I had lots of fun in your class! I enjoyed working with my team mates and feel like I have made new friends. Hope everyone enjoys their winter break, work, next semester classes, and the rest of their lives.
Derek Xu Liang
Now, I have to go cram for my Finance final.
Sunday, December 6, 2009
Tuesday, November 10, 2009
Social Media
Recently, many companies have utilized social media to gain insight on their consumers. Many companies have posted ads or links to their websites over social medias as facebook, while other companies have created social media profiles that gather fans from around the world. As stated on facebook’s website, there are roughly 300 million worldwide active participants using this particular social media. These active users post billions of photos, videos, social events, blogs, and other social content that can provide a rich basis for companies to gather insight from, which they have. If a user posts such personal information as his/her age, relationship status, family pictures, etc onto such social medias, then companies can filter and collect detailed insight from their target consumers or profiles.
Additionally, companies can narrow down their target audience and post advertisements on targeted profiles. Interested facebook users can click on the posted advertisements; while the company can further collect insight on the amount of hits from those interested facebook users. I consider myself an active facebook user under the UT student network, who has posted single on my relationship status, listed some sports as hobbies, along with some pictures of me involved in intramural sports, and has experienced quite a bit of advertisements from local Austin shops, online dating services, and fad diet plans to getting stronger. These companies, who post these advertisements, are generating a certain experience on the facebook social media. They try to capture interests among their target market segment or generate buzz about their products or services. Although I view these ads as spam or junk, many other targeted viewers might show interest and allow for these companies to successfully sell their products or gain further insight from.
As facebook improved their social medias with applications and fan based profiles, all sorts of companies from Dell to small local Austin businesses as Texas Dragon/Lion Dance Team can create a profile and gather fans or target consumers. As active facebook users click to become fans on these company profiles, these companies can then access these fans' personal posted information. Additionally, companies as Apple can generate discussions from fans under their profiles to gather insight on consumer opinions of the quality of products as the iPhones. The companies can create events or send messages to their fans over facebook to raise awareness of new product arrivals, discounts, or special events such as Free Ben & Jerry’s Ice Cream Day. Through facebook, companies can gather detailed information of their target consumer segments, while also generating a unique experience for the active users of facebook.
However, there are a few downsides to facebook and other social medias. Social medias as facebook.com and myspace.com have been fairly new to the world. Most young adults and kids, who have intensive exposure to technology and the Internet, have knowledge about these social medias and most probably have active profiles. However, older adults, who were born in a generation where personal computers were still under development, might have a hard time operating and updating their profiles on such social medias. Some of these adults like my parents might lack interest in creating a profile under facebook. In some countries as China, the government actually blocked the use of social media such as facebook or youtube to protect and limit the transfer of information. Instead, my cousins and many other Chinese people must use other forms of social media like xiaonei, a Chinese replica of facebook. As a result, social media as facebook might allow companies to easily access and gather insights from many profiles. However, these social media can only provide a limited and biased data due to the limited amount and types of user profiles. For instance, a life insurance company, who’s target consumers are senior citizens, might have a hard time collecting consumer insight from a social media that contain many young adult users.
Google Zeitgeist allows one to research recent popular trends on brands, names, products, etc. This Google tool depicts the recent, most popular topics being searched over the internet. As apart of the Zeitgeist, Google Trends Lab shows the most searched topics as the number one searched words in the U.S. is “Shay Biggest Loser,” as of 11/10/09. Additionally, I was able to search trends on such topics as a famous Taiwanese singer and actor Jay Chou. Jay Chou seems to be the most searched for topic or celebrity name over the internet or Google.com in Singapore, Malaysia, Indonesia, and Vietnam in such languages as Indonesian, Vietnamese, Thai, and English. This suprises me because I expected that Jay Chou would be most searched for in places as Taiwan, China, Hong Kong, and even America and in Chinese as the number one language. Jay Chou’s popularity spikes significantly, whenever news caught wind of him staring in a movie, winning some prestigious award, or sponsoring some limited edition product. Additionally, Google Trends Lab provides links to the most popular viewed websites at that time. One can also break down Chou’s popularity by countries, sub regions, and years yet his popularity is not reported in some countries as Brazil. Oddly, Jay Chou’s popularity and search volume index has gone to nill in China during 2009, as he begins filming a movie in the U.S. with Seth Rogen (Jay will be in the newest Green Hornet movie). Yet, news reference volume has increased about his move into the States.
As more people rely on technology and especially the Internet, many companies can collect data and gain insight or trends in consumerism from it. Although some people might be unaware or offended by these procedures in collecting data, the companies, through these invasive methods, are gaining insights to better serve society.
Additionally, companies can narrow down their target audience and post advertisements on targeted profiles. Interested facebook users can click on the posted advertisements; while the company can further collect insight on the amount of hits from those interested facebook users. I consider myself an active facebook user under the UT student network, who has posted single on my relationship status, listed some sports as hobbies, along with some pictures of me involved in intramural sports, and has experienced quite a bit of advertisements from local Austin shops, online dating services, and fad diet plans to getting stronger. These companies, who post these advertisements, are generating a certain experience on the facebook social media. They try to capture interests among their target market segment or generate buzz about their products or services. Although I view these ads as spam or junk, many other targeted viewers might show interest and allow for these companies to successfully sell their products or gain further insight from.
