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Kate King

Millennials Are On the Rise - Barrons.com - 5 views

online.barrons.com/...3889404578440972842742076.html

mk473 consumer behavior millennials

shared by Kate King on 19 Sep 13 - No Cached
  • make up the largest population cohort the U.S. has ever seen. Eighty-six million strong, it is 7% larger than the baby-boom generation
  • could keep growing to 88.5 million people by 2020, owing to immigration, says
  • 27% of the U.S. population
  • Lina Goens on 23 Sep 13
     
    The description of the millenials are dead on, now I wonder what marketers will do with this information moving forward.
  • ...1 more comment...
  • Sarah Wesp on 23 Sep 13
     
    Wow--I didn't know the millenials were 7% larger than the baby-boomer generation, but I would agree with Lina on this one in that how they described the millenials is pretty spot on. Even going as far as the car companies predicting the types of vehicles we will buy in the future, I do think they are overall pretty accurate in these predictions.
  • Sarah Jacobsma on 24 Sep 13
     
    I actually read this story the other day and really enjoyed it. I was wondering if this would end up on Diigo. Like Sarah said, who knew the millennials were 7% larger than the baby-boomer generation. It is a huge market to target along with a lot of potential - it will be very interesting to see the many different ways marketers target and cater to millennials in the future.
  • Camille Sampson on 24 Sep 13
     
    It'll be interesting to see how accurately this article describes market growth as influenced by the millennials. As an entrepurener, I personal found this article to be helpful as a guide for my next interest; home ownership. It seems like the next few years could provide ample opportunity to capitalize on the growth in the housing market that is soon to come. Although the ,market is lagging right now, this is the time to buy in, when costs are low, then capitalize and lease properties once the population begins to seek homes away from mom and dad. the question is, what other industries will be influenced by this flux in the market? The article mentioned the growth of sales that will be seen in construction stores like Home Depot etc. but what about variables that are dependent of those organizations? Will the price of various resources increase? for example, wood, concrete, marble etc. Also, what will be done demographically to account for this oncoming flux in living styles? Business will need to capitalize on the innovations in living patterns that are going to develop from this flux-mainly locations. Where will these people move from? More importantly, what lifestyles are they moving to?
Kate King

Retailers, Take Note: Young Shoppers Don't Care About Owning Your Stuff | Fast Com... - 14 views

www.fastcompany.com/...t-care-about-owning-your-stuff

mk473 environment 1 socio-cultural trends millenials

shared by Kate King on 28 Aug 13 - No Cached
  • meganbos on 31 Aug 13
     
    This was really interesting to read especially because my friends and I just spent the afternoon roaming around Mass Ave and not one of us made a purchase. We decided to spend the day at the City Market and then walk around downtown. I think that in relation to this article our generation is becoming for concerned with experience as opposed to purchases. While none of my friends made purchases in stores downtown, were were willing to pay the gas and food prices ect. in order to contribute to our overall experience downtown.
  • ...4 more comments...
  • Sarah Wesp on 01 Sep 13
     
    To piggyback off Megan, I also find this very interesting because about three weeks ago, something very similar happened with my friends and I in Chicago. We spent the entire day downtown and spent our money on the train ride, taxis, food, and a Ferris Wheel ride instead of purchasing items on Michigan Ave. I think all of us would agree that going to Navy Pier, touring Trump Tower, riding the Ferris Wheel, taking pictures at the bean, etc. made that "overall experience" more than buying "stuff." Also, I think DIY projects are becoming more and more popular. For example, before coming to school, I went into a little boutique close to home and found a few things I liked, but instead of buying them there, I purchased the supplies needed to make them myself. Though they did not look exactly like they had in the store, they were much less expensive and more special to me. So overall, I think people are starting to craft and do more DIY projects instead of buying items at a store.
  • Paige Laughlin on 02 Sep 13
     
