chasing the elusive consumer
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Chasing the Elusive Consumer. By Bill Troy, Business Program Coordinator and Lecturer, the University of New Hampshire at Manchester. Who are we? One of the colleges of UNH, providing a high quality education primarily to Merrimack Valley commuter students. - PowerPoint PPT PresentationTRANSCRIPT
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Chasing the Elusive Consumer
By Bill Troy, Business Program Coordinator and Lecturer, the University
of New Hampshire at Manchester
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• Who are we?– One of the colleges of UNH, providing a high quality education
primarily to Merrimack Valley commuter students.– Approximately 800 Bachelor’s students– Focus on Liberal Arts and Professional education for careers in:
• Business• Biology• Computer Systems• Psychology • Communication Arts• Teaching (M.A.T. program)
– Internships required in many majors, great opportunities.– Small classes (less than 20)
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My Brief Biography• B.A. in Economics from the University of Massachusetts in
Amherst– Magna Cum Laude and Commonwealth Scholar– Phi Beta Kappa
• M.B.A. from Johnson School of Cornell University• Economist for U.S. Labor Department, B.L.S.• Varying roles at DIGITAL Equipment, including consulting and
Director of brand advertising• Ericsson – Director of Marketing for the Broadband division• Currently:
– U.N.H. –Business Program director, and Marketing lecturer, at the Manchester Campus
– WPI – Adjunct Management Instructor in International Business
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Chasing the Elusive, Evolving Consumer
• Today's consumer is more mobile, busier, and less connected to traditional media than ever.
• We will provide a fast evolving, data driven, context for how vast the media changes within U.S. consumers have arisen, and methods that marketers are using in reaching consumers in this fragmenting landscape.
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My basic viewpoint
• Marketing is changing SO rapidly that is hard to know “What” to DO , complicating ‘How’ and ‘Why’
• My goal is to inform you as to trends.• My mid-p.m. presentation will be more
specific to Mt. Washington Valley.
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Quiz
• What are some of the major changes occurring in marketing today?- Demographics- Psychographics- B2C purchasing- Media Consumption
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Where are We Today? • Income gradients• Bifurcating consumer markets
• “Where is the Middle Class”?– In a “Muddle”•Diminishing incomes• Low savings
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HH Formation Trends
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Changing Race/Ethnic Makeup
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Oldest States in the Country (nh.gov)
http://www.nhes.nh.gov/elmi/products/documents/ec-0514.pdf
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Median Value of ALL assets, including Housing
• AGE OF HOUSEHOLDER – Less than 35 years $6,676 – 35 to 44 years 35,000 – 45 to 54 years 84,542 – 55 to 64 years 143,964 – 65 years and over 170,516 65 to 69 years 194,226 – 70 to 74 years 181,078 – 75 and over 155,714
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Assets by Educational Attainment
• No High School Diploma $9,800 • High School Graduate Only $43,945 • Some College, No Degree $49,082 • Associate's Degree $56,512 • Bachelor's Degree $147,148 • Graduate or Professional Degree $240,750
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Businesses need to be Upscale or DownScale
• http://www.nytimes.com/2014/02/03/business/the-middle-class-is-steadily-eroding-just-ask-the-business-world.html
• The top 5 percent of earners accounted for almost 40% of personal consumption expenditures in 2012, up from 27 % in 1992.
• Largely driven by this increase, consumption among the top 20 percent grew to more than 60 % over the same period.
• Bottom percent? Went from 47 to 39%.
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Businesses ‘Lost in the Middle’Upscale Middle Downscale
Capital Grille
Macy’s
GE $2000 appliances
Red Lobster
Olive Garden
Sears/Kmart
Walmart/Target
J.C. Penney
“Casual Dining” - Fridays ****- Chilli’s- Applebees
Varying Dollar Stores
GE $800 appliances
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News
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Which are the Wealthiest States?
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Do celebrities matter? No so much..
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Top 10 Metro Areas for Wealthy Millenials
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The Millenial Online World.
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Mobile Devices Become Primary Entertainment Source
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Internet Adoption Rates
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What influences people to buy?
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News
Advertising from the restaurants, clothing stores and consumer electronics categories are the most trusted with diet products, financial services, pharmaceutical and cars the least trusted.
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Source: http://research.yougov.com/
Least Trusted ads by business type….
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News
• Soda sales collapse:
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More on ads….
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Many Countries seeing online Purchase growing.
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“Bad Brands”
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Who do you trust? – “Almost no one…”
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Suspicion is growing….
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There are only a few social media that matter overall…
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Who Uses Which Social Networking Platform?
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How long do people stay after clicking?
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Why is the Super Bowl Still so BIG?
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Younger and Whiter means More Mobile Banking
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Aging and Marketing Challenges
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Email is not dead, at all….
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Compare vs. Web time of Day
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Other concerns? Privacy
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Younger Share More than ‘Elders’
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• BACK UP Slides
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‘Show rooming’ – in decline?
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Who is actively engaged in social media with TV?