As facebook improved their social medias with applications and fan based profiles, all sorts of companies from Dell to small local Austin businesses as Texas Dragon/Lion Dance Team can create a profile and gather fans or target consumers. As active facebook users click to become fans on these company profiles, these companies can then access these fans' personal posted information. Additionally, companies as Apple can generate discussions from fans under their profiles to gather insight on consumer opinions of the quality of products as the iPhones. The companies can create events or send messages to their fans over facebook to raise awareness of new product arrivals, discounts, or special events such as Free Ben & Jerry’s Ice Cream Day. Through facebook, companies can gather detailed information of their target consumer segments, while also generating a unique experience for the active users of facebook.
However, there are a few downsides to facebook and other social medias. Social medias as facebook.com and myspace.com have been fairly new to the world. Most young adults and kids, who have intensive exposure to technology and the Internet, have knowledge about these social medias and most probably have active profiles. However, older adults, who were born in a generation where personal computers were still under development, might have a hard time operating and updating their profiles on such social medias. Some of these adults like my parents might lack interest in creating a profile under facebook. In some countries as China, the government actually blocked the use of social media such as facebook or youtube to protect and limit the transfer of information. Instead, my cousins and many other Chinese people must use other forms of social media like xiaonei, a Chinese replica of facebook. As a result, social media as facebook might allow companies to easily access and gather insights from many profiles. However, these social media can only provide a limited and biased data due to the limited amount and types of user profiles. For instance, a life insurance company, who’s target consumers are senior citizens, might have a hard time collecting consumer insight from a social media that contain many young adult users.
Google Zeitgeist allows one to research recent popular trends on brands, names, products, etc. This Google tool depicts the recent, most popular topics being searched over the internet. As apart of the Zeitgeist, Google Trends Lab shows the most searched topics as the number one searched words in the U.S. is “Shay Biggest Loser,” as of 11/10/09. Additionally, I was able to search trends on such topics as a famous Taiwanese singer and actor Jay Chou. Jay Chou seems to be the most searched for topic or celebrity name over the internet or Google.com in Singapore, Malaysia, Indonesia, and Vietnam in such languages as Indonesian, Vietnamese, Thai, and English. This suprises me because I expected that Jay Chou would be most searched for in places as Taiwan, China, Hong Kong, and even America and in Chinese as the number one language. Jay Chou’s popularity spikes significantly, whenever news caught wind of him staring in a movie, winning some prestigious award, or sponsoring some limited edition product. Additionally, Google Trends Lab provides links to the most popular viewed websites at that time. One can also break down Chou’s popularity by countries, sub regions, and years yet his popularity is not reported in some countries as Brazil. Oddly, Jay Chou’s popularity and search volume index has gone to nill in China during 2009, as he begins filming a movie in the U.S. with Seth Rogen (Jay will be in the newest Green Hornet movie). Yet, news reference volume has increased about his move into the States.
As more people rely on technology and especially the Internet, many companies can collect data and gain insight or trends in consumerism from it. Although some people might be unaware or offended by these procedures in collecting data, the companies, through these invasive methods, are gaining insights to better serve society.
Wednesday, November 4, 2009
Wal-Mart's Consumer Data Collection
Wal-Mart is able to create a competitive advantage through their massive amounts of collected customer and product data. The stored data allows this giant retail company to successfully predict which products needed to be delivered to where at a specific time in virtual real time. For instance, Wal-Mart predicted and shipped the most sought-after products: Pop-Tarts and beer to Florida residents in preparation for Hurricane Charley. Being able to predict the flow of products and customer needs and wants in real time allows Wal-Mart to operate at virtual peak efficiency. With the use of such technologies as RFID and consumer behavior video cameras, the company is able to effectively predict future sales and analyze consumer behavior. This analysis can then be used to drive strict and specific negotiations with suppliers. Other companies that lag superior techniques in data collection will not operate as efficiently as Wal-Mart. Small Mom and Pop stores that compete with Wal-Mart will lack the insights to supply their consumers with the needed products as Pop-Tarts and beer in time for the hurricane. Additionally, Wal-Mart analyzes the collected data and predicted specific product groups that consumers will buy during their visits and generate low price deals that also maximize profitability. For instance, the super store giant might offer unique deals on chicken soup and cough medicine for a customer who has a cold.
As learned from readings in Marketing Analysis class, Wal-Mart experienced sluggish sales in its newly opened stores in comparison to Target’s newly opened stores. The super store giant Wal-Mart realized that their emphasis on low costs pushed away consumers from buying their luxury items such as fashion. Most consumers of Wal-Mart would purchase the low cost products, while purchasing such luxury items as fashionable clothing and high-tech gadgetry from higher ended stores as Best Buy or Dillard’s. Thus, Wal-Mart now emphasizes affordable, quality living through designing better fashion lines, introducing more high-tech products as iPhones, and redesigning their aisle space and store displays. Wal-Mart, with its immense technology and data collection technique that resembles virtual real time, analyzed their success with these changes and experienced a profound insight on consumer behavior in relations to low price values.
Although Wal-Mart might have a present competitive advantage over its competitors in terms of consumer insights and data collection, they might lose this competitiveness over time. Competitors such as Target might implement similar ways of collecting data or find possible, more efficient means in gaining the same insight as Wal-Mart, such as developing loyalty programs. Thus, Wal-Mart must continue to innovate and develop new strategies in collecting insights or lose the competitive advantage in the long run. Since Wal-Mart tries to maintain its competitive advantage in this field by making its collected consumer information private from other data mining companies like ACNielson, this exclusivity might erode Wal-Mart’s success in the long run. As learned in world history, the great Chinese empire, way before the words United States was invented, was at its prime power, yet decided to cease trade with the rest of the world because this empire believed that its people and technologies were already superior to the rest of the world’s. And as time passed, the great Chinese empire deteriorated and must learn to rebuild itself in good relations with the rest of the world. Thus, Wal-Mart, like a great empire, should also learn how to be innovative in other ways and not just through hoarding massive amounts of information.