    This was very interesting to read about because it is so true. There are a ton of people, my friends included, that prefer to online shop than buy things in a store. I am more of an in-store shopper; however, I do shop online occasionally. The most interesting part of the article to me was about whether or not our generation was becoming more or less "material-focused." While we do tend to be buying more online, I think this generation is just as material, if not more, than any other. Because we have the option to buy online, it gives us easier access to purchasing items: not only can we buy in-store, but we can also buy online. This, in my opinion, give us the a greater chance of materiality.
  • anonymous on 02 Sep 13
     
    I think the topic that this article is centered around is really easy for our generation to relate to, especially for me. I can't tell you how many times I go to H&M, Nordstrom, or any other retail store just to "check out what they have." I would say there's an even 50/50 chance that I will walk out with something or not. I think the most true idea in Peterson's article is "almost anything they [millennials] want can be found and bought online, when and where they want it." I think this is so true of this generation because if we can't find something we want online, that item that we wanted is pretty much scrapped because we cannot look at it from our own homes. Making everything as most convenient as possible for consumers, in my opinion, is the the primary goals for retail stores and this article definitely discusses that aspect.
  • Lina Goens on 03 Sep 13
     
    I agree with Megan and Sarah. Last semester in Prof King's class we discussed JCPenny's plan to become more of an "experience" for shoppers. I am not quite sure if JCPenny was able to execute this plan, but it seems as though it would work for millennials. Even the History of US Retailing predicts that "specialty operations that bring selection and a high- quality customer service and shopping experience" will survive and prosper. Megan and Sarah went for the enjoyment of friends and the city. That is exactly what our generation and millennials want. What we want is an experience, to be a part of something. I think that if retailers understand how to do this then they will have more customers. On top of this, the article says that the millennials are becoming more "frugal" therefore retailers need to make more of an effort to prove that a store is worth a millennial's money. Just a quick thought - don't know if any clothing companies do this or not (probably) but if an online store let a customer create a lookalike avatar - same height, weight, ect. Now the online shopper can dress themselves on the computer (kind of creepy to think about but hey! An experience nonetheless). I think ideas like that which add an experience would spark millennials' interest.
  • Lindsey Wacnik on 03 Sep 13
     
    This article made me really think about my purchasing habits, and what I value when deciding whether or not to make a purchase. What really stuck out to me in this article was the idea that the millennial generation might be becoming more frugal. With the heavy focus on online shopping, I think it provides customers with more options. You have the ability to go to a store find something,not purchase it, but still have the experience the "shopping" experience. If you saw something while looking that you want, there is the option to go online to seek out better deals with other companies for the same product. So the millennial generation may be more frugal in the sense that there are many ways of obtaining the items they want, but they utilize the internet to seek out better prices.
  • Emily Prellwitz on 03 Sep 13
     
    I agree with Megan, Sarah and Lina. I view shopping more as a social experience than anything else. It is very rare that I ever go shopping by myself because I enjoy having someone there with me when I am trying clothes on and walking around etc. With that being said, after a day of shopping or being in a shopping environment I do not base whether I had a good day or a bad day based on how many items I purchased but whether I had a good experience shopping. Whether that be based on the people I was with, or if my food was good or bad or if there was good or bad customer service at the stores I was at. I also personally think there is a completely different experience shopping for clothes in a store vs. shopping for other retail items (electronics, jewelry, appliances, books etc.) in a store. A lot of people (myself included) like to try on clothes to see how they fit and how they look on so I enjoy shopping for clothes in-store. However, when it comes to other items that do not need to be personally fitted to me, I enjoy online shopping just for the pure convenience.
anonymous

Food Trucks Motor Into the Mainstream - 2 views

network.intuit.com/...ucks-motor-into-the-mainstream

mk473 place

shared by anonymous on 30 Oct 13 - No Cached
  • anonymous on 30 Oct 13
     
    My presentation will primarily focus on different types of food trucks and how the food truck industry is starting to boom. I really encourage you to watch the short video at the end of the article!
  • ...3 more comments...
  • Lina Goens on 30 Oct 13
     
