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  Basically a blockchain is a database system that is used to legitimize transactions (Lamb, et al., p. 237). From my understanding, the blockchain somewhat acts as a type of third party security measure that ensures trust between two companies doing business. An example of such would be crypto currency. Though it may be intangible, there is certain value in its security. The encrypted code keeps a system of checks and balances in itself so that neither party on each end of a transaction is at risk.

            The AIDA concept includes attention, interest, desire, and action. The attention aspect of this concept is quite obvious. If a marketer does not gain the attention of the market in which they are trying to sell, there will be no profit. This is where advertisement is important. Second is interest. This is where a more detailed advertisement plan is used to actually intrigue the market. This could include interactive ads or videos associated with a product. Third is desire. Especially with today’s technology and wide variety of products, a company must convince the buyer that their product is superior to others that are similar. Last is action. This seems to be more of the long term effect of someone seeing a product advertised in an effective way that persuades them to buy (Lamb, et al. p. 282).

            There are several different stages of the product life cycle. The introduction stage is exactly as it seems. This is the very beginning of the cycle where a product or service is first launched. Marketers should have plenty of advertising at this stage in order to reach as many potential customers as possible. The growth stage follows and allows for less incentive to purchase. In this stage the customer has already made the decision to purchase and requires less incentive. In the maturity stage, a firm wants to reach a peak and therefore will advertise more heavily in order to maximize sales. And lastly in the decline stage, a product sale decreases at an extreme. This could be because the product is obsolete or a number of other factors (Lamb, et al, p. 284-285).

References

Lamb, C.W., Hair, J., & McDaniel, C. (2020). MKTG: Principles of Marketing (13th ed.).

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