Marketing Strategies: Discussion
Topic 2 - Trends and Opportunities
https://www.ted.com/talks/lang/en/john_gerzema_the_post_crisis_consumer.html
-After reviewing the video from the link provided, research and discuss the following.
-Identify one of the 4 cultural shifts discussed and research additional examples and evidence of the shift. Provide examples of how the market has responded to the shift with products or services.
-Based on research, explain what you see as the trajectory of this cultural shift. Is it completed? just starting? still going strong? has the shift changed or evolved into something slightly different?
-Finally-how does where the shift is (beginning, middle, end, dead) impact the companies, products and services. Give examples
Please include at least 2 academic sources for your research beyond the textbook. Cite and source in APA format. Minimum of 250 words (not counting the references).
Sample Response:
John Gerzema says there's an upside to the recent financial crisis - the opportunity for positive change. In this video, he identifies four major cultural shifts driving new consumer behavior and shows how businesses are evolving to connect with thoughtful spending (Gerzema, 2009).
The first cultural shift is a tendency towards liquid life. This defines America's movement of success from having things to having liquidity. It describes the less success around you the more nimble you are and this result in Déclassé consumption. It is the idea of spending money that makes you appear in fashion or trend For example, P.Diddy vows to tone down bling. Another example, where the high end consumers are asking for unmarked bags to disguise tier luxury purchases. It is also seen a high end haggling in fashion. High end haggling is happening for luxury and real estate. There is also trend towards joining a blue collar yacht club where the boys will hoist sail. There is also a trend towards agritourism where people go to venues like farms and vineyards. There is one more feature which is find in the consumers that they have more money at the beginning of the month and lesser at the end of the month. People have used Hulu, a device used to get rid of cable bills.
I find that this cultural shift is an ongoing process. Several consumers have shown their interest in buying products for the brands which they buy earlier and this reflects their confidence in particular brand and have also increased their spending. I also consider that this habit is in the middle or at the end of its life cycle. It is also find that many people have gone back to their past spending habits because they prefer better quality items and healthier items and are also willing to pay for those items. But sometimes, I think that consumers are also saving for their future and also trying to reduce their credit card debts (Chen, 2013). It is also found that this habit will remain in today's generation. Many college graduates arrive at difficult situation when they think of their debts and also cause them to move back with their parents and also caused them to reduce their spending (Ferrell & Hartline, 2011).
References
Chen, T. (2013). American Household Credit Card Debt Statistics: 2013. Retrieved fromhttps://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
Ferrell, O.C., & Hartline, M.D. (2011). Marketing strategy. Mason, Ohio: South- Western Cengage Learning
John Gerzema (2009, October). The post-crisis consumer. TED. Retrieved fromhttps://www.ted.com/talks/lang/en/john_gerzema_the_post_crisis_consumer.html