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The Changing Constants of Marketing (No, This Is Not an Oxymoron)

18 Jul

We’ve written a lot about the rapidly changing world of marketing — with the advances in social media, technology, big data, etc. So, sometimes, we need to pause and reflect on things that are the constants in marketing.

In 1966, McKinsey published an article by John D. Louth on “The Changing Face of Marketing”: “This article from the McKinsey Quarterly archive analyzes six major changes that promised to transform future marketing efforts. These forces have largely proved to be as influential as predicted and continue to shape today’s challenges.”

The six major changes — which are really marketing constants — are as relevant today as they were nearly 50 years ago:

  1. The dominance of the customer — “It is nearly a truism that the needs and wants of the consumer are the critical issues today in creating new products and services, and developing the accompanying plans to merchandise them at a profit.”
  2. The spread of marketing research — “The second trend is the increased use of marketing research — in terms of both quantity and scope. To an important degree, of course, this trend is a response to the first. If knowledge about future customers is essential, and if the quality of the marketing output is materially affected by the caliber of the informational input, then marketing research is bound to increase in use and contribution as the interest in more scientific marketing grows.”
  3. The rise of the computer — “The third major trend marketing must consider is the emergence of electronic data-processing equipment as a major tool of scientific marketing not only for reporting data but also, more importantly, for planning and control by management.”
  4. Expanded use of test marketing — “A fourth important trend, in my opinion, will be toward more controlled experimentation to narrow the odds of an error in making marketing changes. Two major influences emphasize the need for further expansion of test marketing. The first is the rising cost of marketing changes: the costs, for example, of introducing new products and packaging, of developing new advertising and promotional programs, and of retraining salespeople. The second influence is the mounting investment in product research and development. About half of all corporate research-and-development activity in the United States today is concerned with the creation of new commercial products.”
  5. Metamorphosis of field selling — “The fifth trend I foresee is a shift in the nature of the field-selling job toward a more integrated, profit-oriented marketing effort. Key-account selling is becoming an increasingly crucial feature of the field-sales job—a trend with important implications. In many companies, a key-account selling program may entail special analysis of present and potential customers, and the establishment of related control reports to measure profit results with particular accounts.”
  6. Global market planning — “An ever-broadening application of the marketing concept to worldwide markets is the last of the six broad trends that I believe will change the face of marketing in the next few years. Over the past decade, the marketing concept has become widely accepted in the United States—perhaps, in some situations, too enthusiastically accepted and too indiscriminately applied. Nevertheless, I believe the concept of a completely integrated marketing effort is valid and will be increasingly adopted. In many companies operating worldwide, it will stimulate the development of global market planning.”

Click the image to read the full classic article.
 

 

Media Trends in U.S. Advertising

11 Jul

The shift to digital media for U.S. advertising expenditures is expected to continue well into the future. By 2018, ad spending on digital media will exceed that for television. Mobile ad spending is projected to rise from 2.6 percent of all U.S. media dollars in 2012 to 26.4 percent in 2018.

As eMarketer reports:

“Strong, steady growth in mobile advertising will push digital ads to represent nearly 30% of all U.S. ad spending this year. Advertisers will invest more than $50 billion in digital channels in 2014 for the first time, an increase of 17.7% over 2013. Just over one-third of that will come from mobile, but by 2018, mobile will account for more than 70% of digital ad spending.”

Click the chart to read more.
 

 

Companies That Have Changed the World

9 Jul

Many companies have had a major impact on business practices and our lives. And a lot of these companies have endured for a century or more.

Recently, Fortune published a list of 27 companies that have changed the world over the last century-plus.

Sorry, Apple fans — but Apple ranks only 16th on the list!

Click the image to see the full list. :-)
 

 

Can You “Pass” This Product Management Quiz? :-)

4 Jul

Happy Fourth of July. Looking for something to do this morning?

Think you know product management? Try out this 10-item quiz.

Let us know how you do. (No cheating: The answers are on slide two.)
 
