According to “Here’s how millennials could change health care” (USA Today, February 7, 2016) the health care needs of millennials differ from those of the generations that precede them (generation X. baby boomers, and senior citizens – see chapter 3 for discussion of different generations). Review the influences on the consumer decision process in chapter 5 (see Exhibit 5-2). From reading the article or drawing on personal observations, identify how at least one factor in each category (economic needs, psychological variables, social influences, culture and ethnicity, and purchase situation) could influences how a millennial consumer choose and consumes health care.
As you may know, big data and predictive modeling are getting pretty darn good at predicting the brands or products an individual might want to buy. It is not hard to imagine a day (perhaps not not too far into the future) where retailers are so good at predicting that they know what we want or need before we do. Target stores already knows what brand of shampoo a customer buys — and that they buy it once a month. So what if they just placed an order for us and shipped it out? Would people be interested in this service? [Continue Reading …]
This article “Vast underground bomb shelter reappropriated by urban farmers” (Wired.com, February 11, 2014), describes an innovative new “farm” located 100 feet below ground in southwest London. Zero Carbon Food uses a World War II bomb shelter designed to hold 8000 people. Fortunately it has not been needed since WWII and it has laid dormant — until now that is. A couple of entrepreneurs are growing broccoli, pak choi, and more using hydroponic growing techniques. One of the benefits — low shipping costs (something to talk about when you cover logistics) — and certainly appeals to the environmentally conscious segment of the market. What [Continue Reading …]
“It’s tough to make predictions, especially about the future” is a quote usually attributed to Yogi Berra. Of course the challenge doesn’t stop some people and organizations from trying. In fact, that is the job of an organization like JWT Intelligence. This video summarizes “JWT’s 10 Trends for 2014 and Beyond.“ Marketing managers often seek to get a jump on their competition by predicting future trends: What colors will be hot this year? What flavors will appeal to customers? What cultural trends are likely to influence demand for my products? If JWT Intelligence is right, what new product ideas might [Continue Reading …]
New York Times reporter Michael Moss went to advertising agency Victors and Spoils with a challenge: How would you get people to want to buy and eat broccoli? What would your campaign look like? What would the message be? What would you do that all the well-intentioned government-funded campaigns have failed to do for generations? The result was an extended story in the New York Times Magazine section “Broccoli’s Extreme Makeover” (November 1, 2013) — a story that provides a great marketing case study. Even though the campaign was never actually implemented, the article and video provide some insight into [Continue Reading …]
Most marketing managers look for ways to get us to use more of their products. On the other hand, many power companies have programs designed to help consumers become more efficient users of energy — to use less electricity, gas, etc. This is good for consumer budgets, better for the planet — and with some regulatory incentives, it can be better for utility companies as well. This recent Wall Street Journal article, “The Efficiency of Social Pressure” (September 5, 2013, non-subscribers may need to click here) describes utilities hiring behavioral scientists to learn how to encourage customers to be more prudent energy [Continue Reading …]
Campus Cooks has developed a business preparing food for fraternities and sororities. This article at Bloomberg Businessweek “Campus Cooks Aims to Supply Good Food to Greek Houses” (May 16, 2013) shows how Bill Reeder developed this successful company. I like that the article shows how Reeder drew upon his own college experience to identify a need. This is an example of consumer needs and product/service that our students can relate to. Think about your college experience. What needs have you observed that might be filled by a creative entrepreneur?
Across the globe, each year diarrhea and pneumonia claim the lives of 2 million kids before they reach age five. Research shows that regular hand washing with soap significantly cuts the the risk of diarrhea, respiratory infections, and eye infections. Lifebuoy soap adopted the Indian village Thesgora, with a plan to demonstrate how changing hygiene habits helps reduce these deadly childhood diseases. The video gives some background. You can also check out Lifebuoy’s Facebook page to keep monitor the campaign. Ultimately Lifebuoy hopes that by calling attention to this issue and working closely with NGOs and governments, it can change [Continue Reading …]