...this medium to refine product effectiveness and enhance sales efforts. Whereas small companies use these tools to establish name recognition and brand loyalty. Both large and small companies benefit from the ability to talk to the everyday customer, and share upcoming improvement, new products and ideas to keep them interested and informed. It is a great method for all companies to create excitement and urgency around products. As with internet message boards, the more that companies are able to get people talking about your products, the more likely those consumers will continue to be customers. I heard a quote that “it doesn‟t matter if people are talking about your product in a good or bad way; you‟re getting your product out there anyway.”(Sweeney) As long as the publicity is out there it is likely positive. In a copy of Communication World last year; Angelo Fernando talked about this issue of getting people talking about your brand. He shared a story about a BMW customer chat room (http://bmwboard.com). People would discuss negative items such as water pump leaks and issues unflattering to the brand. But did they stop the interaction? They might have done so in the past, but in the new brand world, marketers recognize that this discussion is what keeps brands alive. Through this free interchange of complaints and suggestions, consumers feel empowered and engaged in the improvement of products which could lead to better brand loyalty and better product development. Unlike the...
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...Identify and describe the stage of the life cycle the brand, product, business or organization is in? The product I have chosen to discuss this week is the Philips Compact Disc (CD). Although this product is fairly common, I believe it to be unique from other examples such as the cassette tape and the Apple iPod. The main difference is that although this product is indeed in the declining stages of the product life cycle, I strongly believe the product will continue to remain relevant for the next several years due to the way Philips has re-designated the CD’s usage. The insights below prove that this product is a unique example of how companies can prolong the life of a product while evolving with newer technologies. The compact disc was first introduced in the early 1980s and was initially marketed to Japan. Although sales were initially slow, the CD gained popularity in Asia due to efficiencies with file transfers and considerably better audio quality with music recording. By the mid-1980s, the compact disc gained popularity throughout Europe as a primary means of recording music. As sales continued to increase over the next decade, Philips viewed the CD’s niche market as primarily a vehicle for the recording and selling of music. This form of file transfer allowed musicians to record more tracks on an album and continued to provide better clarity than cassette tapes and other forms of file storage. The CD’s popularity eventually spread to the United States where sales...
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...automakers targeting generation Y The strategy behind Asian automakers targeting Generation Y could be explained in a number of ways. Asian automakers customer base is aging hence the need to identify a different segment to cultivate loyalty to support present and future sales. Generation Y consists of young Americans born in the mid 1970s and mid 1990s. This segment consists of around 71 million with a purchasing power estimated to be $200 billion. With such a sizable population and impressive purchasing power, Generation Y is poised to be that fastest growing segment that could soon outgrow that of baby boomers. Generation Y is educated, diverse, and tech-proficient. This is a unique segment that has unique needs. Asian automakers understand that a company's product can only serve some but not all demographic groups. It is with this in mind that the automakers are focusing on serving generation Y as a distinct segment, with unique needs and preferences. The strategy behind targeting Generation Y (Gen Y) by the Asian automakers seems to be driven by the 80/20 rule. According to Keegan and Green (2011), “ This rule (also known as the law of disproportionality or Pareto's law) suggests that 80 percent of a company's revenues or profits are accounted for by 20 percent of a firm's products or customers” (p.213). Generation Y is a large segment that is still growing and has the potential to sustain the automakers growth now and in the near future. By targeting Generation Y, the Asian...
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...president and CEO last year to become a senior adviser at LG Electronics USA. In a recent conversation with Knowledge@Wharton, Ahn -- who was visiting the University of Pennsylvania to make a speech as part of the Wharton Leadership Lecture series -- named patience, consumer-targeted marketing and achieving synergy among the firm's different divisions as the factors catapulting LG Electronics from a relatively obscure maker of commodity goods to a premium global brand. An edited version of the conversation appears below. This is a single/personal use copy of Knowledge@Wharton. For multiple copies, custom reprints, e-prints, posters or plaques, please contact PARS International: reprints@parsintl.com P. (212) 221-9595 x407. Knowledge@Wharton I would love to start by talking about the consumer electronics industry. Competition in the industry often seems to focus on finding the next big blockbuster product, such as the iPod or the Wii. Is it possible for all electronic firms to create such products? And, if not, how should they position themselves in this market? Michael Ahn: The consumer electronics industry [was previously] divided [into] hardware, software and content. However, there...