Being in a capital market, companies must learn to operate as efficiently as possible. As learned in economics, profits in business will eventually be driven down to null, as more competitors enter the market. In the near future, Wal-Mart can implement scan-based trading that helps suppliers provide products to the consumers instantly. The retail giant, with their strict negotiations with its suppliers, is simply selling the products at peak efficiency. If suppliers cannot handle the strict demands imposed by Wal-Mart, then those suppliers are not operating as efficiently as other competitors and will lose business. Other suppliers might be just as willing to supply Wal-Mart at the requested negotiations. Although Wal-Mart might be too hard on its suppliers and reduce suppliers’ profits, the superstore giant is actually creating effective sales with the suppliers’ products, which in turn will generate an overall successful and still profitable business cycle in this demanding business world. Through the massive amounts of consumer data, Wal-Mart’s negotiations can also provide insight on consumer trends and demands for suppliers. Suppliers must respond to Wal-Mart’s needs to create products based on consumer trends and wants. For instance, Kraft can extract data on the success of its products from Wal-Mart database and determine what products need to be improved. Thus, Kraft can then create a newer and innovative Kraft single cheese in the future that further satisfies its target customers. Suppliers are also motivated in creating better products with less operating costs. For instance, Proctor and Gamble created the Swiffer Wet Jet that eliminated the need for traditional mops and other cleaning agents. With its technology and data collection process, Wal-Mart, in a sense, is driving suppliers to create new, innovative products that will satisfy the consumer trends and wants of now and the future. Wal-Mart's data collection technology, although intrusive to consumer privacy, provides great insight and innovation that promotes the overall well-being for the consumers, when used with great care and intentions.
As learned from readings in Marketing Analysis class, Wal-Mart experienced sluggish sales in its newly opened stores in comparison to Target’s newly opened stores. The super store giant Wal-Mart realized that their emphasis on low costs pushed away consumers from buying their luxury items such as fashion. Most consumers of Wal-Mart would purchase the low cost products, while purchasing such luxury items as fashionable clothing and high-tech gadgetry from higher ended stores as Best Buy or Dillard’s. Thus, Wal-Mart now emphasizes affordable, quality living through designing better fashion lines, introducing more high-tech products as iPhones, and redesigning their aisle space and store displays. Wal-Mart, with its immense technology and data collection technique that resembles virtual real time, analyzed their success with these changes and experienced a profound insight on consumer behavior in relations to low price values.
Although Wal-Mart might have a present competitive advantage over its competitors in terms of consumer insights and data collection, they might lose this competitiveness over time. Competitors such as Target might implement similar ways of collecting data or find possible, more efficient means in gaining the same insight as Wal-Mart, such as developing loyalty programs. Thus, Wal-Mart must continue to innovate and develop new strategies in collecting insights or lose the competitive advantage in the long run. Since Wal-Mart tries to maintain its competitive advantage in this field by making its collected consumer information private from other data mining companies like ACNielson, this exclusivity might erode Wal-Mart’s success in the long run. As learned in world history, the great Chinese empire, way before the words United States was invented, was at its prime power, yet decided to cease trade with the rest of the world because this empire believed that its people and technologies were already superior to the rest of the world’s. And as time passed, the great Chinese empire deteriorated and must learn to rebuild itself in good relations with the rest of the world. Thus, Wal-Mart, like a great empire, should also learn how to be innovative in other ways and not just through hoarding massive amounts of information.
Being in a capital market, companies must learn to operate as efficiently as possible. As learned in economics, profits in business will eventually be driven down to null, as more competitors enter the market. In the near future, Wal-Mart can implement scan-based trading that helps suppliers provide products to the consumers instantly. The retail giant, with their strict negotiations with its suppliers, is simply selling the products at peak efficiency. If suppliers cannot handle the strict demands imposed by Wal-Mart, then those suppliers are not operating as efficiently as other competitors and will lose business. Other suppliers might be just as willing to supply Wal-Mart at the requested negotiations. Although Wal-Mart might be too hard on its suppliers and reduce suppliers’ profits, the superstore giant is actually creating effective sales with the suppliers’ products, which in turn will generate an overall successful and still profitable business cycle in this demanding business world. Through the massive amounts of consumer data, Wal-Mart’s negotiations can also provide insight on consumer trends and demands for suppliers. Suppliers must respond to Wal-Mart’s needs to create products based on consumer trends and wants. For instance, Kraft can extract data on the success of its products from Wal-Mart database and determine what products need to be improved. Thus, Kraft can then create a newer and innovative Kraft single cheese in the future that further satisfies its target customers. Suppliers are also motivated in creating better products with less operating costs. For instance, Proctor and Gamble created the Swiffer Wet Jet that eliminated the need for traditional mops and other cleaning agents. With its technology and data collection process, Wal-Mart, in a sense, is driving suppliers to create new, innovative products that will satisfy the consumer trends and wants of now and the future. Wal-Mart's data collection technology, although intrusive to consumer privacy, provides great insight and innovation that promotes the overall well-being for the consumers, when used with great care and intentions.