 

 

Evans on Marketing’s 20 Most Popular Posts

23 Jun

Since this blog began in 2012, several of the 900 posts have been especially popular among readers. For those who have missed any of the 20 most popular posts, here they are:

  1. Best Business Decisions Ever?
  2. Online Shopping Behavior by Gender and Age
  3. Do You Regularly Check Yourself Out at Google?
  4. A Job Skills Infographic
  5. Is It OK to Leave a Job Off Your Resume?
  6. The Volkswagen Jetta Promotes Safety
  7. Apple and Planned Obsolescence: Is This Good Or Bad?
  8. New Balance Athletic Shoes: Made in the USA — But for How Long?
  9. Great Privacy Tip: How to Go Incognito on Google Chrome
  10. The Value of Infographics
  11. Are You Trying NOT to Get A Job?
  12. Ten Tips to Help You Get a Job Interview
  13. Is Marketing a Good Career Choice?
  14. Where Consumers Will Pay More for Products from Socially-Conscious Companies
  15. 15 Traits of Superior Employees
  16. The Top Social Media Sites in China: An Infographic
  17. Do YOU Provide Too Much Online Information About Yourself?
  18. Is Banning Facebook at Work a Good Or Bad Idea?
  19. Questions NOT to Ask During a Job Interview
  20. Is Sharing One’s Salary Data with Co-Workers OK?

 

TV Everywhere Is Booming

16 Jun

As we have noted before, television viewing behavior is quickly evolving (yes, that’s an oxymoron, :-) ). Now, the “TV Everywhere” phenomenon means that fewer of us our tied to the TV cord.

According to eMarketer:

“Consumers want access to anything, anytime, anywhere — including television. One solution? TV Everywhere — services that enable cable and network customers to watch TV content on any Internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working. The number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014.”

Research by Viacom found that the number one advantage of TV Everywhere for viewers is the flexibility that this technology allows them.

Click the image to read more.

 

 

Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working. According to the research, the number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014

Research by Viacom found that the number one advantage of TV Everywhere for viewers is the flexibility that this technology allows them.

Click the image to read more.

 

 

Flexibility is the main reason today’s busy, on-the-go consumers are taking advantage of TV Everywhere. – See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.mPmHQu27.dpuf
Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working. – See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.mPmHQu27.dpuf
Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working. – See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.lyjGbxQp.dpuf

Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working.

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According to the research, the number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014

- See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.lyjGbxQp.dpuf

Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working.

SHARE

According to the research, the number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014

- See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.lyjGbxQp.dpuf

Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working.

SHARE

According to the research, the number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014

- See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.lyjGbxQp.dpuf

Consumers want access to anything, anytime, anywhere—including television. One solution? TV Everywhere—services that enable cable and network customers to watch TV content on any internet-connected device by authenticating their subscriptions. Based on Q1 2014 data from Adobe Digital Index, such services may be working.

SHARE

According to the research, the number of unique TV Everywhere visitors in the US rose 157% between Q1 2013 and Q1 2014 and 49% between Q4 2013 and Q1 2014

- See more at: http://www.emarketer.com/Article/TV-Everywhere-Visitors-Jump-157-Year-over-Year/1010924/1#sthash.lyjGbxQp.dpuf

Keys to Successful Innovation

7 Jun

For many companies, innovation is the life blood for long-term success. Nonetheless, success with innovations can be elusive.

As Mindjet,which offers a platform for enterprise innovation, notes:

“Innovation is vital to achieve success in today’s evolving marketplace, but it’s easier said than done. In reality, most companies struggle to achieve true innovation, despite acknowledging its importance. Whether due to a lack of resources or ability, many companies remain stagnant. But recent data shows that’s only part of the puzzle, and that a holistic, structured approach to innovation is one that works — and that yields real business results. Check out the full infographic below for more on what really fosters innovation.

For some tips on innovation, take a look at this infographic from Mindjet and Column Five.
 

 

Interested in Shopping with Instagram? Here’s How

6 Jun

As described at its Web site:

Instagram is a fun and quirky way to share your life with friends through a series of pictures. Snap a photo with your mobile phone, then choose a filter to transform the image into a memory to keep around forever. We’re building Instagram to allow you to experience moments in your friends’ lives through pictures as they happen. We imagine a world more connected through photo.”

