During my first year of undergrad, I was fascinated by the Macroeconomic theory of expenditure equals income. The very idea that all the expenditure flows into the economic system and then flows backs to households as income felt like a philosophical view of life. I’m sure Ted feels the same way too, but probably someone should tell him that unnecessary shopping might not really prove this theory, or might it?
I’m a graduate in Business Administration, and a cat person. Paw Mgmt (read as Paw Management) is where my business cats shine in, where they become more savvy at business management than I ever will be. It had been a while that my management cats had their fair say in management and I thought I’d bring them back all over again, here at The Wordcastle. If you’d like to leave a message (to my cats of course), please leave a comment! They love hearing from the outer world.
With due respect to all the amazingly talented, focused, driven, observant world class advertisers there! Advertising and promotion is an interesting aspect of the world economy. As I sit in class studying the intricate details of this world, I find it facinating and humorous both at the same time.
Zinger, the cat, wishes you a very happy Valentine. And on this particular day he has some very interesting management thoughts.
Hiked spending, roses and gifts. Hallmark and Archie’s have already been decorated in red beginning last week. Restaurants are throwing special discounts and events. Malls have attractions especially for today. Local newspapers have a two page full message corner to increase consumer interaction. An extra five page arrived this morning with the paper. Advertising and more advertising.
The holiday spending this year in America alone is expected to reach $15.7 billion. And did you know that 141 million cards are exchanged worldwide on this very particular day. An estimated 198 million roses were produced for Valentine’s Day in 2010. People are expected to spend $1.7 billion on flowers alone this Valentine. Chocolate and candy sales reach profits of $1,011 billion during valentine season.
May be Zinger should start Zinger and the Chocolate Factory!
Behold Valentine’s Day has been summoned by marketing and markets all round the globe.
This day could actually be a head start in your relationship marketing. As Zinger says, Turning random buyers into loyal customers. It’s a good day to forge stronger relationship with your consumers. They are likely to come back days after days, years after years (may be with the same person or with a different one!) but they will certainly come back at your doorstep whether you’re a restaurateur or a florist. With the advent of millennials into the market, trends are expected to take a sharp turn. What does an average millennial expect from service business? How do newer trends and fad affect them? How do they react? And millennials are techno smart people, so there’s another trend to capitalize on.
And yes! I almost forgot, if Zinger does start his dream restaurant cum floral store, be sure to check it out. He will definitely have an impressive consumer oriented approach.
All facts and data from Business Insider.
I am an undergraduate student of Business Administration. And I’ll be sharing some of my ideas in ‘Management’ here in my blog. I hope you will enjoy reading these excerpts and feel free anytime to drop in a comment or a suggestion!