    This trend follows the Millenial's "on the go" mentality. The unplanned location seems to be catching on and the people are attracted because of the quality of food. The food trucks are able to offer a relationship with costumers considering the chief is most likely running the cashier. There seems to be a perception that the food is more fresh than restaurants and food trucks are picking up on trends by offering organic options. The experience is more personal interaction which is what Millenials want.
  • Lindsey Wacnik on 31 Oct 13
     
    I agree with Lina, it is all about the experience, and the food trucks can provide this. They are able to provide great service to their customers and provide more options on trending food such as organics. I am interested to see if there will just be more food trucks in large cities like Indy and Chicago or if they will start appearing in cities that are more medium sized cities. They are projecting a large increase in revenues and I am interested to see how they will able to achieve this.
  • Angelo Csuti on 31 Oct 13
     
    Good topic! Also in Germany, food trucks are becoming bigger and bigger. The ability to cover several areas and thus markets, is a high advantage. However it is also hard to maintain a working customer relationship. In Germany a lot of them have fixed dates at which they are at certain predetermined places, so customers can literaly chase them. I think by doing so, they lose a big fraction of their competitive advantage again, because in the end they do depend on fixed locations. However, if they don't do it, they can only count on spontaneous purchases. It is a trade off!
  • Emily Prellwitz on 31 Oct 13
     
    I agree with Lina about the trend of "on the go" food. I feel like food trucks used to have a low quality reputation but today more and more food trucks serve amazing gourmet food. A lot of cities even have food truck festivals with a ton of different options and different experiences. The fact that food trucks are a essentially a restaurant that can be anywhere at any time gives them a huge competitive advantage as far as place goes.
  • meganbos on 31 Oct 13
     
    This is really interesting, in another class I am focusing on the benefits and the popularity of specialty food in the recent market. I think food trucks really meet this market of people looking for good food at a quick pace. This also incorporates the sense of community around food trucks.
jkayjohn

Patagonia's 'Buy Less' Plea Spurs More Buying - Businessweek - 6 views

www.businessweek.com/...uy-less-plea-spurs-more-buying

mk473 promotion communication branding

shared by jkayjohn on 04 Nov 13 - No Cached
  • jkayjohn on 04 Nov 13
     
    Patagonia has built a brand image that focuses on buying less and decreasing environmental harm. The strategy has actually worked so well Patagonia has actually had an increase in sales and caused other companies to follow suit and pledge to decrease there own harm to the environment. Patagonia has done a great job communicating with their consumers and have created a brand loyalty and great image while using this market strategy.
  • ...2 more comments...
  • rteufel on 04 Nov 13
     
    I am wondering for how long this green trend will persist. I mean, so many companies are starting all those fancy campaign now but will there be a point when consumers just don't demand it anymore because they are fed up with it? It is a good thing though to tailor promotion to appeal to the "green" part of consumers' minds...
  • anonymous on 05 Nov 13
     
    I agree with Raphael... how long will it last? Is there a point where you cannot get any more "green"? I think it is interesting that the article mentions H&M regarding their new initiative for giving discounts on returned clothes. It is great that the initiative is working well for Patagonia, but what more can Patagonia do with the "green" initiative?...how can Patagonia build further on this?
  • Brock Naylor on 05 Nov 13
     
    This truly blows my mind with it's level of genius alone. By urging people to live out their Patagonia jackets to the full extent of their life, they are not only conveying brand quality, but the 'idea' brands that millenials swoon over. By representing themselves as a Eco-conscious and 'caring' brand, they are inspiring more sales by urging the opposite. It's damn brilliant.
  • John Cummings on 05 Nov 13
     
    I agree with Patagonia's approach.. Society is becoming more and more green oriented and this approach targets that market. This is boosting sales and I believe will continue to raise sales because more and more people want to at least say they are trying to save the environment
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