In class we touched on some important topics. One being brand recognition. Brand recognition is a consumer’s ability recognize a brand. In this video many of the brands shown are easily recognizable. According to the video, Apple is worth $153.285 billion. This tells me that apple must have a great marketing strategy. A highly recognizable logo is important for all of these companies. Customer’s often times will have something they need to associate with the brand. For instance, my favorite brand of tires is Michelin. When I see the Michelin man at the race track I know exactly who he is.
Another great example is Associated Bank. They have now landed an endorsement with Aaron Rodgers who is an NFL MVP. In a country where football is one of the most popular sports on television, this is a highly recognizable sports figure. By using Aaron Rogers as an image of the company, people may associate the company image with one of their favorite players in the game. Brand recognition is an important part of driving sales. See the article below to see how recognizable brands such as Nike are to the consumer and what that means for business.
Youtube Link: https://www.youtube.com/watch?v=iN8Vb8sh_1g
Youtube Link: https://www.youtube.com/watch?v=qMOuF8oskRU
Guerilla Marketing: Be Creative
Another topic we discussed was guerrilla marketing. Guerrilla marketing is defined as an unconventional method of marketing. Examples of guerrilla marketing could include advertising on a manhole in New York City, or placing a sticker in a bathroom. Guerrilla marketing could also include an airplane displaying a message in the sky that brings people to a company website. Guerrilla marketing is extremely effective as well as a fun way to market to the public. This video is a great representation of guerrilla marketing.
The video shows a group of students in a cafeteria setting. In the cafeteria Coca Cola placed a special kind of soda machine. One that would actually be so different that everyone would notice. The student’s reaction displayed the happiness that the brand is trying to promote. Although this marketing activity only reached one group of students, the video going viral has reached many more people. The general public is exposed to many advertisements on a daily basis. The idea is to be creative, be different, do something that isn’t going to go unnoticed. Follow the article below to see some great examples.
Youtube Link: https://www.youtube.com/watch?v=PZYWVp4Ar0Y
The video is an interesting evaluation of generation y. Generation y can be defined as a person born between 1982 and 2004. Baby boomers had roughly three to four employers, generation y would likely have 15 to 16 employers throughout their careers. A London Business School student conducted a study on generation y. Surveys show up to 90% of people plan to leave an employer within five years. The video suggest that generation y values a good work life balance.
Generation y has been described as debt written, addicted to the internet, and lonely. I’m not quite sure just how lonely we are as a whole, but we very well could be addicted to the internet. In an era of smartphones and high definition, the faster the connection the happier we will all be. However, if this age group is so technologically dependent, we can only imagine how technologically inclined the following generations will be. Generation Y is hard working to say the least. Currently, more and more careers are requiring bachelors degrees or more in the field of study.
Youtube Link: https://www.youtube.com/watch?v=KdkcNJ3FwgE
United States Census Bureau
The mission of the United States Census Bureau is to serve as the leading source of quality data about the nation’s people and economy. The United States Census Bureau conducts economic censuses every five years. The bureau also conducts pupation and housing censuses every ten years. In addition to those censuses, economic indicators and American community surveys are also conducted. The economic statistics of the United States Census Bureau helps companies such as target to monitor how consumers are spending money. This helps to plan sales projections. The United States Census Bureau has the resources necessary to collect massive amounts of data with high levels of accuracy. This makes the United States Census Bureau an excellent resource for forecasting as well.
By understanding how people are behaving within the market and how they are spending, companies can measure market share.
Job statistics help to plan business cycles. By using this data, companies such as target can meet the needs of the consumer. By understanding the consumer better through data, companies can also better identify target markets. Read the article below from the New York Times to better understand how the census helps us understand our economy.
Smartphones and Computers
An interesting topic covered in class is that many people, especially newer generations, are using smartphones rather than using computers to access the internet. Developers have created apps so user friendly that many people feel it is easier to use there phone and possibly faster. However, currently a computer has advantages that a smartphone does not: including memory, space, and higher operating capabilities. Smartphones are not far behind. An impressive feature on smartphones is the camera. iPhone is the worlds most popular camera for online photos. Using apps such as instagram, businesses can promote product launches. A popular instagram user named Nicky Diamonds, creator and designer of Diamond Supply Co, has more than 651,000 users following daily posts promoting the brand. The video shows how businesses can use instagram to promote business. By featuring customers using the products the company is promoting, customers develop brand loyalty. Also using a charity improves brand image. Linking a charity to instagram can also increase sales. The article below talks about the power of instagram and you can learn about the influence that the popular app, instagram has provided for the owner of Diamond Supply Co. The video below shows how instagram can work for your business as an effective promotional tool.