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TUESDAY, APRIL 6, 2010 A WEEKLY E-NEWSLETTER COMPILED BY SAM GEIST
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| MARKETPLACE LESSONS |
At the dining-room table, during our holiday dinner, the discussion turned to the tenets of business success. Was having the right intuition enough? No, we all agreed, if that great idea wasn't executed, we didn't move ahead--didn't succeed.
How about the willingness to take risk? We agreed that risk was often a component of success, but many at the table felt that in hindsight frequently those who succeeded took little risk.
What about curiosity? What about vision? Flexibility? Innovation? An awareness of other sectors of our business environment--and the ability to see it all together--to put it into perspective?
The consensus, after long debate, was that there are many factors that contribute to success and they are dependent on the particular circumstances of the situation--and upon what is important to each of us.
While at the conclusion of our discussion we weren't able to offer a definite path to success, we realized that in the workplace, just as at the table listening to and considering a variety of viewpoints and ideas certainly opened a door. (From that perspective I would be happy to hear [and post if you are amenable to it] your ideas on how success can be achieved).
LESSON LEARNED:"Success is a moving target--and we need to keep moving toward our own definition of it to meet it." -Sam Geist
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THE STATS
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The multi-generational family household has been returning since 1980 and at an accelerated pace during the recent recession according to research.
- In 2008 approximately 49 million Americans (16% of the population) lived in households containing at least three generations.
- In 1980 this figure was just 28 million (12% of the population).
- The elderly and the young are especially affected.
- One in five adults (25-34 years) lives in a multi-generational family household as does one in five adults (65 years and older).
- Marketers attempting to target multi-generational family households need to remember that each generation has unique wants and needs that must be addressed differently.
- The Greatest Generation (65+) is value oriented and finds freebies and senior discounts appealing.
- Boomers (45-63) are big spenders and are happy with regular cash-back savings programs that reflect spending levels.
- Generation X (33-44) are time starved, so packaged deals appeal to them.
- Millenials (15-32) are visually oriented and are constantly connected to the Internet via portable devices.
--The Pew Research Center
---------------------------------------- Research has shown that there is a powerful link between consumer shopping trips & spending and their feelings of job stability. - 54% of Americans consider their job 'just as stable' as last year
- 16% consider it 'more stable than last year'
- 24% consider it 'less stable than last year'
- The majority of consumers who report having higher levels of job stability have increased their spending and investments.
- Popular areas for increased spending include discretionary categories such as dining out (35%) and travel (31%).
--America Express 'Spending & Saving Tracker,' March 2010
- Research trends show consumers are shopping with fewer retailers.
- Three strategies to keep shoppers satisfied and spending while in the store include:
- satisfy loyal shoppers with savings linked to shopping frequency and spending levels
- entice new shoppers with promotional offers
- offer value, low prices and points of differentiation to maintain competitive advantage.
--nielson
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| THE QUOTES |
"Seek simplicity, and distrust it." -Alfred North Whitehead (1861-1947), Mathematician, philosopher
"The ones (senior executives) who are the best, I've found, are the people who have had to confront something very difficult, and they're the people you can rely on when the going gets really tough because they've been there, and they know what they can do." -Andrew Cosslett, InterContinental Hotels Group See first SITE SEEING link below to read the interview from which this quote was taken .
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| SITE SEEING |
An interesting interview about the tenets of effective leaders, with InterContinental Hotels Group CEO Andrew Cosslett. http://www.samgeist.com/WhereAreYouGoingWhenTheGoingGetsTough.pdf
Read this article about why suppliers must reposition
their value proposition amid evolving manufacturing and sourcing
strategies.
http://www.industryweek.com/articles/suppliers_must_reposition_value_proposition_21382.aspx
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Connect with Sam Geist
Reproduction for publication is encouraged with the following attribution: From "QuickBites," by Sam Geist. (800) 567-1861 http://www.samgeist.com
Sam Geist lectures, facilitates workshops and conducts training seminars on sales & marketing, the changing marketplace, leadership, differentiation, customer service and staff motivation. His three books, "Why Should Someone Do Business With You... Rather Than Someone Else?" "Would You Work for You?" and "Execute... or Be Executed" are available in bookstores everywhere, published by Addington & Wentworth Inc.
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