Takeaways: Marketing Strategy & Plan

My first takeaway is that marketing research has many different methods of quantifying data. These include both qualitative and quantitative. This short but straight-to-the-point youtube video breaks down when you should use either methods. Researchers may use the former when developing a hypothesis, understanding the feelings of their target market, identify needs, and uncovering how people perceive marketing messages. The latter may be used to measure awareness, offer statistical validation of a hypothesis, determining the most desirable product concept, and determining the most effective price point. I liked this video because it compares the two and makes it easier for me to understand when and why it is used.

The second takeaway I found to be intriguing and resourceful to this class and to the future of marketing research is biometric research. Though biometrics are also used for identification and security purposes, marketers can also use this to identify various cognitive responses in consumers. This article details specific types of biometrics marketers can use. They include fMRI (functional magnetic resonance imaging), which measures the activity in the brain caused by changes in the blood flow and helps to understand stimuli; EGG (electroencephalogram) which measures changes in brain waves; observational analytics, simply observing participants’ reactions towards a stimuli; heart rate monitoring; and facial coding. A lot of science is involved in understanding human reactions to marketing messages/products, and it’s a great field to blend both business and science into one career.

The third takeaway is that secondary data can help marketers understand or reposition their product/business marketing strategy. This lengthy abstract article gives readers a glimpse on pros and cons of secondary data, how it is conducted, and how conclusions can be drawn from the analyzed data. One fact I found interesting was that despite the accuracy of secondary data as well as the time saving value of it, the pool in which the data was collected from may not be the exact representation of the types of people who mirrors the product you are conducting research on. Multiple studies may also be conducted with a similar theory in mind, and to determine how to differentiate between the like data can be challenging.

Fourth, positioning is how you differentiate your business/product from competitors. This youtube video showcases a few examples of how several companies to deliver “generic” items such as cereal and ice cream uses humor in their television ads to create positioning. By attracting the viewer with a bizarre script or visuals, these companies have already snagged the attention of their market by standing out, even if the product is very basic with only a few wowing attributes. I’ve never thought of using humor as a methodological way of separating your product from the competition, but it can work because people will associate the light-heartedness with the product and remember it better the next time they see it at the stores.

Lastly, positioning can also be solely focused on just the brand name (versus positioning based on features, design, etc.). A brand name, once positioned properly in the minds of the consumer, can generate tremendous gain–or loss, if done poorly. The example from this article describes how JCPenney rebranded themselves to suit the more “young, cheap, and chic” target segment. However, their new positioning strategy “alienated the older, ‘normal’ customers. They didn’t recognize the brand they had been loyal to so they left.” On the flip side, a brand like Old Spice who have been around for a while launched a “Smell Like a Man” campaign in response to competitors like Axe. They refocused their brand identity by staying “true to the brand’s identity, being new, fresh, and hilarious while leveraging social and earned media like never before.” The article ends with a few pointers on how to be successful in brand positioning: be aware of the brand’s “frame of reference,” leverage the brand’s emotional benefits to move through the customer, and identify and track performance signals.

Advertisements

About vang67196

Graphic & Web Design student at LTC. Currently hold a Bachelors Degree in Marketing. I also do hand illustrations.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s