Response to Maggie Lo’s blog: Station Square’s Attractiveness

https://blogs.ubc.ca/maggielo/

Noting a tremendous rise in pre-sale condos in GVA (Greater Vancouver Area) in 2013 and identifying young adults between mid 20′s to late 30′s with career potential as a target market, Maggie talked about the main selling points of Station Square, which, in my opinion, seem to utilize the psychographic [self-concept and lifestyle] and benefit segmentation variables for its target market segment.

First, the major selling point of Station Square Condo is that these young adults are not only buying a home, but also a lifestyle that engages with and creates a sense of belonging in the community [psychographic segmentation variable]. Second is the benefit of convenience due to a) an easily accessible public transportation, b) closeness to Metrotown and Crystal Mall shopping centres and c) Station Square’s first two floors as a commercial and retails space — possibly occupied by at least a grocery store, restaurants, cafes and retail shops.

I believe that locational excellence plays a role in creating its perceived value. With half an hour to reach to either Vancouver downtown or Surrey downtown by sky-train, Burnaby’s centrality in GVA is certainly very convenient for those who have such needs.

Moreover, I assume that the sales agents at Station Square can be considered as authoritative figures because they would not only solidify what the customers knew already about its locational excellence and convenience but also attempt to further enhance its perceived value in the eyes of the potential customers by explaining about its product excellence in terms of the features of the room such as the view, the gym, number of bedrooms, the flooring and so on. According to Maggie at her second visit, one of the agents did indirectly highlight its product excellence by claiming that its first phase was sold out in a few days.

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Toyota’s differentiated targeting strategy for various market segements

In providing different models for various geodemographic and psychographic market segments to satisfy the needs/wants of custmers in those segments, Toyota tailors its advertising efforts towards alligning with the local cultures to ensure customers feel familiar with its brand and hence establishes different stories through its localized commercials which differ in languages, cultural assumptions and lifestyles.

The commercial for Toyota Auris, a compact 3/5 doors hatchback (available in European market but not North America) has a European feel with its focus on a man in a crowd defying an authoritiative figure for a new exiciting Auris.

Similarly, Toyota GT 86’s commercial is about a man trapped inside a CGI (Computer Generated Imagery) city discovering a Toyota GT86 from the real world, feeling alive for the first time and deciding to make his escape.

While the first two commercials probably target younger European generations, its commercial for Verso, a compact MPV (MultiPurpose Vehicle) in German language for the German family market, depicts father as a hero.

As for its United States consumers, Corolla 2014 commercial attempts to have a hip and cool image for different American generations.

With trucks gaining more popularity in America, Toyota Tacoma model commercial highlights Tacoma’s features in interesting way for young adults segment . For instance, a girlfriend’s tear drops falling in the car seem nothing against its water-resistant seats and all-weather flooring.

Likewise, Toyota Tundra commercial targets certain baseball-loving American demographics.

Meanwhile, Toyota Corolla and Camry commericals, mainly targeting Korean but most likely also Asian urban populations, have different advertising approaches. While the former is in a music video style featuring Hyuna from 4minute, a popular korean-pop girl group, the latter is in a drama style featuring Lee Min Ho, a famous korean actor.

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A Response to Lauren O’Neil’s article “Grocery store that only sells expired goods aims to combat food waste”

According to a Harvard University report, “40 % of food in the U.S. is needlessly tossed each year due to exaggerated sell-by date and Americans may be unnecessarily contributing to $160 billion in annual food waste because date labels are not yet standardized in the U.S.”

Doug Racuch, a former head of Trader Joe’s, has recently announced plans to open up a new, first-of-its kind hybrid grocery store/restaurant exclusively selling food that is slightly past its “best-before” date, called “The Daily Table.”

As a firm believer in no food waste, I applause such innovative thinking and plan. I do often buy discounted produce/prepared foods at Costco, Superstore, T&T and small local groceries stores. However, these food products bought at a discount are not considered the ‘expired’ foods. For example, a hot dish sold at a discount at T&T during the last two hours of shopping hour has not gone bad yet. And it would (and should) be good for the next couple days.

As for the products past its best-before date, they are likely to be ‘perceived’ as, of lower quality or even unsafe to consume. However, the lack of the date-labeling standards means that the best-before/expiry date may not represent the actual shelf life. Assuming that the groceries do not dare compromising the consumers’ health – and its brand image/reputation, the dates they put on the foods are likely to be somewhat shorter than the actual shelf life. Then, it may be safe to consume the food past its best-before date.

Also, to attract the customers, the prices have to be lower than that of the original groceries stores.

If The Daily Table has become a success, some price-sensitive customers may not purchase foods at the original groceries store but wait till the products arrive to The Daily Table. Then their sales and margins will suffer.

Source: http://www.cbc.ca/newsblogs/yourcommunity/2013/09/grocery-store-that-only-sells-expired-goods-to-combat-food-waste.html

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Marketplace Matters

Archives: October 2013

Response to Maggie Lo’s blog: Station Square’s Attractiveness

Toyota’s differentiated targeting strategy for various market segements

A Response to Lauren O’Neil’s article “Grocery store that only sells expired goods aims to combat food waste”