The Female Economy: Article Review

Citation Silverstein, M. J. , and Sayre, K. (2009, September). The Fe phallic Economy. Harvard Business Review. Summary The article begins by stating that women now drive the world economy. It goes on to discuss how women now playact a large portion of consumer spending, and that portion is expected to grow. Silverstein and Sayre discuss how companies atomic number 18 not taking seriously the fact that they may not look at the best strategy when it comes to marketing towards the female market.They underestimate or savourless out ignore the female consumer. Dell is used as an simulation of such companies. The article discusses Dells failed attempt market laptops specificall(a)y to women. In May of 2009, it launched Della website, complete with a make it pink guideword and topics based on female stereotypes. Instead of appealing to the women, it actually caused an din among them. Women felt the site was condescending. They posted blogs everywhere expressing their disgust toward s the site.Even though Dell was quick to react to making the necessary corrections, Silverstein and Sayre question why their marketers failed to see the potential problems before the site went up. The authors then discuss a 2008 cogitation conducted by the Boston Consulting Group. More than 12,000 different women in all argonas of life were asked 120 questions about their finances, education, careers, relationships, activities and hobbies, fears, and also their spending patterns and shopping behavior.The study revealed that women were grossly underserved and there was lots of room for improvement. They continue to be undervalued correct though they make believe great market power and social position. Women have many demands on them juggling work, family, and home, and few companies have taken work on on their neediness for products and services designed specifically for women and for time deliver solutions. Reaction Companies need to realize and understand the buying power that females possess.They check one of the largest market opportunities ever. Until recently, companies believed their marketing strategies were equally effective to women and men. That proved to be an incorrect assumption. Women approach big ticket purchasing completely otherwise than men do. They base their decisions on a different set of perceptions, priorities and preferences. Companies should be combining insight on female gender culture with unanimous marketing know-how and develop strategies that attract womens business.Effectively targeting women leads to higher guest satisfaction among both men and women. Companies like BMW, Wyndham Hotels and Merrill Lynch have launch that improvements designed to enhance brand appeal among women actually deliver great customer satisfaction among men, too. When you meet the expectations of women, companiesexceed the expectations of men. Marketing to women delivers a break down return on the marketing dollar through both greater opportun ity and greater impact.While in many categories the traditional male targets are saturated, the corresponding womens segments are untapped and virtually oppose by competition. The authors effectively bring to light the wrong approach that companies are taking when it comes to marketing to women. Simply adding pink to the campaign, which many companies erroneously do, willing not suffice. They need to go back to the drawing boards. Services and products need to fill the gap. Companies need to aim their marketing efforts to women by seeing them as employees, managers, investors, and buyers.