marketing- due in 3 hours
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market_assignment_1_1.docxMARKET 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 __3______ __4____%
6-11 ___5_____ __15____%
12-17 ____15____ __20____%
18-24 ___20____ ___30___%
25-34 ____30____ ___55___%
35-44 ____20___ _ 30_____%
45-54 ___ 20_____ ___30___%
55-64 ___ 20_____ ____30__%
65+ ____10____ __15___%
Gender :
Male/female
Household Income :
Under 19,000 ___5_____ ___10___%
20-35,000 __10______ __20____%
36 –45,000 __30______ ____50__%
46 -60,000 __50______ ___60___%
61 – 75,000 ___50_____ ____80__%
75,000-90,000 ___70_____ __90____%
90,001 + __90______ __100____%
Education :
Did not graduate HS ___70_____ ___80___%
Graduated HS __70______ __80___%
Two year degree ___70_____ __80____%
Bachelor degree ____80____ ____90__%
Graduate + ___70____ ___70___%
Employment :
Full-time ____80____ __100____%
Part-time _____50___ _60_____%
Blue-collar ____70____ __80____%
White-collar ____20____ _30_____%
Family size :
One _90_______ _100_____%
Two __80______ _90_____%
Three to four ___70_____ _80_____%
Five to six ___40_____ __50___%
Seven + ___30_____ __40____%
Family life cycle :
Just married ____50____ __60____%
Married ____30____ _50_____%
Empty nest ___20_____ ___40___%
Retirement ____10____ __20____%
Geography :
Urban _____80___ ___90___%
Suburban __10______ ___20___%
Rural ____0____ __0____%
Home :
Own ___80_____ _90_____%
Rent ____40____ ___50___%
Social Class :
UH/UM/UL ____10____ __20____%
MH/MM/ML ____60____ __70____%
LH/LM/LL ____80____ __100____%
Ethnicity/Race:
Asian ____20____ ___30___%
Caucasian ___10_____ __20____%
Black _____40___ ___50___%
Hispanic _____20___ __30____%
Native American __80______ ___90___%
All cultures __80______ ___100___%
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.)
The heavy user would be the one who will buys our t shirts more often, like twice or thrice a moth and not just buy one product at one time but buys them in quantity of more than two atleast, The average user will be the one will buy our product just one in two or three months and that too just one product at a one time. Also, the heavy user will belong to the age group of 15-35 years whereas an average user will belong to the age group35 to 45.the heavy group will belong to a small family size whereas a average user can belong to medium size family of four to six member family. Heavy user will also belong to high income group or medium income group and the average user will belong to low income level group. Furthermore the heavy user will belong to the urban area whereas s the average buyer can belong to both urban or semi urban area and the heavy user will be Native American the average user can be the Black
2. Attribute preference by heaviest user?
Swet free, anti dirt and cutting and reflective light would be the preference of a heaviest user.
2. Describe heavy user motive(s) for purchasing.
The motive behind the heaviest user purchasing would be to buy something that is off beats quality and that too at reasonable prices and also because the t-shirts will be swet free and anti dirt and cutting can be used for a longer time.
Behavioristic Segments :
1. Benefits sought to satisfy need.
T shirts with amazing quality and the attributes like ,swet free,anti dirt and cutting,wrinke free,100%cotton,refletive light etc and that too at reasonable price.
2. Product usage
a. Rate of use
The product will be uses quite often because it is something that can be wore casually in our daily lives as well as to formal occasions like parties and dinners.
3. Awareness and intentions
a. Readiness to purchase
The customers should be willing to purchase it any cost
b. Brand familiarity – H/M/L
Brand familiarity is very important because if customer would not know about the brand and how it id different then people won’t buy it.
c. Brand Loyalty – H/M/L
Brand loyality is highly important
d. Price sensitivity – H/M/L
Price sensivity is important that is why we plan to charge lower prices than our competitors
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 (belongings, expectation), or DESIRED SELF IMAGE (to change). Remember that self-images are how I perceive myself. They influence our motivation to purchase.
_____Most of the time customers buy a product because they need a products, it is the basic necessity of their life .In that case the motivation factor is too just fulfill the need that could related food, shelter or simple clothing. But when customer s go for products that our necessary for their daily lives ,their thy come choosy and selective and there many factors that can motivate them to buy ,like the social states ,their desire ,market trend, self satisfaction etc.In this case, good quality at lower price also motivate s customers because they want to but the best and the same tome reduce their spending and save more. The motivation for the heavy user will be to buy the best quality, wear something stylish and smart and that too at reasonable price. Maslow heirchy of needs explains three main reason why customer purchase o good. The first one is Actual. We have chosen this because our product is something that is part of the basic necessity of people daily life and is part of their actual use. We use other because people expect us to wear clothes and wear something that is reasonable and presentable and lastly desires is used because our t shirts are very stylishly designed ,definitely everyone wants to look good for himself or too show to other person our shirt are the can help people fulfilling their this desire._____ _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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:f a company get involved in an activity which is not socially responsible or is damaging the society. Like dumping waste openly outside the factory .
Response: By making sure that waste dumping process is done properly in the factory.__________________________________________________________________________________________________________________________________________
Competition
Threat: New entrants come in and provide something different.___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Response: Always experimenting and some with unique and creative design for the customers so that they don’t get bored with the same old designs._________________________________________________________________________________________________________________________________________
Economy:
Threat:__Recession in the economy or inflation in the economy________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Response: Cost effective an try to reduce as much as cost possible but at the same maintain the quality so that in recession or when the economy is slow we can provide customers will low price t-shirts in order to attract them.______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Legal/Political:
Threat:_Goverment increasing the taxes or trade duties on exports_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Response:__we will cover this by further reducing the cost and slightly increasing the prices of the shirts .The prices in the case when we will be sure that we have customers loyalty towards our brand and they won’t go anywhere, even if we slightly increase the prices._____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Technological:
Threat:_New technology that our biggest competitors have and we don’t have and because of that we might lose our market__ __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
