Enterprise Week

Enterprise Week 2008
The Business School of Enterprise and Innovation put together some events for students to attend, as part of the first year course to help them get a feel of the industry and to see what comes of a degree in business and marketing!!

What Next? Experts from the world of advertising and marketing come together to discuss the challenges for the industry in the next decade

In this first event we had a panel of businessmen/women from the marketing industry ranging from a media owner to account planners.
Across the table were:
Rob Laurence-BMRB
Jayne Barr-A Creative Consultant
Allan Rich- Mediacom
Steve Cox- The Media Owner
Ivor Peters- PR
Jamie Matthews-Co-Founder of an agency
Andrew Canter
Don Cowley- Account Planner

Most of the focus of the questions asked to the panel where around the current economic climate and how businesses can surive through it.
Allan Rich told us how any well run business will come through any recession from using their strengths to focus on main brands to keep the company going. The need for enthusiam was key for his success within the media and marketing segment.
One other key point was that times are always moving forward and with the introduction of things like sky+ people cant fast forward through adverts so that the 30 second advert on tv is starting to become less and less effective. Allan Rich therefore pointed out the use of 30 minute adds aka the one Barack Obama used within the space bowl for his campaign. Not only that the use of new technology they are using digital screens in the underground for advertising.

Segmentation

It is one of the most fundamental concepts in marketing and your choice of which approach to adopt will directly affect the impact of segmentation on your business.

What is segmentation?

The process of splitting customers, or potential customers, in a market into different groups, or segments, within which customers share a similar level of interest in the same or comparable set of needs satisfied by a distinct marketing proposition.
Marketing proposition; the 'tools' or means available to the organization to improve the match between benefits sought by customers and those offered by the organization so as to obtain a differential advantage. Often referred to as the four Ps, this is usually the appropriate mix of product features, price, promotion and place (service and distribution). For the customer, this manifests itself as benefits, cost, relevant image and convenience; in other words, a customer value proposition.

Marketers use different profilers these can include:

Demographical bases (age, family size, life cycle, occupation)
Geographical bases (states, regions, countries)
Behavior bases (product knowledge, usage, attitudes, responses)
Psychographic bases (lifestyle, values, personality)

There have to be specific criteria in which a company can segment this can include:

•Effective - truly different needs from other segments?
•Identifiable - how can you find those people?
•Profitable - is the segment big enough to offer real profits?
•Accessible - can you reach this group easily?
•Actionable - can it be done?

So many types of product have a range of segmentation for example SHAMPOO!
All it is really needed for is to wash hair so there could be one type for everyone which there always was. However more recently there are different shampoos for all kinda of different purposes. These include:
Coloured Hair-Blonde, Red or Brunette
Dry or damaged hair
Dandruff
Greasy hair.
There are many more from a range of different brands, however if we only need one why do we spend ages looking through all types of shampoos?
Because of society we feel we need those types of shampoo that are suited to our hair type, when really if you look on the label they most probably have the same ingredients with a few extras so your 50p Tesco value shampoo will do the same job to some extent as the £6 Aveda bottle.
This is mainly down to our perception of different products, we feel we need those that suit our hair and the quality that is shown through the brand or price not necessarily what it will do. Does shampoo for shiny hair really make it more shiny?

What makes an advert memorable? Does it differ for each gender?
'The issue is much more fundamental than the usual myopic media one about where the ads appear: It's about recognizing women [and men's] different approach' (Financial Times, June 2001)

This advert is for a male product, however is it women that will be more attracted to the advert? David Beckham more than half naked?
Is it for the girlfriend to buy for her partner or is it for a man to aspire to?




Everyone knows that if a celebrity appears in an ad it will be memorable because it is familiar, however is that a good thing for the product.
Celebrity endorsements are becoming more and more popular with different brands where David Beckham was always associated with Gillette or Vodaphone, or Kate Moss and Topshop or Rimmel? Do these celebrities increase sales?
Or is an ad memorable for just those who are in them rather than the actual product?

In todays lecture we looked at a range of different ads, and were asked the one that stood out the most and to write down all of those we remembered. We found that not one person remembers the same thing in the same way, and that celebrity endorsements were seen to be remembered for the celebrity and not for the product.

The Famous Dairy Milk Gorilla!
Everyone remembers the Dairy Milk Advert with the Phil Collins music and Gorilla playing drums! However sales did not increase! This shows memorable adverts dont always help with the selling of the actual product.

