Identity theft and loss of privacy are BIG issues. In this video, we point out several “scary” aspects of cyber security as well as offer several tips.
Protect YOURSELF. We can be our best friend — and our worst enemy.
Most companies use some form of market segmentation in their strategies. They recognize that they should not try to market to everyone but rather focus on a specific group or groups with offerings and marketing communications targeting a specific segment of customers. BUT, are all companies targeting the right customers — and are they doing so properly? Of course, the answer is no. So, how can we do better?
As Ira Kalb, a professor at the Marshall School of Business (University of Southern California), writes for Business Insider:
“As a first step, businesses should find the right ‘ballpark’ in which to operate. An effective way to begin this process is to do a SWOT analysis. For those that do not already know, SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats.”
“While you already have to have some idea of the market opportunities you want to pursue when you do the SWOT analysis, it is very important to define the marketplace your company is going to target. This may require some trial and error experimentation. Defining the right market follows the Goldilocks and the Three Bears metaphor. If the market you define is too big, you will be wasting your marketing resources trying to cover it. If it is too small, you will not make enough money (based on the share of the market you can capture). You need to define your market so it is just right. That is, you’ll make enough money to produce a sufficient return on investment, and will be able to cover the market with the marketing resources you can invest.”
“Whatever criteria a business uses, the way a company defines the market for its business could mean the difference between profit and loss. While there are often greater costs to service larger markets, there can also be larger returns and economies of scale. The more a business thinks about how it will define its marketplace, the better it will be able to succeed and scale the business as it grows. Hopefully, you will get it right, and if you don’t, all is not lost. A good marketing information system can help you to fine tune your market definition so you can get back on the right track — as P&G did with Febreze.”
Photo credit: Flickr/Geoff Gallice
Now, here is a good, concise infographic from Insight180, the branding and design firm, that distinguishes among these important concepts:
“Many times, marketing terms get used interchangeably when they actually mean very different things. Learn below the actual meaning of branding, differentiation, positioning and corporate identity and the roles they play in business development and marketing.”
Would it surprise you to learn that — according to Glassdoor – the number one job for young adults is marketing manager? :-)
As reported by Aaron Taube and Skye Gould for Business Insider:
“As young people determine who they’re going to be, one of the top concerns on everybody’s mind is finding a job that will make them happy. That’s why Glassdoor set out to determine the 10 best jobs for people in their 20s. To compile the list, Glassdoor looked at job reviews left on its site by employees between the ages of 20 and 29 over the past three years. In each of the reviews, employees rated their job satisfaction on a scale of 1 to 5, with 1 being very dissatisfied and 5 being very satisfied.”
“Twenty-somethings gave marketing manager an average satisfaction rating of 4.0, making it the top job for young professionals. Glassdoor community expert Scott Dobroski says its appeal lies in the way it gives young people the best of both worlds: a clear, defined career path alongside the opportunity to be creative in a collaborative environment.”