Tuesday, October 13, 2009
Innovation from Advances in Technology
From the article “The New, Faster Face of Innovation” from the Wall Street Journal, Brynjolfsson and Schrage proclaim how the progress of technology has driven the innovation in marketing and customer insights. The advances in technology allow companies to derive customer insights faster and efficiently; thus, introducing new, innovative products to the markets faster. Although some companies still implement traditional marketing research methods such as surveys, interviews, and photojournals that can take a significant amount of time to collect and analyze, companies have started using digital in-store cameras to track customers’ movements, habits, and behaviors, as they shop. A computer can then provide information on the customers’ gender, movements, and behavior in store that marketers can analyze and derive insights from efficiently. As the world relies heavily on computers, digital information can be efficiently transferred at greater speeds and with ease in comparison to hard copied information. As a result, companies such as pharmaceuticals can access patient prescriptions efficiently and order the right amount of supplies to tailor to their specific customer demands. Also mentioned in the article, companies such as Wal-Mart can easily experiment changes in logos and displays in each of its stores and then compare the changes in sales between each of the stores with the ease of transferring digital information.
Up was the first Disney-Pixar HD 3D movie I have seen and thought to be innovative and creative. This movie highlights the innovative and creative potential of using modern technology.
The movie companies such as Disney-Pixar, over the years, has included significant innovations in its products or movies through the advancement of technology. Since its invention, many movies were recorded on expensive film. Before production could begin, the story, action sequences, script, title, etc. were analyzed to predict the movie’s future success. However, the movie producers can create movies faster and cheaper with the onset of technologies such as digital recorders, CGI, and computerized special effects. By recording the movies digitally, these movies can quickly be copied onto high definition digital film and transported to various movie theaters across the world. This allows for faster and more pre-screening opportunities that allow for a larger pool of subjects to rate the movie. Current major movies such as Up can be distributed around the world and premiere in theaters at the same scheduled time. Whereas in the past, only a few number of films were created and circulated around the world. Thus, some countries could not view the movie until months after the initial premiere of the movie in another part of the world. The digital recordings of the film can be easily copied onto digital films to provide faster and efficient accessibility.
Additionally, the digital recordings of Up and other modern movies can be easily burned onto DVD’s and Blue Ray’s. Thus, Disney-Pixar, as well as other movie companies, can release these movies into the retail market faster, in an effort to further increase sales. If a movie was not successful in theaters, then the movie maybe quickly released on DVD format. For instance, Equilibrium is a 2002 film that was made straight into DVD. Instead of premiering at a movie theater, the movie producers feared that the movie would fail at the box office, due to the much-anticipated premiere of The Matrix Reloaded. Before digital recordings, many films were copied onto videotapes, which were released months after theater screenings and did not offer high quality picture or sound. In this modern age, movies can be edited with a few clicks of a mouse and copied onto cheap, flimsy plastic discs. It seems movie companies are now basing their profits on the sales of DVD’s and Blue Ray’s, more so than the screening in movie theaters. By offering special editions and editor’s cuts, movies such as Bladerunner are still being sold throughout the world, even long after its premiere. These special edition versions can be quickly and cheaply edited through powerful digital computers and sold at a higher profit margin, in comparison to past techniques of film editing and copying.
The technology used to produce such movies as Up provided profound innovation and creativeness to the movie industry. Not only does movie directors have to focus on the image quality and acting, but they must also focus how to provide quality 3D experience to the viewers. With CGI and advances in special effects, the actors in the movie are now more involved in action sequences that no longer require stuntmen to risk their lives from running through expensively rigged bombs and dangerous explosions. In The Matrix Reloaded, the actors were hooked onto wires and performed in front of a green screen, which can digitally project the environment onto the actual movie. These advance technologies allow for more freedom to create innovative and creative scenes. With a few clicks of a mouse and video software, Up depicts a 3D adventure of an old, retired man flying a house on balloons, while saving a little boy scout and a rare animal from dangers. The advancement of technology allows the directors of the movie to be more creative and innovative. In the past, the creativity was limited to the actors’ or stuntmen’s abilities. Jackie Chan, in his own movies, was limited to his own physique and abilities as a martial artist to jump so far as to the nearby building in a flying kick position. Although animations or cartoon films were available in the past, they did not provide innovative high definition 3D views. Ultimately, modern movies such as Up continue to push the envelope of innovative and creative movie experiences.
In turn, the innovation and creativity of movies, like all other products, services, or experiences, are affected by the advancement of technology.
Up was the first Disney-Pixar HD 3D movie I have seen and thought to be innovative and creative. This movie highlights the innovative and creative potential of using modern technology.
The movie companies such as Disney-Pixar, over the years, has included significant innovations in its products or movies through the advancement of technology. Since its invention, many movies were recorded on expensive film. Before production could begin, the story, action sequences, script, title, etc. were analyzed to predict the movie’s future success. However, the movie producers can create movies faster and cheaper with the onset of technologies such as digital recorders, CGI, and computerized special effects. By recording the movies digitally, these movies can quickly be copied onto high definition digital film and transported to various movie theaters across the world. This allows for faster and more pre-screening opportunities that allow for a larger pool of subjects to rate the movie. Current major movies such as Up can be distributed around the world and premiere in theaters at the same scheduled time. Whereas in the past, only a few number of films were created and circulated around the world. Thus, some countries could not view the movie until months after the initial premiere of the movie in another part of the world. The digital recordings of the film can be easily copied onto digital films to provide faster and efficient accessibility.
