Tag: product development
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What is the simplest definition of marketing?
According to the Business Dictionary, it is the management process by which goods and services move from concept to the customer, while involving the 4 Ps: product, price, place, and promotion. For services, this may be expanded to include other Ps like people, process, and physical evidence.
Katy Perry’s Prism isn’t getting off to a colourful start (courtesy of The Katy Perry Wiki)
Katy Perry is a global mega-star.
Her music videos on YouTube generate hundreds of million views (over 201 million for “Roar”). Her Facebook fan page has almost 60 million “likes”. Over 47 million followers worship her on Twitter. Her hits (like “Fireworks” and “Teenage Dream”) are so well known that anybody from school kids to grandparents are humming along to their melodies.
You don’t have to be a mad scientist to benefit from experiments (courtesy of Cliparts.co)
There are three ways to create and launch a business or a product.
The strategic planners would draft a comprehensive business plan. This would include robust market research, foolproof technology, and detailed manpower and financial projections. It would attempt to answer all the questions of who, what, why, when, where, and how, and try to forecast 5,10 or even 15 years into the future.
Do you know that your five senses (sight, sound, scent, taste and touch) play a major role in what you buy?
While marketers go gaga over social technologies and their impact on digital commerce, it is often our physical perceptions of a product which influence buying decisions.
In a world overflowing with “me-too” goods and services, consumers are seeking ways to assert their individuality. In an overcrowded marketplace teaming with repetition and homogeneity, they crave personalised products and experiences that reflect their individual identities.
This phenomenon of personal expression is catalysed by the rise of social technologies and networks such as blogs, forums, Facebook, Twitter, Youtube and other community channels.
Serial entrepreneur and billionaire Lynda Resnick’s book “Rubies in the Orchard” provides a fascinating glimpse into the marketing strategies behind brands like POM Wonderful, FIJI Water, Teleflora and the Franklin Mint. Part autobiography and part business book, the highly readable tome chronicled how Lynda rose from rags to riches and deployed her marketing smarts to seed and grow four highly successful businesses.
Written in a witty and conversational fashion, Rubies in the Orchard presents an in-depth glimpse into four very different industries. In the section on Teleflora, Lynda described how marketing is “all about listening. You want to be the equivalent of a good friend”. She then described how an attribute can be a Unique Selling Proposition (USP) based on the following:
Or mused about the popularity of recipe books (and blogs) springing up everywhere?