Recently, Manila’s social media community was taken by storm when a new group of “Facebook-ers” emerged- the “The Classic Titos and Titas (the Uncles and Aunties) of Manila. This group has thousands of members and followers and became viral after flooding pages with memories of the recent past- the 80’s and 90’s. Some members would post pictures and videos of events, places, foods, actors and actresses, and yes, various products from the olden days. They would ask each other who have experienced, seen, tasted or used the items posted, and I am amused at the varied reactions every time. Some of these things are still around in modern Manila, but most are no longer in circulation or never heard of again. And this makes me wonder: Why did some products last long, and why some did not? What is the key to success of these products? What is the secret behind their market longevity?
The Filipinos are a sentimental people. We love holding on to our priceless belongings especially the “pamana”- the hand- me-downs from our parents or elders. It would usually take ages for us to replace something we own and have gotten used to. I, for one, have the penchant to be attached to my belongings. My wife would often chide me for wearing the same shoes or denims over and over again. I would only replace them if they become too shabby already (or if she intentionally gives them away without me knowing). Gourville was right when he said that “consumers tend to value the advantage of the products they own than the benefits of new ones…” Why would I get a new laptop when the one I have is still working perfectly? Why would I want an iPhone if the phone she gave me on our anniversary is still awesome?
These kinds of sentiments pose a big challenge for aspiring marketing managers and would be entrepreneurs. They ought to consider the psycho-social and socio-cultural dimension of every market segment they wish to target and carve a niche on. They should understand what people across all classes need and want, if they want to establish a solid position or foothold in the market. Should we compete, or should we build our own niche? What do the consumers- the people Value most? What Solutions are we offering that would be of greatest benefit to them- both in the short run and in the long run? How would I help them gain the best Access to my products- anytime anywhere? Is my product providing Education through information to the consumers?
The Filipinos are a sentimental people. We love holding on to our priceless belongings especially the “pamana”- the hand- me-downs from our parents or elders. It would usually take ages for us to replace something we own and have gotten used to. I, for one, have the penchant to be attached to my belongings. My wife would often chide me for wearing the same shoes or denims over and over again. I would only replace them if they become too shabby already (or if she intentionally gives them away without me knowing). Gourville was right when he said that “consumers tend to value the advantage of the products they own than the benefits of new ones…” Why would I get a new laptop when the one I have is still working perfectly? Why would I want an iPhone if the phone she gave me on our anniversary is still awesome?
These kinds of sentiments pose a big challenge for aspiring marketing managers and would be entrepreneurs. They ought to consider the psycho-social and socio-cultural dimension of every market segment they wish to target and carve a niche on. They should understand what people across all classes need and want, if they want to establish a solid position or foothold in the market. Should we compete, or should we build our own niche? What do the consumers- the people Value most? What Solutions are we offering that would be of greatest benefit to them- both in the short run and in the long run? How would I help them gain the best Access to my products- anytime anywhere? Is my product providing Education through information to the consumers?