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...1.Explain the strategy behind Asian automakers targeting Gen Y. The strategy behind Asian automakers targeting Gen Y as well as other industries is because Gen Y have become relevant consumers in the market place. Also known as Millennials, the Generation Y are comprised of 56 million people, according to the 2010 Census and it is considered the second largest age group behind Baby Boomers. Born between 1946 and 1964 the Baby Boom generation has long been the primary target group that product developers. However, the Baby Boomers are an aging demographic and their financial priorities are shifting, while Millennials sheer numbers alone were appealing. Even knowing Millennials have household incomes below $50,000 (Nickell, 2012) the country's post-war prosperity gave them tremendous buying power, making the growing focus on the Millennials as the next consumer target for many companies’ especially Asian automakers. Additionally, a national survey by communications firm Capstrat, shows that more than 20% of young consumers, so-called millennials, age 22 to 30, plan to purchase a car within a year. 64% of female millennials have already bought a vehicle, compared with 44% of males. "Millennials are going to overtake baby boomers in terms of spending power by 2018," says Capstrat President Karen Albritton (cited by Steve, 2011). Another strategy behind Asian automakers targeting Gen Y is to fulfill Gen Y desire of being part of a community, giving to them...
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...Behaviors How Baby Boomers and Millennials Differ in Making a Purchase MKTG 310-50 February 16, 2015 Introduction In the marketing world, finding groups or segments of consumers that have strong similarities are almost rare to find. When such similarities exist, marketers can offer related product, service, distribution, and communications to a very large number of potential or existing customers that will respond in a consistent way. This is the ideal way to approach a situation but it doesn’t always work so smoothly. Ever since the 1950s, marketers have pursued certain markets that are internally consistent on some common ground, but externally different from other market segments. Marketers have been effective and efficient through the act of segmentation. Baby Boomers (born 1946-1964) have been the most powerful generation historically. These Baby Boomers are known to be optimistic, team oriented, and often strive for personal gratification. Millennials (born 1981-2000) are a very close second in the generational race to be the most influential generation in history. Millennials are also quite optimistic about the future. They possess a lot of confidence and are very careful about their status level. Even though these two generations have similar traits, they are very different at the same time. Baby Boomers and Millennials will be examined on how and why they make a purchase in the market. Generation Preferences...
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...30 May 2010 Pg 2 THE YOUTH RULE! Pg 9 KNOWLEDGE IS POWER Pg 17 NIKE BOUNCES BACK 2. GENERATION NEXT 30 May 2010 MASTERS OF THEIR UNIVERSE: MEET THE GROUP THAT ACCOUNTS FOR MOST OF OUR POPULATION WHETHER YOU LIKE IT OR NOT ... Today’s youth rule! Picture: JEREMY GLYN HOW AND WHY THE STUDY WORKS ● Their annual direct spend, as per the study, is over the R95bn mark ● They are the key household inf luencers — to the tune of more than 60% ● They are the future consumers of all brands “They are mavens who give a good sense of the ‘next big thing’. They provide strong indicators of where the market is going” JASON LEVIN, MD OF HDI YOUTH MARKETEERS W HY should the world care if nine-year-olds prefer Milo cereal to Coco Pops? So what if teens want to watch Trace this year when they were hooked on MTV last year? And if youngsters’ primary device is a cellphone, is that really going to change the world? Although less often than before, we are still confronted by “youth cynics” after the Sunday Times Generation Next study is published every year. Their concern, generally, is that youth are still a relatively marginal market segment, so why do a brand preference study? South Africa, like most developing countries, has a very young population — more of our citizens are 22 — the age limit of the study — or younger than those who are older. So, with a sample set aged between eight and 22, the study tracks the consumer behaviour and...