“Currently, you can share your photos on a photo-by-photo basis on Flickr, Facebook, and Twitter. Additionally, if you specify a location with your photo, you can opt to have us check you in on Foursquare. Going forward, we plan on supporting additional services but have nothing else to announce at this time.”

Now comes a new app to make it easy shop with Instagram. Through LiketoKnow:It, if you “like” an Instagram with an LTK link in the caption, you will be sent an E-mail that directs you to a point of sale for the item in the Instagram. There are just three simple steps:

  1. Sign up for LiketoKnow:It.
  2. Like an Instagram photo with a www.liketk.it link.
  3. Receive ready-to-shop product links in your inbox.

 
Take a look at the LiketoKnow:It overview video.

 

 

“Injectible Ads”: A New Practice That Has Some Firms Fuming

27 May

We have another new term for our expanded marketing dictionary: “injected advertising.” This occurs when third parties with sophisticated software programs upload online ads onto the Web sites of unsuspecting companies. Only the third-party firm gets paid for the ad. This is clearly a practice that is upsetting to many companies on whose sites such ads appear.

For example, not long ago, a Target ad popped up on the Walmart.com Web site.This occurred without the knowledge or permission of Walmart.com. 

How does this happen? Alex Kantrowitz, writing for Ad Age, explains it thusly:

“In one of the most bizarre scenes you’ll see on the internet, a Target ad recently ran smack in the middle of Walmart.comThe ad wasn’t sold by Wal-Mart, though. That’s because Walmart.com doesn’t even sell the ad space Target bought. But there it was, running in plain sight when Ad Age visited the retail giant’s Web site late last month.”

“This ad was no momentary glitch. It sits at the heart of a scheme that uses browser extensions to place ads on the Web sites of some of the biggest advertisers in the world, including Wal-Mart, Home Depot, Macy’s, Dell, and Samsung. These are forcefully ‘injected’ onto sites and sold by third parties without the owners’ permission. Those third parties pocket the proceeds.

Click the image for an Ad Age video on injected advertising. Then, go full screen for the best viewing.

 
Wal-Mart Ad
 

Is Sony in a Temporary or Permanent Decline?

21 May

Sony used to truly be iconic — both the company and its products. It was innovative across several product lines. Sony was a global consumer electronics leader. But, over the lat several years, Sony has fallen on hard times (as we noted before).

Now, we have to question whether Sony is in denial about how its marketplace standing has fallen. The firm’s Web site still says: “At Sony, our mission is to be a company that inspires and fulfills your curiosity. Our unlimited passion for technology, content and services, and relentless pursuit of innovation, drives us to deliver ground-breaking new excitement and entertainment in ways that only Sony can. Creating unique new cultures and experiences. Everything we do, is to move you emotionally.  BE MOVED.”

Many outsiders believe that Sony is at a critical time in its history — and that its short-run activities will affect whether the company can recover.

Consider these gloomy observations from Knowledge@Wharton:

“For generations raised on portable music made possible by the Sony transistor radio and Walkman, the Japanese firm’s decline is almost unfathomable. Yet, today’s young consumers hardly know what Sony manufactures, let alone have much interest in owning its products. The hard reality for Sony Corp., decades after its innovation and marketing made it a household name worldwide, is that the company is no longer a leading global brand in electronics.

“ ‘Sony is finished and there is no hope it can turn around. The hardware side is completely finished,’ says Sea-Jin Chang, a professor at the Business School of the National University of Singapore and author of the book, Sony vs. Samsung: The Inside Story of the Electronics Giants’ Battle for Supremacy. ‘Older people like me still appreciate the Sony brand, but I have to explain to my students at the university what Sony is.’”

 “Sony’s retreat is striking, says Benjamin Cavender, principal and senior analyst on consumer electronics at China Research Group, based in Shanghai. ‘If you go to any consumer electronics market in Asia, you are not seeing Sony much anymore. You are seeing Samsung everywhere,’ he notes. ‘If you look at Sony stores and Apple stores in China, the Apple stores are all nicer. If you look at billboards, Samsung billboards are all bigger than Sony billboards. There is nothing to make you think Sony is the first choice anymore.’”

 

Click the image to read more from Knowledge@Wharton.

 

 

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