Additionally, the digital recordings of Up and other modern movies can be easily burned onto DVD’s and Blue Ray’s. Thus, Disney-Pixar, as well as other movie companies, can release these movies into the retail market faster, in an effort to further increase sales. If a movie was not successful in theaters, then the movie maybe quickly released on DVD format. For instance, Equilibrium is a 2002 film that was made straight into DVD. Instead of premiering at a movie theater, the movie producers feared that the movie would fail at the box office, due to the much-anticipated premiere of The Matrix Reloaded. Before digital recordings, many films were copied onto videotapes, which were released months after theater screenings and did not offer high quality picture or sound. In this modern age, movies can be edited with a few clicks of a mouse and copied onto cheap, flimsy plastic discs. It seems movie companies are now basing their profits on the sales of DVD’s and Blue Ray’s, more so than the screening in movie theaters. By offering special editions and editor’s cuts, movies such as Bladerunner are still being sold throughout the world, even long after its premiere. These special edition versions can be quickly and cheaply edited through powerful digital computers and sold at a higher profit margin, in comparison to past techniques of film editing and copying.
The technology used to produce such movies as Up provided profound innovation and creativeness to the movie industry. Not only does movie directors have to focus on the image quality and acting, but they must also focus how to provide quality 3D experience to the viewers. With CGI and advances in special effects, the actors in the movie are now more involved in action sequences that no longer require stuntmen to risk their lives from running through expensively rigged bombs and dangerous explosions. In The Matrix Reloaded, the actors were hooked onto wires and performed in front of a green screen, which can digitally project the environment onto the actual movie. These advance technologies allow for more freedom to create innovative and creative scenes. With a few clicks of a mouse and video software, Up depicts a 3D adventure of an old, retired man flying a house on balloons, while saving a little boy scout and a rare animal from dangers. The advancement of technology allows the directors of the movie to be more creative and innovative. In the past, the creativity was limited to the actors’ or stuntmen’s abilities. Jackie Chan, in his own movies, was limited to his own physique and abilities as a martial artist to jump so far as to the nearby building in a flying kick position. Although animations or cartoon films were available in the past, they did not provide innovative high definition 3D views. Ultimately, modern movies such as Up continue to push the envelope of innovative and creative movie experiences.
In turn, the innovation and creativity of movies, like all other products, services, or experiences, are affected by the advancement of technology.
Sunday, September 27, 2009
Expectations and Outcomes
In “The Effect of Expectations” from Predictably Irrational, Dan Ariely illustrates how preconceived notions can influence people’s experiences. Through his examples and experiment, he demonstrates how people unconsciously use existing knowledge and insight to discriminate on the outcome. Instinctively, people try to recall their knowledge and past experiences in an effort to foresee future outcomes that fall within stereotypes. This course of action tends to augment people’s future judgments or experiences. The past knowledge and experiences shapes the consumers’ expectations and modifies the basic sensory inputs of an experience.
As a result, this unique and profound consumer behavior illustrates the importance of the overall product package such as the labels, brands, signs, and packaging that can greatly impact the core product itself. Ariely, through his examples, reminds how the values of a product such as coffee can be augmented through various promotions and packaging as offering better containers. Thus, marketers not only have to focus on the core benefits of their products, but also concentrate on the products’ brand image, reputation, packaging, and labeling to contribute even more value to the products. Additionally, Marketers must make sure the product or service can satisfy all the high expectations that are generated from advertisements and promotions. These promotions and advertisements with focus on the experiential frameworks can significantly modify the customers’ expectations. For instance, Nike, with “Just Do It” logos, tries to implement many experiential modules of Act, Feel, and Relate promotions to stimulate the target segment’s expected needs of feeling active, alive, and accomplished. Also as Ariely has pointed out, information might be beneficial to be introduced at the end of the customer’s experience to allow for acceptance or curiosity of the customer’s mind, instead of introducing information from the outset. Thus, one can analyze better information and insights based on objective research approaches as say videotaping an unknowing customer and his/her habits in a store. One can also gain better insights by observing the test subjects’ natural habits and behavior through such methods as stakeouts or walking in the subjects’ shoes. Thus, marketers must learn on a more objective but personal level of the target customer to uncover mental models and rituals and not allow any preconceived judgments or stereotypes to interfere in the study of the target segment.
Ariely’s main examples involved observatory field studies at MIT. His partners and him observed how people, when given prior knowledge, reacted negatively to vinegar infused beer, but also how people, with no knowledge or knowledge after sampling, reacted favorably to the vinegar infused beer. The people, who lacked the knowledge or found out afterwards, actually preferred this kind of beer to normal beer. Yet, the people, who were given prior knowledge, rejected this beer, as they recall past and probably unpleasant tastes of vinegar. Another example involved Ariely’s study on coffee and its packaging. Many of the test subjects preferred to drink the same brand coffee but willing to pay at a higher price, due to an upgrade on the containers and trays that served the coffee and condiments. Another unique example was how scientists were able to isolate subjects’ brain activity in response to the branding of the product such as Coca Cola. These scientists, with the use of a special MRI, illustrated how the emotional cortex of the brain also activated along with the sensory portion of the brain, when the test subjects tasted the beverage and had knowledge of the brand.
