Marketing New York City

1) What does the NYC brand stand for?
Expensive
Diverse



2) What are the objectives that Joe Perello has for NYCM?
Two main purposes were to promote tourism and grow jobs. They were mainly targeted at increasing revenues.

3) Given those objectives what value proposition(s) would you suggest Perello pursue?
    • Corporate partnership with Snapple, the History Channel, Country Music Association Awards
    • Media: Street furniture, Universal Studios
    • Liscensing

4) Evaluate the different initiatives Perello has pursued to date
    • Make deal with Snapple: generate revenue, impact to NYC community and schoolchildren which are more active with new sport teams and physical education programs.
    • History Channel: drive people to NY with a NYC Heritage Tourism Center, media, A-level program
    • Country Music Association Award: bring people to city and exposure of new audience to NYC
    • Street furniture: increase marketing strategy, increase revenue through share advertising space
    • Universal Studio: Increase revenue through the sponsorship fee, and advertise a 1 minute feature on NYC.
    • Licensing: generate revenue through licensing and sponsorship


Assets of the city (product) - What does the city have to offer?
The assets of the city are:
BRAND ASSET
OTHER ASSETS:

  • Galleries, Museums, Theatre, Embassies, Hotels
  • Large set of Financial Resources
  • Diverse population
  • Landmarks, history
  • Big companies
  • Celebrities
  • Infrastructure
These assets are similar to capabilities used by the organization to provide benefits to its target segments. For marketing NYC, differents packages of those assets are used to provide benefits to the tourists and differentiate from competitors.

Why are tangible assets are important? They create expectations for visitors and when these expectations match up with what is promised there will be a favorable customer life time value.

Which targets are attracted to each asset or group of assets?
    • Culture Buff: highest affinity to NYC's cultural offerings. Most likely to visit galleries and performing arts centers. Offer them package.
    • Indulger: more interested in shopping. To bring them back, give them taxi and tour guide.

Takeaways

1. Marketing is marketing is marketing - same rules apply
2. Know your target segment - how do target markets match up with your capabilities
3. Find something to differentiate


Truth Case

How should American Legacy allocate resources going forward?

Identify target market: 12-17 years old, not addicted to smoking; sensation seeking; don't like to be; preached; invincible; value honesty

Evaluate success of marketing tactics
    • Use marketers who same age with target market
    • SWAG
    • The fact of the tobacco company
    • Use lot of graphics --> controversial sensational
    • Build brand around Truth

How does the brand relate to the target market?

How do you determine how to expand without damaging existing brand equity? Should they expand?

How else should the American Legacy use their assets to achieve their goal (decrease the number of smokers in the US)
    • Pregnant women
    • Minority population
    • Prevention --> Sensation
    • Addicted teens

3 capabilities
1. Market research
2. Build brand
3. Have a brand


Questions to ponder:

How is marketing for a non-profit similar to a for profit company?
As it has already been said, marketing is marketing and its tools can be applied across different sectors, both for-profit and non-profit. An important part of it is value proposition. You have to know your target segments and match your capabilities and benefit profiles. Also, there has to be different value propositions for different segments.
I have an assumption, that some of the non-profit organization might need to address a bigger range of target segments. While businesses choose the target segments which are substantial for them and have higher profitability, non-profit organization might need to provide benefit to a wider range of consumers (recipients).
The other similarity is, that as well as for-profit companies, non-profit organizations have to find out and build on the their differentiators to be able to compete.

How is it different?
The major difference is that for-profit and non-profit organizations have different goals. For-profit companies have a primary purpose of adding value to shareholders. While marketing guys will argue that this can only be done through offering certain benefits to customers, consumers and other stakeholders, generating the revenue always remains the number one criterion for business. On the other hand, non-profit organizations are aimed to provide benefit to society (stakeholders) and revenues should not be the measurement of their success.
The other difference is that public sector has a bigger emphasize in transparency than busineses. This originates from the nature of public organization and usually results in longer duration of decision-making.
Although these differences need to be considered, they do not deminish the applicability of marketing tools in non-profit sector.


Happy Thanksgiving! Don't let your turkey freeze!