CCT322H5 Study Guide - Quiz Guide: Gross Domestic Product, Online Dating Service, Marketing Mix

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CCT322 for the Jan 27 Test
Trends
Too keep up with the trends you have to keep up with news, surf through dierent websites, walk around in malls, and talk to
people.
Keeping up with trends give you an advantage at interviews, entrepreneurship, when you’re working with companies to create
launches, and when you’re trying to purchase something
David Graham, writer for the LIFE section of the Toronto Star, had an article in July 2004 in which he explained how some companies specifically
hire people to spot cool trends.
oGraham writes
"Hundreds of fashion industry insiders listened attentively here last month [2004 June] as David Wolfe from the Doneger Group offered
his take on where fashion was heading — what colours, styles and shapes that men, women and children are going to want to buy in
2006 and beyond. It's his job to anticipate which current trends have legs and what new ones are coming down the pike.
oThe Doneger Group offers its predictions to retailers including Nordstroms, Saks Inc. and Wal-Mart. They also work for such financial
institutions as Goldman Saks and Merrill Lynch.
oPolitics and the state of the economy have an enormous impact on the way we shop, explains Wolfe, who scours newspapers daily in the
hopes he can link a news story to a new consumer behaviour or need. "They are much more interconnected than you'd think. In the
fashion industry they are much more important than the runway when it comes to identifying trends," he says.
oCompanies like the Doneger Group employ the skills of an anthropologist to identify patterns in behaviour that might lead to patterns in
consumption.
oThese companies are called cool hunters, trend-spotters, futurologists and even consumerologists.
oThey are prized for their ability to project trends. Nearly every big company, from Nike to Lego, has its own "insight" department."
The pitfalls of predicting
o"Trend-analysis firms represent an increasingly powerful force in the corporate world, where millions of dollars depend on discovering
"The Next Big Thing" in music, fashion, food and entertainment. Corporate clients pony up thousands of dollars annually for access to
research results via monthly updates, publications and password-protected Web sites. The annual fee for Youth Intelligence's Cassandra
Report, which comes out three times a year, is $20,000; access to the company's new Web site, trendcentral.com, is priced at $8,000 per
year for one to five users.
oIs it worth it? The answer, according to industry experts, is "maybe." As the economy slows, many restaurant operators and other
business owners are anxiously looking for indicators of the public mood, and trend-spotters can provide valuable insights. At the same
time, according to Judith Langer, ** a researcher at Roper-Starch Worldwide, separating true trends from flash-in-the-pan fads is no easy
task.
oIn her book, The Mirrored Window: Focus Groups From a Moderator's Point of View, Langer describes forecasting perils such as the
"trendy-trend trap," which can befall marketers who focus too heavily on trendsetters as opposed to mainstream consumers. Trendsetters
indicate "what's new," but it's the mainstreamers who confirm a long-term trend, says Langer. "Some things that are initially cool become
long-term trends, and other things pass over very quickly."
oLanger says restaurateurs looking for advice on trends must be guided by their own common sense, as well as their knowledge of their
own local area and their customers. Some trends simply go against the grain in certain regions for reasons that are hard to fathom."
Social-Cultural Environment
2010 Online dating
more mobile work force means people farther from the immediate support / influence of friends and family (from which they could get
introductions to meet people)
omore mobile workforce and longer commute times and more regional and international travel means the average person "exposed"
to thousands more people to hook-up with compared to their parent's generation
health - modern medicines and lifestyles mean people sexually active longer and earning incomes longer so they are more likely to look for
2nd and 3rd relationships after the first one (the one where you have the kids and house) ends
online dating info facilitated by higher bandwidth means more detailed content (movies and images not just text descriptions)
more people using handheld devices to access web content and communicate with each other
oit is easier to find a potential partner and easier to keep in contact
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large scale mass migration of ethnic groups worldwide means greater chance of contact with person outside your cultural / ethnic background,
which also increased potential for meeting a partner
4 P's
o Product
o Price
o Promotion
o Place (location)
4 e-P's
of email marketing
added Feb 2007
o Permission
o Privacy
o Profiling
o and Personalization.
4 P's/C's
added Jan 2015
o Customer solutions not products
o Customer cost not price
o Convenience not place
o Communication not promotion
Understanding the meaning of the 4P's is just about the most important thing you can accomplish in your entire marketing program. The use of the 4P's
is a part of most marketing decisions "on the street".
PRODUCT
the physical features of the product, or the intangible aspects of the service
covers things you do to make the product more attractive to buy
branding also comes under the heading of "product when the 4P's are used in marketing
PLACE
decisions about where to sell the product
or concerns about where the customers are, and how to get to them
also includes the "channel of distribution" - meaning, all the different middlemen you use to
get the product out to the customer
place in an online context can also mean Domain Name
witiger.com/ecommerce/domainnamesmktg.htm
sdc.
PROMOTIO
Ntelling the customer about the product
promotion is typically sub-divided into
oMass Selling
Advertising - which you pay for
Publicity - which is free
publicity can also include creating a viral marketing campaign
witiger.com/ecommerce/viralmarketing.htm
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oSales Promotion
oPersonal Selling
direct contact person2person with a potential customer
sometimes for large industrial sales
sometimes for high quality consumer products, like selling a car
PRICE
are you going to sell at a high price and make a lot of profit in the short term
are you going to sell at a low price to beat the competition and stay in the long term
.
However, 4Ps are no longer valid. Our generation should adapt to 5 new principles
Tapscott's
5 Principles of Marketing to the Net Generation
Collaboration
Openess
Sharing
Interdependence
Integrity
Tapscott further argues that
"The 4P's are no longer a valid model"
Product evolves to Consumer Experience
stuff you do in the store to get the customer to try the product
The pic to the left shows typical "end of the aisle" positioning
done to cause the customer to make an impulse purchase
contests, coupons, free samples
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