Another good example that parallels on Ariely’s views involves basketball. Athletes usually try to intimidate their opponents through use of language such as “trash talking,” facial expressions as looking angry, or gestures as pumping fists. These actions alter the opponents mentality and expectations for the game. Since the competitors, especially in professional sports, have almost virtually equal or capable abilities to score or win the game, they must impose a sense of fear or awe in their opponents. The intimidation, nervousness, or fear tends to make the opponents fault or make mistakes that can significantly impact the game’s outcome. On several occasions, I had low expectations in winning and struggled to score or even dribble the ball in a friendly basketball game, when I had to face someone who constantly taunted me with drops of random curse words. Sometimes, I would be intimidated by my opponent’s ability to dunk the ball or fast footwork that I virtually gave up in defending the opponent. On a professional scale, the Cleveland Cavaliers, with their amazing winning record during the regular season in 2008-2009, intimidated most of their opponents during the NBA Playoffs. With Lebron James’ publicity as one of the greatest basketball players and public images of the strong team chemistry, the Cleveland Cavaliers were able to play on the Atlanta Hawks’ psychology and win an amazing 4 games in a row. After the playoffs, an announcer on TV stated how the Atlanta Hawks were not playing at their full potential and were already expecting the Cavaliers to progress into the NBA Finals. Yet to everyone's suprise, the Cavaliers lost to Orlanda in the semi-finals. The Atlanta Hawks, with strong players such as Josh Smith and Mike Bibby, had ample time to study and adapt to the Cleveland Cavaliers’ strategies before the playoffs, but simply failed in execution during the game. This example, in a sense, illustrates how the power of pre-existing knowledge in the form of intimidation can impact the future outcome as in a serious basketball tournament.
Thus, knowledge and from sources as advertisements, labels, branding, and overall packaging can augment the quality and value of the product, service, or experience from basketball games to picking which brand of beverage to drink.
As a result, this unique and profound consumer behavior illustrates the importance of the overall product package such as the labels, brands, signs, and packaging that can greatly impact the core product itself. Ariely, through his examples, reminds how the values of a product such as coffee can be augmented through various promotions and packaging as offering better containers. Thus, marketers not only have to focus on the core benefits of their products, but also concentrate on the products’ brand image, reputation, packaging, and labeling to contribute even more value to the products. Additionally, Marketers must make sure the product or service can satisfy all the high expectations that are generated from advertisements and promotions. These promotions and advertisements with focus on the experiential frameworks can significantly modify the customers’ expectations. For instance, Nike, with “Just Do It” logos, tries to implement many experiential modules of Act, Feel, and Relate promotions to stimulate the target segment’s expected needs of feeling active, alive, and accomplished. Also as Ariely has pointed out, information might be beneficial to be introduced at the end of the customer’s experience to allow for acceptance or curiosity of the customer’s mind, instead of introducing information from the outset. Thus, one can analyze better information and insights based on objective research approaches as say videotaping an unknowing customer and his/her habits in a store. One can also gain better insights by observing the test subjects’ natural habits and behavior through such methods as stakeouts or walking in the subjects’ shoes. Thus, marketers must learn on a more objective but personal level of the target customer to uncover mental models and rituals and not allow any preconceived judgments or stereotypes to interfere in the study of the target segment.
Ariely’s main examples involved observatory field studies at MIT. His partners and him observed how people, when given prior knowledge, reacted negatively to vinegar infused beer, but also how people, with no knowledge or knowledge after sampling, reacted favorably to the vinegar infused beer. The people, who lacked the knowledge or found out afterwards, actually preferred this kind of beer to normal beer. Yet, the people, who were given prior knowledge, rejected this beer, as they recall past and probably unpleasant tastes of vinegar. Another example involved Ariely’s study on coffee and its packaging. Many of the test subjects preferred to drink the same brand coffee but willing to pay at a higher price, due to an upgrade on the containers and trays that served the coffee and condiments. Another unique example was how scientists were able to isolate subjects’ brain activity in response to the branding of the product such as Coca Cola. These scientists, with the use of a special MRI, illustrated how the emotional cortex of the brain also activated along with the sensory portion of the brain, when the test subjects tasted the beverage and had knowledge of the brand.
Another good example that parallels on Ariely’s views involves basketball. Athletes usually try to intimidate their opponents through use of language such as “trash talking,” facial expressions as looking angry, or gestures as pumping fists. These actions alter the opponents mentality and expectations for the game. Since the competitors, especially in professional sports, have almost virtually equal or capable abilities to score or win the game, they must impose a sense of fear or awe in their opponents. The intimidation, nervousness, or fear tends to make the opponents fault or make mistakes that can significantly impact the game’s outcome. On several occasions, I had low expectations in winning and struggled to score or even dribble the ball in a friendly basketball game, when I had to face someone who constantly taunted me with drops of random curse words. Sometimes, I would be intimidated by my opponent’s ability to dunk the ball or fast footwork that I virtually gave up in defending the opponent. On a professional scale, the Cleveland Cavaliers, with their amazing winning record during the regular season in 2008-2009, intimidated most of their opponents during the NBA Playoffs. With Lebron James’ publicity as one of the greatest basketball players and public images of the strong team chemistry, the Cleveland Cavaliers were able to play on the Atlanta Hawks’ psychology and win an amazing 4 games in a row. After the playoffs, an announcer on TV stated how the Atlanta Hawks were not playing at their full potential and were already expecting the Cavaliers to progress into the NBA Finals. Yet to everyone's suprise, the Cavaliers lost to Orlanda in the semi-finals. The Atlanta Hawks, with strong players such as Josh Smith and Mike Bibby, had ample time to study and adapt to the Cleveland Cavaliers’ strategies before the playoffs, but simply failed in execution during the game. This example, in a sense, illustrates how the power of pre-existing knowledge in the form of intimidation can impact the future outcome as in a serious basketball tournament.
