CRI 540 Lecture Notes - Lecture 2: Junk Culture, Pareto Principle
15 Nov 2016
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Document Summary
Former editor of chief of wired magazine. Claims that our economy as a whole is moving away from concentration of success at the top, and into a longer, bulkier tail of targeted niche offerings. Therefore, this should inform product development and marketing strategy. Instead of focusing marketing dollars on the big guns, you should distribute those efforts (financial, human, creative resources) towards things in the long tail, because they will be popular in their niches. The kind of products that the long tail strategy is supposed to bring us more of. A blockbuster strategy is relative, not absolute. A company isn"t looking for the largest share of the total market; it"s looking for the largest share of its target markets. The stp process (check week 2 ppt to find actual definitions) Segmentation: break down mass of everyone into segments that will potentially be useful to you. Ex. gender, age, behaviour (people who go to more than 10 movies/year), location.
