One concept that we talked about in class today that I found interesting was positioning. Positioning is when businesses or companies develop a specific marketing mix to influence potential customers' overall perception of a brand, product line or organization in general; in simpler terms, when a business puts an image in the heads of the consumers regarding their organization. I found this to be very interesting, especially when paired with the Shark Tank video "Frill Clothing" (loved their business, by the way!), because businesses are in complete control of how consumers and buyers view their business and products. Another concept that we talked about in class that I found to be interesting were the necessary accessories for market segmentation, which are (SMAIR) substantial/size, measurable, accessible, identifiable and responsive. Even though I didn't answer this question completely on the quiz, (I forgot the SMA!) I still found it interesting that businesses need these five things to able to do market segmentation. Another concept that we discussed in class was the three segmentation strategies, which are the undifferentiated strategy(a strategy where everyone buys the same product) concentrated strategy (a strategy that meets different peoples needs), and the multi segmented strategy (a strategy that modifies the original strategy to fit specific needs).
One concept that we didn't discuss in class that I found to be interesting was perceptual mapping (149). Perceptual mapping is a means of displaying or graphing, in two or more dimensions, the location of products, brands or groups of products in customers' minds. An example of this is when Saks Incorporated used customer demographics, like spending levels and preferred styles, to build a matrix that charts the best mix of clothes and accessories to stock each store. Another concept that we didn't discuss in class, but I found interesting was the Family Life Cycle (FLC), found on page 140. The Family Life Cycle is a series of stages determined by a combination of age, marital status, and the presence or absence of children.
I found this to be very interesting because in the U.S. the "traditional family" is considered a married couple, but according to the book, married couples make up less than half of households. Along with this diagram shown in the book, a table is given with characteristics of each yellow square. For example, "young single" has few financial burdens, while "older married" has a drastic cut in income. Another concept that we didn't discuss in class, but that I thought was interesting/important were the Millennials/Generation Y, Generation X and the Baby Boomers, and their characteristics.
Overall, I learned a lot both in the classroom and out of the classroom, and I am really enjoying the class!
P.S. Pairing the marketing concepts with the Shark Tank videos is SUPER helpful in grasping and remembering the concepts!!
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