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MARKET ASSIGNMENT

Name: ___________________

Part one: Twenty points (20) Use Worksheet attached.

1. Using the segmentation variables listed below select the right market for your product.

A. Geographic

· Region

· Urban, suburban, rural

· City size

· Country size

· State size

· Market density

· Climate

· Terrain

B. Demographic

· Age

· Gender

· Family size

· Ages of children

· Race

· Ethnicity

· Income

· Education

· Occupation

· Social status

· Family life cycle

· Religion

· Home ownership

C. Psychographics

· Motives

· Activities

· Interests

· Opinions

· Lifestyles

D. Behavioristic

· Benefits sought

· Usage

· Awareness and intentions

· Brand loyalty

· Price sensitivity

Part two: 15 points (15)

Psychographic lifestyle – Use Inner Resources Handout

· Consumer buying behavior Handout

Part Three: 15 points (15)

Discuss in detail the effects the environmental factors will have on the success and/or failure of your product. Identify one threat and the corresponding opportunity or response to that threat.

Segmentation variables worksheet:

(Use C = core F = fringe)

Age :

Under 6 ________ ______%

6-11 ________ ______%

12-17 ________ ______%

18-24 ________ ______%

25-34 ________ ______%

35-44 ________ ______%

45-54 ________ ______%

55-64 ________ ______%

65+ ________ ______%

Gender :

Male/female

Household Income :

Under 19,000 ________ ______%

20-35,000 ________ ______%

36 –45,000 ________ ______%

46 -60,000 ________ ______%

61 – 75,000 ________ ______%

75,000-90,000 ________ ______%

90,001 + ________ ______%

Education :

Did not graduate HS ________ ______%

Graduated HS ________ ______%

Two year degree ________ ______%

Bachelor degree ________ ______%

Graduate + ________ ______%

Employment :

Full-time ________ ______%

Part-time ________ ______%

Blue-collar ________ ______%

White-collar ________ ______%

Family size :

One ________ ______%

Two ________ ______%

Three to four ________ ______%

Five to six ________ ______%

Seven + ________ ______%

Family life cycle :

Just married ________ ______%

Married ________ ______%

Empty nest ________ ______%

Retirement ________ ______%

Geography :

Urban ________ ______%

Suburban ________ ______%

Rural ________ ______%

Home :

Own ________ ______%

Rent ________ ______%

Social Class :

UH/UM/UL ________ ______%

MH/MM/ML ________ ______%

LH/LM/LL ________ ______%

Ethnicity/Race:

Asian ________ ______%

Caucasian ________ ______%

Black ________ ______%

Hispanic ________ ______%

Native American ________ ______%

All cultures ________ ______%

Psychographic Lifestyle worksheet :

1. Description of a heavy user compared to an average user. (Use facts from the segmentation variables and five characteristics of your core market handout.)

____________________________________________________________

_____________________________________________________________

______________________________________________________________

2. Attribute preference by heaviest user?

3. Describe heavy user motive(s) for purchasing.

Behavioristic Segments :

1. Benefits sought to satisfy need.

2. Product usage

a. Rate of use

3. Awareness and intentions

a. Readiness to purchase

b. Brand familiarity – H/M/L

c. Brand Loyalty – H/M/L

d. Price sensitivity – H/M/L

Consumer Buying Behavior Analysis :

Consumer Motivation

LEARNING –

PERCEPTION – customer

MOTIVATION –

All purchase behavior starts with motivation. A motive or drive develops from an aroused need that an individual seeks to satisfy. Very little is known about what goes on in a buyer’s mind before, during and after a purchase. We do know that when a buyer makes a purchase decision, he or she is trying to accomplish something.

We also know that a purchase is rarely the result of a single motive and that various motives may conflict. Purchasing behavior can vary over time as an individual’s internal and external buying influences change.

Perception is how we view other things through our own prism. Images of things we think they should be or look like. Self Images are then our view of ourselves; how do we view one in different situations.

Why consumers purchase: To increase, to improve, to protect, to reduce, and to save.

Maslow’s Hierarchy of Needs

Self Images:

Actual – we purchase products based on the functional need to satisfy; transportation, hunger, clothing

(Maslow’s basic and physiological needs)

Other – we purchase products based on what other’s except us to buy; clothing, transportation, hunger.

(Maslow’s social belonginess)

Desired – we purchase products based on the desire to change how I feel about myself and how I appear to others.

(Maslow’s Ego Esteem)

Discuss in detail the consumer motivation for purchasing a product. Indicate the motivation for the heavy user (core market). Indicate why you have chosen ACTUAL (functional use), OTHER (belonginess, expectation), or DESIRED SELF IMAGE (to change). Remember that self-images are how I perceive myself. They influence our motivation to purchase.

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ENVIRONMENTAL ANALYSIS :

Discuss in detail the effects the Environment will have on the success and/or failure of your product. Identify one THREAT , and the corresponding OPPORTUNITY or RESPONSE you have to that threat. Complete for all five environmental factors.

a. Social-cultural trends

b. Competition

c. Economy

d. Legal political

e. Technology

Social-cultural trend(s) Threat:__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Response:_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Competition:

Threat:__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Economy:

Legal/Political:

Technological: