Yesterday I completed my semester-long market research project. It was easily the hardest project I have done so far in my college career, but what I learned overshadows all the frustrations I encountered. Many classes explain theories and have students engage in hypothetical discussions, but this was real-world experience. My group was given the task of researching the consumption of energy drinks. We worked with Brewer's Distributors in Peoria, IL to help them better understand how consumers do or do not purchase certain energy drinks, specifically Monster.
Our project started at the beginning of the semester with a meeting with representatives from Brewer's. They explained the problem they wanted us to research and we then developed our research objectives. As the semester progressed, we conducted secondary and qualitative research. Instead of learning the definitions and examples of these topics, we actually engaged in the collection. Based on the information we obtained from our research, we then developed a survey.
We designed a survey to address our research objective and to determine how our mediators and moderators influenced people's decisions. We also developed a sample plan on which to base our survey collection. For about two weeks we handed out our surveys until we reach our desired sample size. Upon collection of our data and entering our data into SPSS, we ran calculations related to our research objective.
For the last few days we have easily put in a total of 75 hours into finishing our project. We used the results of our calculations to produce graphs that showed the results and trends of our data. Using our results, we thought of considerations to give to Brewer's to help address the problems they faced. Our presentation lasted around 45 minutes, followed by 15 minutes of Q & A.
This project was very time consuming and, at times, frustrating. Looking back I realize how great of an opportunity I had. I was able to work with my peers and a local business to produce tangible results that can possibly be implemented. This is experience that I can use in my professional career.
The Power Point presentation is available to view on my LinkedIn profile.
Aaron Roecker
"Gen Z: The Age of the Curator"
The past few days I have been watching the O'Reilly Web 2.0 Summit 2010 videos on YouTube. I have seen many videos and heard about many new ideas that have sparked my interest and made me excited about the future.
Many of the videos caught my attention, but one did in particular. Katherine Savitt presented a topic called "Gen Z: The Age of the Curator." This is the first I have heard about the newest generation born from 1992-2010. Miss Savitt mentioned numerous figures, all of which were intriguing, but the most thought-provoking ideas appeared when she mentioned the three behaviors of this generation: share, express, and consume.
Personally, I enjoy sharing interesting and relevant information on Facebook and through email, but Gen Z seems to be even more share-oriented. This has great implications for marketers. The best (or the worst) ideas will be shared online, while everything else will be left behind. This generation also enjoys creating their own works and these amateur productions can have more influence than million-dollar marketing campaign. Traditional marketing is still very important, but these truths must be remembered when developing a new marketing campaign.
Gen Z's tendency to express their true opinions also will affect future marketing. Miss Savitt mentions that there is no hiding from this generation and if any product or service is not up to quality, this generation will let people know. If Gen Zers enjoy a brand, the amount of exposure could be more than any marketing campaign could provide. This generation's ability to consume information also will have a large impact on marketing. Consumers tend to listen to their peers, and especially with this generation. Making a product or service that Gen Zers will consume and enjoy, and thus share, will be the key to succeeding in the near future.
Aaron Roecker
Many of the videos caught my attention, but one did in particular. Katherine Savitt presented a topic called "Gen Z: The Age of the Curator." This is the first I have heard about the newest generation born from 1992-2010. Miss Savitt mentioned numerous figures, all of which were intriguing, but the most thought-provoking ideas appeared when she mentioned the three behaviors of this generation: share, express, and consume.
Personally, I enjoy sharing interesting and relevant information on Facebook and through email, but Gen Z seems to be even more share-oriented. This has great implications for marketers. The best (or the worst) ideas will be shared online, while everything else will be left behind. This generation also enjoys creating their own works and these amateur productions can have more influence than million-dollar marketing campaign. Traditional marketing is still very important, but these truths must be remembered when developing a new marketing campaign.
Gen Z's tendency to express their true opinions also will affect future marketing. Miss Savitt mentions that there is no hiding from this generation and if any product or service is not up to quality, this generation will let people know. If Gen Zers enjoy a brand, the amount of exposure could be more than any marketing campaign could provide. This generation's ability to consume information also will have a large impact on marketing. Consumers tend to listen to their peers, and especially with this generation. Making a product or service that Gen Zers will consume and enjoy, and thus share, will be the key to succeeding in the near future.
Aaron Roecker
Dealing with International Law
A recent article on MSN explained an idea that I need to consider when I enter the global arena. A judge in Brazil ordered that McDonald's must pay a former manager $17, 500. The employee gained 65 pounds after working at the restaurant for 12 years.
I am currently in a business law class that explains the complexity of U.S. laws, but when a company also goes global it must take into account the laws of countries where business is done. In this specific case, the ruling could open the door for more lawsuits. If rulings continue to go against McDonald's their entire strategy in Brazil could change. It will be interesting to see how McDonald's responds to this and how it progresses over the next few months.
When I work overseas, I need to consider the legal issues and future and present legal climate. No country stays the same for very long, so I must have a strategy that is adaptable for different circumstances. It is never too early for a global marketer to develop contingency strategies. It is important to keep a constant message concerning a product or service, yet how it is advertised might change based on legal requirements. As this article shows, the global environment provides a challenge to companies but these challenges should create new and innovate ideas
Aaron Roecker
I am currently in a business law class that explains the complexity of U.S. laws, but when a company also goes global it must take into account the laws of countries where business is done. In this specific case, the ruling could open the door for more lawsuits. If rulings continue to go against McDonald's their entire strategy in Brazil could change. It will be interesting to see how McDonald's responds to this and how it progresses over the next few months.
When I work overseas, I need to consider the legal issues and future and present legal climate. No country stays the same for very long, so I must have a strategy that is adaptable for different circumstances. It is never too early for a global marketer to develop contingency strategies. It is important to keep a constant message concerning a product or service, yet how it is advertised might change based on legal requirements. As this article shows, the global environment provides a challenge to companies but these challenges should create new and innovate ideas
Aaron Roecker
Time > Money
I am reading through the book The 24 Hour Customer by Adrian C. Ott, and the premise is built around the idea that time is more than money. This statement cannot be more accurate. Even as a student, there are times I wish I could do anything to allow for more time in a day. When I enter the business world full-time this desire will only increase.
The idea of providing products in a way that enables people to have more time is not new, but it is important in the world we live in today. Being able to provide people with extra free time is a special type of asset that can consumers would be willing to pay extra for. If someone offered me the opportunity to be able to study less and still earn good grades, I would be willing to pay a high price.
As I start to consider marketing techniques for products, I need to focus more on the time benefits it provides to consumers. I believe that this benefit is one of the least mentioned in advertisements today (Although the main idea for the Windows 7 Phone is to take back your time). Most advertisements seem to focus on the amazing capabilities of the product and/or service. This is an issue that is important to address, and as a marketer I will do my best to provide the ultimate value to consumers - time.
Aaron Roecker
The idea of providing products in a way that enables people to have more time is not new, but it is important in the world we live in today. Being able to provide people with extra free time is a special type of asset that can consumers would be willing to pay extra for. If someone offered me the opportunity to be able to study less and still earn good grades, I would be willing to pay a high price.
As I start to consider marketing techniques for products, I need to focus more on the time benefits it provides to consumers. I believe that this benefit is one of the least mentioned in advertisements today (Although the main idea for the Windows 7 Phone is to take back your time). Most advertisements seem to focus on the amazing capabilities of the product and/or service. This is an issue that is important to address, and as a marketer I will do my best to provide the ultimate value to consumers - time.
Aaron Roecker