2nd week principles of marketing assignment

 For this blog, I chose the metaverse to conversate about and the reason I chose it is because I happen to own a virtual reality headset (which takes place in the metaverse and is also called a VR headset). 

So as you may know already this world is becoming increasingly technological, including businesses, jobs, and schooling. They now have "digital places" which are implemented into the users' lives. Users' of the metaverse say that "online experiences to be meaningful replacements for in-person experiences." Among the younger generations, 48% admitted to spending more time socializing on social media and multiplayer games allowing them to express themselves more freely than in person causing them to purchase decor for their in-game avatars causing an all-time high for sales compared to what it would've been 10 years ago.

The value proposition (VP) of the metaverse is for them to create a more engaging, user-friendly, and immersive platform for people to work together. However, with the rise of the metaverse is also a rise in data collection and information sold, more dangers can and will appear on this platform as hackers begin to evolve with this tech and corrupt it making it much more dangerous as it is enjoyable.

A piece of technology they are implementing comes from the UK as it is the age-appropriate design code for safety, the pending online safety bill for the content, also adding the EU's better internet for children program. They will also be turning off location tracking and not prompting younger people for personal information. They have also set a bunch of restrictions on accounts for younger people such as blocking younger users from any searches, blocking unknown users, etc..

Just as I had brought up earlier one of the challenges that the metaverse is dealing with is security. Problems arise in many forms. Block Chain technology, which is coded weakly, smart contracts that aren't coded consistently, phishing scams, and many other old-fashioned ways that people use to get your personal information. The only sure way they deal with them as of right now is by addressing them as soon as they can. As for competitors, they have more than you'd think The metaverse has 1,190 ACTIVE competitors.

The marketing approach was unique because it was something out of the normal 2D gaming experience and made interacting with people much different as well. Changing the gaming aspects to a 3D experience changed how people act, how they play, and how they think about their next move in their video games (it's very fun). I personally bought one because they kept advertising how it was supposedly a different world to experience engaging in moments you'd never have in real life. It appealed to the gamers the most but also those who want to be ahead in the new technology. 

The marketing approach wasn't bad at all actually it was very interesting and inclusive. They use their product for businesses and even schools they try their best to benefit the real world. However, yes they do use it for video games which happens to be one of their main marketing campaigns. Doing this grabbed the attention of their target consumers and many others because it was unique and remarkable. 

If I were the brand/product manager I would offer a free game out of a certain catalog within the VR headsets to keep people interested and they would want to buy more of my product because now they'd know what it's like to play VR. Overall they did pretty good on the marketing aspect of things.

What I learned from this assignment is the ideas they are trying to implement, the things they have implemented, and the things they are thinking about implementing into the metaverse.