Takeaway’s 2

My Five Takeaway’s

  • Demographics
  • Geographics
  • Psychographics
  • Brand Positioning
  • Cohort Generations

Demographics

Demographics are statistics of a given population.

In the article I found about demogrpahics they talk about Facebook and there vast demogrpahics. Facebook is huge for companies and brands as over one billion people are on Facebook. In the United States 67% of internet users are on Facebook which offers a huge marketing base for companies. Facebook is skewed towards young adults but the 45 to 54 year old age range has seen a 46% growth since the end of 2012. Facebook has a very large demographic and can reach a wide range of audiences.

Geographics

Geographics is a segment of the market based on location.

This article discusses four areas to focus on when trying to enter a new geographic market. Referrals are very helpful it’s best to get everyone you know in the target market to talk about your company/product as hearing from people you know greatly impacts your decision. Business associates and public speaking in the new area also help to get your brand out there in the new geographic area. Social media and news articles are also helpful.

Psychographics

Psychographics focus on personality, values, opinions, interests, and lifestyles.

In this article they talk about the importance of psychographics. Psychographics can be a very useful way to market your product, as you can market people that have interest in things that relate to your product or company. Facebook is huge on this as they can target ads towards people based on their “likes”, desires, relationships, activities and any other personal information you share on their site. This allows companies to target specific audiences.

Brand Positioning 

Brand positioning is a market strategy that aims to make a brand occupy a distinct position.

Lava is a brand that is re-positioning there company and brand according to this article. Lava is a newer smartphone company in an already overcrowded market. Lava is trying to differentiate themselves from other cellphone companies. Lava has a single layer distribution market which none of their competition has. They have no middle man and are directly distributing their phones and are directly linked to the customers.

Cohort Generations

Cohort generations is segmenting the market by generations or the dates by when they were born.

The article for this topic is about the different cohort generations and there brand loyalties. Older generations are typically more brand loyal and when it comes to clothes they only wear a select few different brands. The younger generations are more for individuality and don’t wear just a few brands but rather a wide selection. Abercrombie and Fitch has struggled because they advertise their name and logo on all of their clothes and sales have slowed while other stores such as H&M offer a wide variety without a bunch of logos has seen increased sales.

Takeaway’s 1

My Five takeaways are:

  • Four P’s of Marketing
  • Segmentation
  • Supply Chain
  • Store layout/product placement
  • Guerrilla Marketing

 

Four P’s of Marketing

The four P’s of marketing are products, place, promotion, and price.

In the article I found they talk about some questions you should ask for each of the categories. The four P’s are a marketing model to help you decide on how to introduce a new product into the market. Each category helps you make a marketing plan for your product or service.

 

Segmentation

Segmentation relating to marketing is the process of breaking up the market into groups to define each groups needs and wants.

The article I found for this topic was about the market segmentation for tablets. Tablets when first introduced had huge growth rates but now they have slowed but still are growing. Companies are now segmenting their tablets into four main categories and target markets. The four main subdivisions are tablet PCs which aim to replace standard computers, tablets designed for kids, tablets designed for media such as apps and social media, and tablets designed for gaming. In order for tablets to keep growing and expanding companies have decided to make specific tablets for specific markets.

 

Supply Chain

The market supply chain relates to how the product is produced, distributed, advertised, and available for consumers.

I found an article on the supply chain and the changing economy in China. One change is the direct connection with customers, more and more business’s are now business-to-consumer selling products directly to consumers especially with the internet users. In order for China to stay competitive they will need to increase there speeds. More and more companies are now making new products every month, changing their styling every week.

 

Store layout/product placement

The Store layout and placement plays an important part in selling products and keeping the store successful.

This article is about how big retail chains layout there stores and some tips and techniques they use. Window displays are important because they grab the attention of people as they walk by. Having a eye-catching display when customers walk in is important because it makes them slow down otherwise they often hurry through the store and buy a little. Stores should be grabbing the attention of customers with displays and other design techniques to make them stay in the store longer and by more items.

 

Guerrilla Marketing

Guerrilla marketing is a strategy which uses unconventional means to draw people’s attention.

Guerrilla marketing is a great low-cost marketing strategy according to this article. This article talks about Beats headphones. During the World Cup Sony was the official headphone sponsor and banned all players from using Beats at matches and media events. Many star players still wore the headphones to and from practice and gained more media attention and gave a more credible support as they weren’t sponsored. ¬†Guerrilla marketing is a great low-cost strategy that can become very useful and greatly help your company.