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Business Career Tips and Resources

21 Jul

In the slideshow presented below, learn about many of the opportunities and challenges facing those interested in a field of business.

The latest data from the U.S. Bureau of Labor Statistics are included.
 

 

Global Advertising Is Booming

20 Jul

As part of its research on worldwide advertising trends, eMarketer examined the per-capita ad spending for several countries around the globe.

From this research, a few conclusions may be drawn: (1) From 2012 to 2018, advertising is expected to rise sharply in many of the countries eMarketer examined. (2) The United States and 7 other countries will see per-capita ad spending exceed annually by 2018. (3) Even though ad spending will rise substantially in the world’s two most populous countries — China and India, per-capita ad spending through 2018 will remain low compared with other nations. (4) Most of the increases will be driven by a shift to digital media.

Click the chart to learn more.
 

 

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.
 

 

Nielsen’s 2014 Breakthrough Award Winners

14 Jul

Research giant Nielsen annually examines thousands of new product introductions.

As part of its analysis, Nielsen has identified its 2014 U.S. Breakthrough Innovation Winners: “These diverse new products carry the common thread of finding and filling unmet consumer needs while demonstrating that with significant effort, game-changing innovation is possible in any category and by all types of companies.” The products are all commonly found in the supermarket.

The winning products were all introduced in 2012. We have inserted direct links to these products:

 

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. :-)
 

 

Who Are the Best at Customer Relationship Management (CRM)?

8 Jul

For the tenth year, a major award for the best firms in  CRM has been given by 1to1Media, this time in conjunction with Gartner.

Click here to read a summary about the 2014 Gartner &1to1 Media CRM Excellence awards.

And click the image to read the full report.
 

 

U.S. Advertising Picking Up Steam

7 Jul

After a slow period caused by the Great Recession, annual U.S. advertising expenditures are seeing their biggest increase in about ten years — and things look good through 2018.

As eMarketer reports:

“Total media ad spending in the U.S. this year will see its largest increase in a decade, according to new figures from eMarketer. On the strength of gains in mobile and TV advertising, total ad investments will jump 5.3% to reach $180.12 billion, achieving 5% growth for the first time since 2004, when ad spending increased 6.7%.”

 Click the chart to read more.
 

 

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.)
 
 

 

The Growing Importance of Generation Z

26 Jun

Our marketing dictionary keeps growing — in this case, we’re talking about consumer typologies. Among them are the Greatest Generation (born 1925-1945), Baby Boomers (born 1946-1964), Baby Busters (born 1965-1975), MTV Generation (1975-1985), Generation X (encompassing Baby Busters and MTV Generation), Generation Y — also known as Millennials (1985-1995), and Generation Z (born 1995-2007).

Now, that the oldest Generation Zers are adults, it is time to pay more attention to this emerging market segment.

One firm that has studied Generation Z in depth is sparks & honey, which has been selected by Advertising Age  as one of the Top Ten Agencies to Watch for 2014.

According to sparks & honey:

“Marketers have been focused on Gen Y (a.k.a. Millennials) for more than a decade. In fact, Millennials are the most researched generation in history! But Gen Z is different from the Millennial generation. In many ways, Gen Zers are the opposites or extreme versions of Millennials and marketers need to adjust to them. We are just beginning to understand Gen Z and its impact on the future.”

Check out the sparks & honey slideshow on Generation Z. Be ready for the future! It is here now.
 

 

Turning the Corner on Consumer Spending

25 Jun

As reported by Stagnito Business Information’s New Products Report:

“Consumer spending is in line with pre-recession trends and consumer optimism is higher than it’s been in years, according to Mintel’s annual comparative audit report American Lifestyles 2014. That’s a sunny outlook from consumers, one that certainly will benefit CPGs and retailers this year and into the future. According to Mintel, in 2013 personal consumption expenditures on consumer goods reached an estimated $10 trillion for the first time. And the outlook for 2014 continues to be positive with spending expected to increase by 3.6 percent -more than three times the projected rate of inflation for the year, according to Mintel.”

“Mintel’s report addresses total personal consumption across a range of categories, as the strongest categories in the past year are the same ones poised for the greatest growth in the next five years: non-essentials such as leisure and entertainment, vacations and tourism, technology and communications, and alcohol on premises. Certainly this optimism and self-and spend-centered behavior will positively affect the retail market across market segments, demographics and retail venues. Mintel forecasts that total U.S. consumer expenditures will grow by 20 percent from 2013-2018, compared with the lesser 15 percent from 2008-2013 and even a slight decline (1.5 percent) in 2008-2009.”

Click the image for to learn more about how Americans spend about $10 trillion annually.
 
Consumer Spending
 

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