Thus, knowledge and from sources as advertisements, labels, branding, and overall packaging can augment the quality and value of the product, service, or experience from basketball games to picking which brand of beverage to drink.
Monday, September 7, 2009
10 Characteristics About Me
10 Characteristics About Me
1. I usually am too ambitious. There are many dreams, goals, ambitions that I would like to accomplish in my lifetime and in near future. Each year, I try to set a plethora of goals and ambitions for me to accomplish. However, time is a very limiting factor that prevents me from accomplishing all these ambitions. From learning the violin, improving three point shooting, learning kung fu, shooting for A’s in classes, along with other short and long term goals, I find myself prioritizing goals that I really need to focus on and eliminating many other ambitions, due to time constraints. Being too ambitious can sometimes have a negative effect and requires one to review each goal and prioritize.
2. Patience is a virtue, which sometimes I lack. However, I believe patience can be attained through practice and learning from past experiences. My impatience creates a conflict with my first characteristic of being ambitious. From the outset, I often see myself full of potential with a positive outlook. If, however, not much improvement or progress has been accomplished overtime, I may get impatient and discouraged from continuing in achieving my ambitious goals such as learning kung fu or violin. However, I believe the virtue of patience can be attained through reflecting in past behaviors and outcomes such as winning a tough tennis match after losing the first 2 out of 5 sets. Often, I remind myself to keep calm, collected, and wait for the opportunity when the time is right.
3. Maintaining good health is one of the top priorities in my life. I try to undergo some form of exercise at least once a week. Whether playing basketball with friends, swimming, running, or just simple pushups, I try to integrate diverse array of fun physical activities into my busy college schedule. Besides just exercising, I try to maintain a healthy diet full of vegetables and fruits. Often, I find myself buying bananas and frozen berries at the grocery store. Hopefully this healthy behavior will lead me to a long and prosperous life with the absence of any major health problems.
4. Although still a college student, I am an early bird, who wakes up usually around 7 A.M. Unlike other fellow college friends and classmates, who prefer to study through all-nighters, I prefer to wake up early to study in the early mornings, when my mind is fresh out of sleeping. I tend to lose focus especially on the details of the content, when studying in the long hours into the night.
5. I like to strategize and play chess. Unlike the music industry, who knew about the threat of innovative technologies such as sound recorders, disc burners, p2p software and did not try to improve or adapt to the changing music market environment until too late, I like to strategize and always try to have a backup plan. Like the music companies who now try to promote such concepts as itunes or unlimited downloads with monthly fees to save the music industry, I also try to strategize on how to be successful in life and avoid complete failure. I am a pre-dental student and am currently applying to dental school this year or cycle. However, I will try to be prepared with a list of possible options such as working for a corporate company in the field of marketing to pursuing a master’s degree in a science field, in the event that I get rejected from all the dental schools that I have applied to.
6. I can’t tolerate alcohol very well. I turn red very fast, even after a little sip of alcohol. A friend, who is attending medical school, told me that I lack a certain enzyme in my body that breaks down the alcohol. This genetic anomaly is usually common in Asians and is usually given a nickname called the “Asian Flush.” Unlike many other people who can drink a good amount of alcohol without completely feeling dizzy, I usually tend to feel the effects of alcohol along with the surge of blood toward my head in an instant after drinking a little alcohol.
7. I like action/adventure and comedy movies. Thus, Jackie Chan movies usually fall under my favorites because his movies are filled with action and comic relief. My favorite summer movies of this year were “District 9” and “Inglourious Basterds.” I feel that America is known quite well in the world through its entertainment industry. As many intellectual or technical jobs such as engineering or technical support are outsourced to such affordable areas as India, companies are now focusing in on creativity and innovation as main driving force in America and its economy. In a sense, America’s entertainment industry signifies this power of creativity and imagination that I respect. I usually watch a lot of movies at my home movie theater during my summer vacations.
8. I am apart of the Texas Dragon/Lion Dance Team. This team usually performs the cultural art of lion dancing at various cultural events, especially during the Chinese New Year. Essentially, lion dancing is usually when two people dress up as a lion and perform a series of tricks, stunts, and jumps that imitate the behavior or a playful lion to a drum beat with gongs and cymbals. This cultural performance is said to bring good luck to everyone it performs to; thus, many stores welcome a lion dance performance to bring good luck during Chinese New Years. Being involved in this organization has given me great insight to my own native culture, along with a strong sense of community service achievement.
9. I like to keep things simple as much as possible. Simple and straightforward things can be conveyed with clarity and ease. I do not take much pleasure in reading textbooks that filled with examples and long drawn out explanations such as my Genetics textbook. I usually learn well with through simple explanations and concise but visual examples such as a simple drawing of a cell structure or DNA with bulleted points on functionality. Much like the designer Dieter Rams, who promoted simplistic design, I also prefer simplicity to saturated functionality or design. In example, my wardrobe of clothes is filled with mainly simple designed clothing that lacks big graphic pictures or blotches of random colors here and there.
10. I love to eat plain white rice with my meals over noodles or any other form of carbohydrates. Many people usually question what is the point of eating white rice that has very little flavor. To me, white rice is not really about the flavor, unless it is being cooked with an added ingredient or distilled to make sake. The various textures of the rice from rough to sticky to fluffy along with the ease of eating the rice are what make me enjoy eating rice with my meals. Thus, when many people are focused on the flavor, they overlook the other details that reside in a larger context. In parallel, customer insights and understanding involve the unapparent discovery through new point of views. However, white rice does tend to absorb the vitamin A and can subtly damage the eyes over time, as I learned in biology class. This is a dilemma that many other people, who enjoy white rice, must face.