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...How marketers target kids Pester power is a new powerful force advertisers have begun to use on the latest generation of kids. Nagging kids have gotten a whole lot more influence in the family’s, than older generations of children had. Kids nowadays orally starts to beg for toys, electronics and everything else they get exposed too, from media and smart advertisers who target the kids. Pester power is when kids are nagging at their parents and getting them into purchasing products they wouldn´t buy, if they weren´t influenced by their kids or went out shopping alone. Companies and their advertisers are good at using the pester power to sell their products. One of the ways they make sure people want to buy their product is how they use the buzz marketing strategy. If a company is giving away free, expensive items to celebrities the advertisers hope in return they will wear/use the items and show it of to their fans trying to influence so they would go out and buy their product because the fans could saw their idol wearing/use that item, this is how companies use the buzz strategy. Sometimes companies take this strategy down to a lower level. The companies would give out the items to popular kids and eventually start a trend, when the rest of the kids wanted to be like the cool kid and buy the same items they got for free. I think that kids are sensitive to this kind of marketing, because they don´t know any better and with commercials keep telling them to buy all...
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...Company G 1-Year Marketing Plan Student Name: Donny Mark Prickett Student ID: 000505878 Date:12/06/15 Student Mentor Name: Christopher Blystone Table of Contents Introduction 3 Product Description and Classification 3 Company G Mission Statement 3 Consumer Product Classification 3 Target Market 4 Competitive Situation Analysis 4 Analysis of Competition using Porter’s Five Forces Model 4 SWOT Analysis 5 Strengths 5 Weaknesses 5 Opportunities 6 Threats 6 Market Objectives 6 Product Objective 6 Price Objective 7 Place Objective 7 Promotion Objective 7 Marketing Strategies and Implementation 7 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Marketing Implementation 8 Product Action Plan 8 Price Action Plan 8 Place Action Plan 8 Promotion Action Plan 8 Monitoring Procedures 9 Introduction Here at company G we have a long history of providing innovative electronics and appliances for our customers and today is no different. Today we will be introducing the best thing to happen to breakfast since the introduction of a boxed cereal. Product Description and Classification The item we are launching today is a new take on an old home appliance, and it is called The Next Generation Toaster. This is a revolutionary new product that not only toasts bread or bagels but also cooks a single egg and heats pre-cooked bacon or sausage while the bread is toasting making all of the ingredients readily available for a nutritious...
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...Samsung brand itself and compare with Sony or any other brand you think it is the major competitor for Samsung. Samsung is an electronics company, who today hold the premier brand reputation in electronics. Today, you see top-of-the-line smart phones and TVs that showcase all the technological advancements Samsung has gone through. Between 2000 and 2005, Samsung’s brand equity had grown by 186 percent, the second-biggest gain in value right behind Google. At this time Samsung had finally beaten Sony, their biggest competitors. The story about how Samsung came all the way to the top started in 1993, when their Chairman at the time Lee Kun Hee visited the United States and saw for himself that Sony had overshadowed them. Since then Samsung made design and innovation their main priority. However, their key to success is the understanding of the user interface. The looks, ease of use, and useful features are the keys Samsung used to build its brand reputation. However, the ultimate driver of brand reputation is a quality product development process. In the late 90s Samsung had hired hundreds of young designers to lead their product development, and a few years later it would all pay off. Their quest for improvement is so ferocious that Samsung cut average product development time from 14 months to 5 months. Samsung changes its product lines every nine months, compared to other brands such as Motorola and Nokia who take 12 to 18 months. Samsung can have their next generation of a product...
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...The operations division of an automobile manufacturer plays an integral role in the success of the company. The position of vice president of operations directs management and the numerous employees of the department to get a finished product or service to customers. During the economic downfall of 2008, many companies were hit hard financially and suffered huge losses. General Motors, one of the biggest automobile manufacturers in the world, took a major blow when the bottom fell out of the automobile industry. In the last five years, the company has been under major scrutiny because of poor decisions that led the automaker to ask the government to bail it out and save it from financial ruin. After receiving a financial bailout, the company needed to reevaluate the operation of the company. It is the vice president of operations’ responsibility to ensure that the company can recover and remain in business. Operations management is responsible for the planning, coordinating and the control of a company’s resources which are used to produce a good or service (Reid & Sanders, 2012, p. 3). The vice president is the head of this department and manages lower level employees who directly complete the tasks necessary to operate the company. As the head of this division, the vice president must ensure that the operations division is operating in a manner that is aligned with the organization’s operational strategy. After a thorough review of General Motors’ operational strategy it...
