Segmentation and the Long Tail

   After four years of undergrad studies in marketing classes, the definition of segmentation has finally seen new light! Understanding the basic rules of marketing, we now come across new ways to attract customers.
   The four P's then determined the market mix and were the first steps in creating something worth having. Marketers have to understand specific segments in order to create a product that would suit buyers. Today, technology has changed marketing strategies.
   I love the way technology plays such a huge role in the shift in marketing principles. Marketers are able to receive and access information via internet and other technological sources. When we look at the charts within specific retailers, we notice that the digital companies are at the top of the podium. With so many ways to outsource products with little to no shelf space costs, we see huge margins in profits and companies booming within a matter of months. The physical retailers are no match to the digital retailers because of the simple fact that physical retailers cannot hold the same amount of products a digital retailer is able to carry.
   I come to the conclusion in my head where it bothers me not knowing whether marketing will actually change again or not. Has technology changed marketing so much that there are unlimited possibilities? Sure, marketing in general will have it's old time teachings and key points, but as it stands today, I truly believe the long tail and it's theory is something every digital company should look at and understand. Before this class started, I hadn't known anything about the long tail, even through my 4 years of undergrad studying marketing. Today, in a world filled with technology and digital enterprises, we focus on old time methods that still work, but are not as successful as current methods are. This is where we need to focus. This is where marketers should focus. This is where successful businesses focus and become successful because they understand the long tail.

In Response to the Long Tail Videos

   The first video is an excellent summary of what the long tail is all about. It's very clear to understand and it really amazes you at how much the end of the tail can amass such profit and interest. I love how he incorporates the graphs and diagrams into his presentation. What I thought was interesting was that he doesn't actually answer the question as to what to do with your company. He leaves it up to you to decide what you should do depending one what kind of market you're trying to attract.
   The second video presented to us by Chris Anderson himself provides his findings in this presentation of the Long Tail. He gives a mathematical approach as to what happens in the long tail curve. He gives us prime examples of specific companies such as Wal-Mart, Rhapsody, iTunes, etc. and proves his findings with graphs. He proves that the market places who stock shelf space of various items cannot compare to the online marketplaces since shelf space costs are basically costless within the world wide web.
   The third video is about the double value curve, which I believe is very interesting. He states that information is most important when it is new and fresh. But he also states that all information is timely. Information is also valuable when a consumer needs it most. So in short, information is valuable at two different times in it's lifetime. "The value of information is directly proportional to how much you need it at any given moment," which he states is extremely true and important in understanding the double value curve. He also gives the example as to why online newspapers offer free news that is fresh and charge for old archived news. The video is very easy to understand and I believe he did a great job presenting it.

New Paradigms in Marketing

   The video posted was very informative. What I thought was interesting was the way the standard definitions of the word "marketing" has changed within the last fifty years. With technology being a prime factor in the success of many companies today, marketing has taken a new shape and form.
   In terms of the what was discussed in the video, I don't think marketing is obsolete. I think marketing has turned itself almost upside down in terms of what it used to be. We're all in an age where the term has a much deeper and flavorful meaning. It's also interesting to grasp that marketing in general will only change even more in the future and in some way, shape, or form, marketing one day could become obsolete!
   Customers are changing their ways of shopping and doing research to find things they need as specific individuals. Market research and customer relations are huge factors today because it builds long term profits, etc.
   The video also provides us with what we will as a class be discussing in the near future. I really look forward to understanding and grasping new concepts and ideas in our classroom and online discussions.

What is Marketing?!

   The first video discusses the usual and most simple definition of marketing in my mind. He discusses market principles, standard definitions, and brings up common ideas about marketing. I thought his approach on answering what marketing was very helpful and actually pretty interesting. Mostly though, this video was made with his specific ideas and biased opinions.
   The second video is filled with marketing ideas, definitions, models, and principles. It was very clear throughout the video that this video was made to inform a person who knew nothing about marketing. The video is filled with quotes from various peoples and sources. It also  does an excellent job in discussing the differences between selling and marketing, as well as other basic terminology.
   The third video discusses what happens in marketing behind closed doors from the point of view of a brand or company and what must they do to insure a successful customer base. There are many great references and principles to marketing in the video and it's very informative to the average person. I found that this video would be better understood from a person with some kind of marketing in their background.
   In the final video, I could not help but notice that he was an exact replica of Steve Jobs from Apple. I loved the way he portrayed his ideas and thoughts upon marketing. He made it very enjoyable to listen to and watch. The slide show presented was tastefully done and quite amusing as well. He stresses the importance of being original and creating something new to pull interest in a product or an idea. I thought this video was enjoyable and very educational.

What is the New Reality?

    The articles presented to us brings together some very interesting ideas. Webster accounts that new age media and technology is a massive factor in determining the success of ones business. Webster brings to attention very important thoughts in his article.  In the 21st century, consumer empowerment is much stronger than ever. With technology being at it's height, consumers are now able to direct their attention towards the needs and their desires through various sources. Webster states in his article that it's not just about "exchange and satisfaction" anymore. Consumer "thinking" has now changed the ways they purchase. When consumers have more power and the economy changes, consumption behavior changes!
   Webster also displays his idea on how the standard definitions of "marketing" and "selling" are used in interchangeable ways. This, in turn creates businesses who only focus on the short term gains rather than long term benefits.
    Haeckel discusses the "post-industrial manager" in his article which draws connections to Websters article. Haeckel states that there is a new age form of business going on and that changes occur because the minds of consumers have also changed.
    In order for businesses to competitively and successfully compete against one another, they must  understand the thoughts of consumers as a whole and the purchasing powers they possess. With everything changing, including the economy, consumers are much less seldom to make impulse buys and will now purchase products because of specific needs (price being a massive determinate). Businesses must understand the surroundings of specific markets groups and understand what product will most benefit the consumer in the long run and for their specific needs as individuals.