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Each issue of CMO Close-up features an interview with a CMO, as well as other marketing executives answering that issue's "Big Question."
This week's feature:
Close-up with Keith Pigues, VP-CMO, Ply Gem Industries
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Study reveals habits of top executives
Kate Maddox
Story posted: November 10, 2008 - 9:30 am EDT
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Top business executives are concerned chiefly about the volatile economy, heavy users of all types of media and increasingly turning to such new media as blogs, podcasts and streaming video as information sources.
Those are some of the top findings from media research firm Ipsos Mendelsohn's “Business Elite 2008” study, which looks at the top concerns, media habits and technology usage of senior business executives in the U.S.
The study was based on a direct mail survey in the second quarter of 2,251 senior decision-makers from a number of different industries, including information technology, telecommunications, financial services and insurance.
Volatile markets/managing economic uncertainty is the biggest challenge facing top business executives, cited by 65% of respondents.
Other pressing issues are the price of fuel and other raw materials (52%); attracting and keeping top talent (38%); the decline in the value of the dollar (35%); and innovation (20%). (Respondents could pick more than one answer.)
“It was resoundingly clear back in the spring that volatile markets were really the thing they worried about most. They were really foreseeing what was to come,” said Hugh White, VP of Ipsos Mendelsohn.
Eighty-nine percent of senior business executives surveyed said they keep up with the news; 76% said meeting people face to face is critical to their business; 63% said advertising plays a part in influencing what they buy; and 62% said keeping up with technology is important to them.
For the first time, the study asked business executives about the types of media they consume during their daily commute to work.
“For the most part, they drive themselves to work and they listen to the radio as the No. 1 media touch point,” White said. “That is really a good sign for radio advertising.”
According to the survey, three-quarters of senior business executives drive to and from work on a regular basis.
During their commute, by car or other means, 68% of business executives listen to commercial radio; 30% listen to satellite radio; 18% check e-mail on a PDA; 15% look at billboards; 12% listen to music on an iPod or similar device; and 11% read news on a PDA.
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BUSINESS NEWS SOURCES
When asked which media vehicle is their main source of information for business news, the top response was the Internet (34%), followed by cable TV (24%), national newspapers (21%), business magazines (18%), local newspapers (14%) and network TV (11%).
For industry news, the top media vehicle is also the Internet (38%), followed by business magazines (30%), national newspapers (10%), cable TV (9%), local newspapers (7%) and network TV (5%).
The survey also delved into senior business executives' technology usage.
It found that 63% of the business elite use e-mail, conduct instant messaging or obtain news from a mobile device; 54% receive daily e-mail newsletters or alerts; and 51% stream broadband videos on their computers. The latter figure was up from 49% last year. Also, 32% read blogs, up from 31% last year.
Other media-usage habits include watching video on demand (30%), downloading a video podcast (18%) and contributing to a blog or posting their own blog (6%).
The survey also asked business decision-makers if they had ever purchased a product after seeing an ad in various media. The top positive response in terms of the media was the Internet (54%), followed by TV (42%), magazines (34%), local newspapers (26%) and national newspapers (12%).
When asked if they had ever visited a company's Web site after seeing an ad in various media vehicles, the top response was for the Internet (50%), followed by TV (43%), magazines (38%), local newspapers (23%) and national newspapers (21%). M
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