Personality

What Simpsons character would you be?
From taking the Simpsons personality test, i found that i was mostly likened to NED FLANDERS!!

E-You prefer to direct your energy to deal with people, things, situations
S- You prefer to deal with facts, what you know, to have clarity, a realist in the here & now – for you the force is a tool - a fission screwdriver
F- You prefer to decide using values and/or personal beliefs, letting
J- You prefer your life to be planned in a stable and organised way
NED FLANDERS!
Warm hearted individuals who highly value their relationships. Customer focused with the ability to bring out the best of people.
Can be self-sacrificing and may not pay enough attention to their own needs
ESFJ - Supporter



Take a look at this AD........What type of personality does the girl have?
http://uk.youtube.com/watch?v=FPKIixluNzk

There are many different theories around personality these include:
Brand Personality by J Aaker, 1997.
This is the framework to describe and measure the "personality" of a brand in five core elements.
These are:
Sincerity-Down to Earth, Wholesome and Honest
Excitement- Daring, Spirited and Imaginative
Competance- Reliable, Intelligent
Sophistication- Upper Class, Charming
Ruggedness- Tough, Outdoorsy

Testing Our Perception!

This week the student became the teacher.....leading the lecture with experiements on perception. From choosing favourite coke and chocolate by taste only.... to changing the music on adverts to see how it changes our perception.

What is the Gestalt Theory?!
A definition!
Psychology concept used in training. It proposes that what is 'seen' is what appears to the seer and not what may 'actually be there,' and that the nature of a unified whole is not understood by analyzing its parts. It views learning as a reorganizing of a whole situation (often involving insight as a critical factor) in contrast to the behavioral psychology view that learning consists of associations between stimuli and responses
http://www.businessdictionary.com/definition/gestalt-theory.html
Example!
The Rubin vase shown here is an example of this tendency to pick out form. We don't simply see black and white shapes - we see two faces and a vase.
The Rubin vase shown here is an example of this tendency to pick out form. We don't simply see black and white shapes - we see two faces and a vase.
Take a look at the picture.......what do you see?
http://www.cultsock.ndirect.co.uk/MUHome/cshtml/perception/percep4.html

The Attractive Presenter!
-an attractive presenter appears with a product; she is wearing a 'conservative' dress;
eye-tracking studies show substantial attention to the product; three days later, brand-name recall is high;
-an attractive presenter appears with a product; she is wearing a 'revealing' dress;
eye-tracking shows most attention on the presenter; brand-name recall is low.

Perception

10/10/2008
"Perception is the process of sensing, selecting and interpretationg consumer stimuli in an external world" Wilkie (1994)
What makes us buy a product?
All our five senses:taste, touch, sight, smell, and sound add to why we buy different products.
An advertising company will carefully choose what music they have as their backing track on a TV ad, and what colours they use on print in magazines.
They want you to remember what that ad was for, so you then think about whether you want it, or if you can afford it.
http://tutor2u.net/business/marketing/buying_stimulus_model.asp
There are many different factor which contribute to how and why you buy a certain product, these include: cultural, social, personal and psychological. After these after established the buyer will then go through a process from seeing an ad to buying the product.
This is called the Buyer Decision Process

1. Need Recognition
2. Search for Information
3. Evaluate Alternatives
4. Purchase Decision
5. Postpurchase Behaviour

In todays lecture we participated in experiments which incorporated different senses, to see how different social backgrounds, gender or age can change how different products are put across within advertising.

We are....What we have....

The first 30 seconds are the ones that count.

When you walk into an interview, your first day of University or even when your walking down the street, an impression of who you are and what you are like are made by those around you. Stereotypes emerge.....are you well spoken and polite or immature and rude. The clothes you wear and the possesions you have create an image of yourself, to friends, family and even strangers. Who you really are is reflected in every thing you do.

Would everyones intial impression of Kevin and Perry be the same as Sir Alan Sugar??

October 3rd 2008. 'Understanding The Customer'. Ruth Hickmott
In this first lecture gave an insight how first impressions are those that make a lasting impression on everyone that you meet, whether it be the clothes you wear the possessions you have or the way you present yourself. We were all asked to bring in a possession that represents who we are, where a the owner of a black ipod nano was assumed to be a boy from the colour, and style of music although it turned out that it was a girl.

Russell Belk theory suggests that 'We are what we have' this is the basis of how and why customers buy that certain Chanel handbag or the next Ipod Nano. This module 'Understanding The Customer' will explore all of these ideas, and the psychology behind why customers want and buy certains products or services.