1. I usually am too ambitious. There are many dreams, goals, ambitions that I would like to accomplish in my lifetime and in near future. Each year, I try to set a plethora of goals and ambitions for me to accomplish. However, time is a very limiting factor that prevents me from accomplishing all these ambitions. From learning the violin, improving three point shooting, learning kung fu, shooting for A’s in classes, along with other short and long term goals, I find myself prioritizing goals that I really need to focus on and eliminating many other ambitions, due to time constraints. Being too ambitious can sometimes have a negative effect and requires one to review each goal and prioritize.
2. Patience is a virtue, which sometimes I lack. However, I believe patience can be attained through practice and learning from past experiences. My impatience creates a conflict with my first characteristic of being ambitious. From the outset, I often see myself full of potential with a positive outlook. If, however, not much improvement or progress has been accomplished overtime, I may get impatient and discouraged from continuing in achieving my ambitious goals such as learning kung fu or violin. However, I believe the virtue of patience can be attained through reflecting in past behaviors and outcomes such as winning a tough tennis match after losing the first 2 out of 5 sets. Often, I remind myself to keep calm, collected, and wait for the opportunity when the time is right.
3. Maintaining good health is one of the top priorities in my life. I try to undergo some form of exercise at least once a week. Whether playing basketball with friends, swimming, running, or just simple pushups, I try to integrate diverse array of fun physical activities into my busy college schedule. Besides just exercising, I try to maintain a healthy diet full of vegetables and fruits. Often, I find myself buying bananas and frozen berries at the grocery store. Hopefully this healthy behavior will lead me to a long and prosperous life with the absence of any major health problems.
4. Although still a college student, I am an early bird, who wakes up usually around 7 A.M. Unlike other fellow college friends and classmates, who prefer to study through all-nighters, I prefer to wake up early to study in the early mornings, when my mind is fresh out of sleeping. I tend to lose focus especially on the details of the content, when studying in the long hours into the night.
5. I like to strategize and play chess. Unlike the music industry, who knew about the threat of innovative technologies such as sound recorders, disc burners, p2p software and did not try to improve or adapt to the changing music market environment until too late, I like to strategize and always try to have a backup plan. Like the music companies who now try to promote such concepts as itunes or unlimited downloads with monthly fees to save the music industry, I also try to strategize on how to be successful in life and avoid complete failure. I am a pre-dental student and am currently applying to dental school this year or cycle. However, I will try to be prepared with a list of possible options such as working for a corporate company in the field of marketing to pursuing a master’s degree in a science field, in the event that I get rejected from all the dental schools that I have applied to.
6. I can’t tolerate alcohol very well. I turn red very fast, even after a little sip of alcohol. A friend, who is attending medical school, told me that I lack a certain enzyme in my body that breaks down the alcohol. This genetic anomaly is usually common in Asians and is usually given a nickname called the “Asian Flush.” Unlike many other people who can drink a good amount of alcohol without completely feeling dizzy, I usually tend to feel the effects of alcohol along with the surge of blood toward my head in an instant after drinking a little alcohol.
7. I like action/adventure and comedy movies. Thus, Jackie Chan movies usually fall under my favorites because his movies are filled with action and comic relief. My favorite summer movies of this year were “District 9” and “Inglourious Basterds.” I feel that America is known quite well in the world through its entertainment industry. As many intellectual or technical jobs such as engineering or technical support are outsourced to such affordable areas as India, companies are now focusing in on creativity and innovation as main driving force in America and its economy. In a sense, America’s entertainment industry signifies this power of creativity and imagination that I respect. I usually watch a lot of movies at my home movie theater during my summer vacations.
8. I am apart of the Texas Dragon/Lion Dance Team. This team usually performs the cultural art of lion dancing at various cultural events, especially during the Chinese New Year. Essentially, lion dancing is usually when two people dress up as a lion and perform a series of tricks, stunts, and jumps that imitate the behavior or a playful lion to a drum beat with gongs and cymbals. This cultural performance is said to bring good luck to everyone it performs to; thus, many stores welcome a lion dance performance to bring good luck during Chinese New Years. Being involved in this organization has given me great insight to my own native culture, along with a strong sense of community service achievement.
9. I like to keep things simple as much as possible. Simple and straightforward things can be conveyed with clarity and ease. I do not take much pleasure in reading textbooks that filled with examples and long drawn out explanations such as my Genetics textbook. I usually learn well with through simple explanations and concise but visual examples such as a simple drawing of a cell structure or DNA with bulleted points on functionality. Much like the designer Dieter Rams, who promoted simplistic design, I also prefer simplicity to saturated functionality or design. In example, my wardrobe of clothes is filled with mainly simple designed clothing that lacks big graphic pictures or blotches of random colors here and there.
10. I love to eat plain white rice with my meals over noodles or any other form of carbohydrates. Many people usually question what is the point of eating white rice that has very little flavor. To me, white rice is not really about the flavor, unless it is being cooked with an added ingredient or distilled to make sake. The various textures of the rice from rough to sticky to fluffy along with the ease of eating the rice are what make me enjoy eating rice with my meals. Thus, when many people are focused on the flavor, they overlook the other details that reside in a larger context. In parallel, customer insights and understanding involve the unapparent discovery through new point of views. However, white rice does tend to absorb the vitamin A and can subtly damage the eyes over time, as I learned in biology class. This is a dilemma that many other people, who enjoy white rice, must face.
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