Month: October 2010

What do the following brands have in common other than a sleek metallic logo on a black background and the inclusion of fruit in their recognized brand/product name?

Answer: Upcoming competition in the tablet market.

I came across an article on Professor Gateman’s microeconomics midterm exam, that instead of immediately making me think about a memorandum I would put together as a financial consultant (or whatever it is that economists do), made me think: “This is such a business fundamentals topic!” Instead of economic terms like ‘luxury good’, ‘elasticity’, and various graphs, I was considering factors such as points of parity/difference, marketing schemes, and brand recognition variables.

RIM (Blackberry) has had a monopoly over the smart phone market, and now wishes to carry over to the tablet market. RIM purchased QNX in order to incorporate their highly advanced technology. Apple has already launched their first generation of the iPad, and RIM will soon (almost a year later), release their new PlayBook. Being first in the market gives Apple a strong advantage, but with new technology and a great reputation for security features, RIM will prove to be strong competition. At this point, with the demand for tablets constantly increasing, it’s anyone’s market.

“Social Media isn’t a fad, it’s a fundamental shift in the way we communicate.”

Companies and organizations must keep up with the times to best relate to their consumers and strengthen their brand names. One of the latest most efficient ways to do this is through social media! People operate and organize their lives online, and we now live in an instant gratification society. Businesses are adapting to this revolution by getting known through social media and involved in online networking sites.

“Successful companies in social media act more like party planners, aggregators, and content providers than traditional advertisers.”

In order to take advantage of the online opportunities available, Socialnomics suggests that traditional advertising schemes should be left behind in order to achieve success. I agree that most businesses who have captured my attention online have done so using creative new concepts. Lululemon often ‘tweets’ about their newest products, ideas, and events, often including photos. Doing this categorizes them as content providers. Skullcandy uses an innovative marketing concept in which consumers post interesting photos of themselves with the brand name’s product, in efforts to win prizes. Not only is it free marketing, but the consumers are forced to at least try the product!

http://www.timhortons.com/ca/en/about/2670.html