Marketing

Marketing and Psychology

The study of marketing begins with the study of psychology.

If psychology is the “systematic study of human behavior,” then marketing is the “systematic study of human behavior in the marketplace.”

Virtually every principle of psychology has an application in marketing. Take “imprinting,” for example.

The first brand in a new category will imprint itself in human minds as the original, the authentic, the real thing. Kleenex in tissue. Hertz in rent-a-cars. Heinz in ketchup. Starbucks in coffee shops.

In an article in Advertising Age, Al Ries explores the close relation between Marketing and psychology.

 

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1-By Laksh, ET, Movies

Decoding Ron Howard

Ron Howard, the actor, had a great outing in ‘American Graffiti’. In the movie, he plays a confused teenager who gets into a mess when he takes his girl friend for granted. He sure did mend his ways in the real life:) It is a fascinating contrast to see Ron Howard, the director, respect moviegoer’s sensibilities and dish out a sumptous fare, every now and then.

With films spanning across the genres, he has etched a name for himself in the Hollywood. Most of his films though centred on family ties and the emotions that go with them, he still manages to offer a different treatment for each film. In ‘Parenthood’ he takes on Steve Martin and makes him deliver a Chaplinesque performance.  In ‘Apollo 13’ and ‘The Beautiful Mind’ he deals with two different battles–one waged in the outer space and the other in a mathematician’s mind.

You could call his liking for the human angle as his stamp. And, this stamp is obvious even in a thriller like ‘Ransom’ and  in the bio pic ‘The Cinderella Man’, where the protagonists resort to desperate and unconventional means to save their families.

Ron Howard now attempts the biggest film–and estimated budget of US$125 million–of his career, based on the best seller ‘The Da Vinci Code’.  The novel, though hugely successful, feeds very little on the relationships or family values. It would be interesting to see how he handles this extremely successful novel. Will he be true to the novel and visualize only the controversial (so called!) discoveries and the intermittent thrills, which are the main reasons for the success of the novel. Or will he steer himself through the controversies and focus on the plot, which is ain’t much in the novel. Or will he tinker with the original and play with the following of 40 million+ people who had bought the book.

Yup! It is a ‘beautiful’ problem for a creative mind:)
Let’s hope Ron Howard cracks this one.

1-By Laksh, Books, Etc.

The blue ocean strategy


When a book is titled “Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant  “, it is bound to attract attention 🙂

Who would like to get his hands red anyway?:-) Here’s how to get blue from Chan Kim and Renee Mauborgne.

The authors take a blue ocean metaphor to competitor-free markets that innovative companies can navigate. Unlike “red oceans,” which are well explored and crowded with competitors, “blue oceans” represent “untapped market space” and the “opportunity for highly profitable growth.”

The authors make a case for pursuing a blue ocean strategy (Although 14% of new product launches are blue ocean launches they contribute 38% to revenue impact and 81% to profit impact out of all launches)

The book outlines the following steps of the Blue Ocean Strategy:

1. Reconstruct market boundaries. (Strategically examine your industry’s key competitive drivers. )
2. Focus on the big picture, not the numbers
3. Reach beyond existing demand.
4. Get the strategic sequence right.
5. Overcome key organizational hurdles.(Cognitive,Resource,Motivational and Political hurdles)
6. Build execution into strategy.(Sustainability and Renewal)

 

ET, IT…and the rest