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...& Symptoms: Toyota is a successful car manufacturing company; however it faces serious challenges in the industry those are how to rebuild its reputation of quality efficiency cars in the market, which they are losing now because of technical issues of sticky accelerator pedal and recalled the 9 million vehicles and paid the 1.1 billion to settle the class action lawsuit. And other challenges to face are how Toyota is going to deal with the huge global competition. Because productivity and quality are the main factors for success of Toyota and its competitors are also improving their productivity and quality and difference is narrowing. SWOT Analysis: Strengths: Toyota has Strong brand name globally. Toyota has superior productivity and efficiency R & D and manufacturing facilities. And well qualified employees. It has an image of superior quality products. Weaknesses: Damaged to brand image because of technical issues and recalling the huge number of products from the market. Because of this there is some financial damage as well. It is not focusing on emerging markets. Opportunities: There is huge market for fuel efficient cars. It can expand to emerging markets in which there is a huge demand for cars. There is growing importance for eco friendly products. Toyota can produce cars which are attractable for younger generation with low prices and at the same time can enter in to the sports car segments and also in to the two wheeler markets as well. Threats: ...
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... Brazil, Japan, India and South Korea and USA. Their target market is centered on the youth otherwise known as the ‘Generation Y’. Red Bull started with the Red Bull Energy Drink (a slick silver 250ml can with a European look and feel) and later added three(3) of it functional product that is the Red Bull Sugar free, Red Bull energy shot and Red Bull cola. Big global companies such as Coca Cola and Pepsi has introduced their own energy drink versions to their product base and are strongly competing with the Red Bull brand. MARKETING STRATEGY It was generally acknowledged that Red Bull's success was the product of the company's integrated marketing communication efforts to constantly develop the brand. The information below discusses the marketing strategy adopted by Red Bull in the case. - The company's effective employment of buzz marketing in new markets that target trendy shops, clubs, bars, stores, convenience stores(gym, colleges and supermarket) to create widespread brand recognition - Sponsorship of sporting activities, especially extreme sports including the annual flugtag, Red Bull air race to enhance its image, - Viral marketing tactics depicting videos of athleticism and bravery on their web site providing consumers with information about how to find Red Bull events. The technique is to evoke the rush people seek from drinking the product. - Personal Selling Sampling is another very important part of the marketing system. The...
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...iPod : Creating An Iconic Brand HAMZA ŞANDA Product Introduction The iPod is a combination portable storing and playing audio files encoded by MP3 or AAC from Apple Computer and launched in 2001. The product line-up includes iPod Classic, the touch screen iPod Touch, the compact iPod Nano and the ultra-compact iPod Shuffle. All iPod models use an extremely small hard disk for storage. Also iPod Shuffle uses a flash memory; unlike the memory found in computers. This flash memory doesn’t lose its contents when the power is turned off. The storage capacity of all models has increased over time. From 2001 to 2011, it’s reported that Apple have reached 275 mio iPod sales. In just first quarter of 2011, more than 19 mio iPods had been sold worldwide and monitized 24,67 billion USD Revenue with 5,99 billion Net Profit. Brand Elements Name : iPod Slogan : 1000 songs in your pocket Character : Silhouette URL : http://www.apple.com/ipod/ Logo : Just Apple logo Symbol : brand name itself Packaging : Simple and fascinating What is the most important feature of iPod? The most important feature of iPod is the easy user interface. All iPOD models have an innovative and a simple design with color displays use antialiased graphics and text, with sliding animations. All new generation iPods have five buttons, also one is integrated into the click wheel as an innovation that gives an uncluttered, minimalist...
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...research project is based on Generation Y and their characteristics. I would like to express my gratitude to Mathieu Brepoels for his guidance and support in my research. Contents What is a Brand | 4 | What is Branding | 4 | Generation Y/The Millennial Generation | 5 | Why Generation Y is important | 5 | How to reach Millennials | 6 | Different Mediums to reach Millennials | 7 | Characteristics | 8-19 | Reference | 20 | What is a Brand Simply putting, a Brand is a promise to the consumers. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors, For example, if we take the case of Nike which represents athleticism, fun, good health, performance, strength etc. So it promises the consumers certain things like athleticism, fun, good health, performance, strength etc. The American Marketing Association defines a brand as: a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate from those of competitors. What is Branding Branding is the process involved in creating a unique name and image for a product in the consumers mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Consistent, strategic branding leads to a strong brand equity, which means the added...
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