also known as the drive to experience something emotionally gratifying. The experience of driving a Toyota Supra at high speeds on the race track is worth more than any monetary value, it brings joy and puts a smile in my face.

Other motives to take into consideration would be the nostalgia of purchasing this vehicle. Nostalgia is defined as a sentimental longing or wistful affection for the past, typically for a period or place with happy personal associations. Ever since a young age, the Toyota Supra has been a representation of my passion for sports cars as well as my connection to my group of childhood friends. When I am sitting in the drivers seat of the Supra, every single happy memory of my past comes to life and takes me to a peaceful place.

From a business perspective, the Toyota Supra is becoming extinct in a way and harder to acquire. In addition, the Toyota Supra was featured in Furious 7 as the main car driven by Paul Walker, which brought much sentimental value towards the Supra since Paul past away in real life (let’s not forget the Supra used in the movie was actually Paul’s car in real life.) The movie passed $1 billion at the global box office. So what does this all mean? that the Toyota Supra will only continue to increase in value.

To say the least, yes I am quite content with my purchasing decision.

Functional Theory of Attitudes: Explained

Have you ever wondered why everyone wants the latest Apple products? or why certain people display environmental friendly bumper stickers on their vehicles? to explain it in one word, attitudes. That’s right , it all comes down to attitudes because they motivate consumers to behave according to the product and the value they perceive from it. Attitudes posses three major components: affect (feelings), cognition (beliefs), and behavior (intentions to behave).

With that in mind, How do marketers seek opportunities from consumer attitudes to develop better promotional messages from companies and groups such as Apple, Tesla, Greenpeace, and others like it? to better understand this, one must first understand the functional theory of attitudes. The theory suggests that attitudes perform four basic functions. The functions are utilitarian function of attitudes, knowledge function of attitudes, value-expressive function, and ego-defensive function. 

The functions and how businesses today utilize them are explained below:

• Utilitarian Function of Attitudes: Consumers use attitudes as ways to maximize rewards and minimize punishment. In other words, purchasing something because it brings forth a specific benefit is one example. Another example would be, baseball fans are more prone to purchase and wear their favorite sports team apparel because they are better able to fit in within society and also connect with others.

Apple is a company that can learn from consumers and their utilitarian function of attitudes in many ways. Consumers today feel that they must fit in with the expectations of others in society. Similarly with Apple, they know that their products and innovation have created a consumer culture and expectation in society. With that being said, due to Apple providing such high utilitarian attitude towards consumers they have surpassed their competition and created brand loyalty.

• Knowledge Function of Attitudes: Attitudes allow consumers to simplify decision-making processes. In other words, consumer attitudes help avoid undesirable situations and approach more desirable situations. When consumers are brand loyal to a company it assists them to simplify the decision making process. For example, if an individual needs new tires for their car because the ones on it now do not perform well and are cheap, the next set of tires will be of better quality and the decision will be much simpler; being that any cheaper brand of tires will be automatically disqualified

Companies such as Visa or MasterCard can benefit from understanding the concept of the knowledge function of attitudes. For example, rather than targeting consumers who already have established credit and own multiple credit lines (knowledge of debt),  credit card companies can target individuals who are looking to establish credit and are not as knowledgeable about credit lines.

• Value-Expressive Function of Attitudes: Attitudes allow consumers to express their core values, self-concept, and beliefs to others. in other words, the positive expression and type of individual a consumer perceives themselves to be and the value that they hold. So if you are the type of person that values and supports a cure for children developed cancer, you might wear a St. Jude children research hospital supporting T-shirt.

Organizations such as St. Jude Children Research Hospital can use such function of attitude towards their advantage. See, many individuals in the world have good intentions and would like to make an impact in society. If companies such as St. Jude reach out and target such individuals with high value attitudes, they are more likely to generate revenue to assist the cause.

• Ego-Defensive Function: Attitudes work as defense mechanism for consumers. What it is is that consumers are enabled to protect themselves in a way, from their low-self concept. For example, smokers are more likely to ignore the fact that smoking is bad for their health as to continue doing it.

Companies such as Marlboro or Camel Would benefit from such attitudes in a variety of different ways. For example, the more low-self concept individuals they are able to target the more business they can generate. However, this is seen as unethical from many individuals perspective including myself.

Hopefully after reading this it is clear to see how attitudes shape consumers purchasing decisions and behaviors and how businesses today take advantage of such theory.

What Influences You? Comprehending Purchasing Decisions.

Ever wonder what it is that motivates you to purchase the products and/or services that you do? For a long time now, businesses and marketing teams have had a difficult task in creating communication messages that will serve their purpose. Let’s face it, consumers do not always comprehend the idea of the marketing message being promoted to them, so why is that?

Why is it? 

There are several factors that contribute towards the comprehension, or the way people cognitively assign meaning to things they encounter, of consumers and purchasing decisions. The first factor would be the internal factors within consumers that influence the comprehension process. So for example, if one lives a lavish lifestyle then they would not be prone to purchasing the older Apple iPhone 4S, instead they would purchase the iPhone 6.

Secondly, comprehension could also be due to the signal theory, which states that communications provide information in ways beyond the explicit or obvious content. In other words, consumers are not always in-tune with the messages! meaning they do not always get it; although they will act on what they do get. For example, Home Depot offers “competitor price match” on their items hoping that consumers will capture the signal that prices are at a low. With that in mind, is that what you captured from the signal of a  “competitor price match?”

Last but not least, the characteristics of a message affect consumer learning significantly. Below is a breakdown:

Examples of physical characteristics:

• intensity– The greater the movement, the larger the picture, or the louder the sound the most likely a consumer will comprehend the message. For example,when you see a shelve at a store with a sign including large numbers, it usually implies low prices.

• Color– It will affect the probability of gaining consumer’s attention. For example, cooler colors are associated with higher quality, while warm colors get attention but are perceived as lower quality.

Simplicity-complex:

• The simpler the message is, the more likely a consumer will be prone to comprehend the meaning/intention of the message. See the Heinz advertisement below!

Message congruity:

• The extent to which a message is internally consistent and fits surrounding information. In other words, if the content within the message is congruent with the actual message, it will lead to improved comprehension.

So what?!

So, the big question pops up, why does it matter if us as consumers comprehend messages being sent out by businesses? well simply put it this way, if you had friends coming over and they saw your home for the first time, what would they comprehend about you? how are you branding yourself?

Now, apply that from a business perspective. When an individual walks into a retail store, the retail store hopes that the consumer will perceive a high comprehension of what the store represents, or what the retail brand means. Every single business out there based on their atmosphere sends out strong signals signifying the meaning of the brand. According to the atmospheric message that the store creates, the consumer will create a positive or negative comprehension of the brand. With that being said, when consumers accurately comprehend the brands message it implies that the brand is sending out comprehensive messages, meaning that the brand is in good shape from a marketing perspective.