Homework Assignment No. 8 Part 1

Homework Assignment Chapter 8, 9, and 10 Chapter 8 1.1 Mercedes-Benz is thinking about advertising its cars to college students. Do you think that college students are a viable potential market for Mercedes? Why or why not? I do not think that college students should be a viable potential market for Mercedes Benz. College students are too young, those that are of course coming from high school and still in their teens or just in their twenties. College students are also already in debt because 0f the student loans that they will have to pay back, so they will not have enough money to purchase a Mercedes. Mercedes are luxury cars and are expensive so I don’t believe this will be good for the students. 1.2 Go to the Web site www.careermag.com. How are visitors to the site segmented when seeking relevant job openings? Report your results. The job seekers are segmented based on the following: · Company name · Job function · Location such as country, city, zip codes · Industry 2.1 Describe market segmentation in terms of the historical evolution of marketing. Market segmentation in terms of the historical evolution of marketing at one point businesses were more focused towards the sales of products and generation profits. In the 1950’s businesses started to focus on the level of satisfaction of the customers. In the 1960's businesses started to respond towards the complexity and the diversity of the domestic and international market in terms of customer requirements. At first businesses used to target the whole market as one, afterwards, they started to break the market into small target groups according to the similarities among the customers. 3.1 As a marketing consultant for a chain of hair salons, you have been asked to evaluate the kids’ market as a potential segment for the chain to target. Write a memo to your client discussing your evaluation of the kids’ segment in terms of the four criteria for successful market segmentation. Memo: To: Client From: Triple Threat Date: March 7, 2022 Subject: Criteria for market segmentation- Kids as potential market segment After evaluating the kids’ market as a potential segment for the chain to target the four criteria for successful market segmentation are: 1. Accessibility – All kids do not know about salons so marketing should be focused on kids and about the salons and you can do this by television advertising, kids channels and programs that are watched mostly by kids also by magazines and comic books which are read by kids. 2. Identifiability – make sure you identify the kids whom you are targeting by category like race, sex, and age groups and geographical location. 3. Responsiveness – how kids respond to the marketing is important to evaluate. 4. Substantiality – the target market needs to be sufficient in size so that it will be sustainable for the organization to provide service in that field. 4.1 Choose magazine ads for five different consumer products. For each ad, write a description of what you think the demographic characteristics of the targeted market are. 1. McDonald’s is a global corporate fast-food company that is one of the popular fast food service businesses around the world. The target audience is family, kids, young adults, teens, all races, all sex, all ages, and locations nationwide. 2. Kohler – demographic characteristics target families, new homeowners, first time appliance buyers, retail companies, business owners, ages from young adults twenty-five to older adults sixty. Also builders and plumbers. 3. Samsung TV – demographic segmentation: age 18 + family size, gender: male or female, middle class, and upper-class families 4. Beats Headphones – demographic characteristics: age: all ages, gender: male and female, demographics – anyone and everyone who likes music and can afford the headphones. 5. Cosmetics – demographic segmentation: age: young adults to older adults 19- 60, gender: both female and male and transgender, everyone who uses cosmetics from lower class, middle class, and upper class. 4.2 Investigate how Delta Air Lines (www.delta.com) uses its Web site to cater to its market segments. Delta’s website has tabs near the top of their page titled My Trips Book a Trip, Flight Statics, Check in and Vacations. They list services such as online ticketing, flight, hotel, car, and vacation packages, booking, updating flight information, baggage check in and handling of customer complaints. 4.3 Is it possible to identify a single market for two distinctly various products? For example, how substantial is the market composed of consumers who use Apple and who drive Volkswagens? Can you think of other product combinations that would interest a single market? (Do not use products that are complementary, like a bike and a bike helmet. Think of products, like the iPod and the car, which are very different.) Complete the following sentences and describe the market for each set of products you pair together. Yes, it is possible to identify a single market for two distinctly assorted products. The majority of the market is composed of consumers who use Apple and who drive Volkswagen. Some customers' tastes are unique and different who think in a distinctly different manner. Another product combination that would interest a single market is coffee and books. Consumers of: Propel fitness water could also be a target market for exercise clothes. Proactive solution skin care products could also be a target market for mobile phones, apps. Alienware computers could also be the target market for Big Screens and video devices. Specifically luggage tags could also be target markets for slim laptops. 5.1 Choose five ads from business publications such as The Wall Street Journal, Fortune, and BusinessWeek. For each ad, write a description of how you think the company has segmented its business market. The five advertisements that have been chosen from Fortune includes: 1. Montage Healdsburg luxury hotel – a large luxury hotel who have upscale venues and they segment their business by advertising and being in a location on 258 acres in the wine country Sonoma near the Russian River Valley with 130 rooms. 2. Apple – talks about how Apple is one of the biggest and largest growing companies. They have made the All-Star list for 15 years straight. They segment their business by their products advertising and targeting different age groups and race and gender. 3. Volkswagen – Volkswagen was among the first old school automakers to commit to going electric and now five years later it’s running behind Tesla in EV sales. Their locations, and marketing is their segment. 4. Elon Musk – mysterious brain chip startup. Elon has segmented the market on the basis of technology and target all and everyone from upper class and middle class. 5. Macy’s - they are changing and have new ideals in place for deals and how to get deals. Macy’s has segmented the market on the basis of advertising customers and deals. 6.1 Write a letter to the president of your bank suggesting ideas for increasing profits and enhancing customer service by improving segmentation and targeting strategies. Mr. Walker President Commerce Bank 112 Lakeview Dr Austin, TX 78720 Dear President Walker, A wonderful way to enhance customer service and increase profits by market segmentation can be done by advertising the bank products to the customers. The marketing strategies should focus on segmented markets. In order to improve the eligibility criteria. The loans can be given to customers with certain income, age will play a criterion and must be at least eighteen and older. The bank can target their long-time customers and those who have history with the bank and also families can be targeted to increase product sales. Marketing can be done by going for employees with secured jobs and medium to high income. This will enhance the customer service. Thanks, Marketing Manager 7.1 Form a team with two or three other students. Create an idea for a new product. Describe the segment (or segments) you are going to target with the product and explain why you chose the targeting strategy you did. Ideas for a new product: Back and head pillow The pillows can be used for support of your back and your head. It will be shaped to fit both and support both. The long shape and oval top of the pillow will maintain support of the head and back. The target will be anyone with back issues and neck issues young, middle age, and older people. The main target will be college students who work from dorm rooms or at home in their bedrooms at the table or sitting in chairs for an extended period of time. 7.2 Go to the Web sites of JCPenney, www.jcpenney.com, and Target, www. target.com. Compare the presentation of women’s fashions at the Web sites. What are the major differences? Which site is more designer focused, and which is more brand focused? Which company’s approach do you think will appeal more to the “Holy Grail” target market of 25- to 35year-old women? Women fashion on JCPenney’s website compared to Target website. JCPenney has more of a catching website with more advertising with women clothing, shoes, and accessories. JCPenney has tabs to choose from along with assorted styles. Target has styles on their page but have more deals and coupons available and advertised. JCPenney have many assorted brands to choose from at the bottom of their site and they name more name brands than Target. JCPenney is both designer focused and brand focused. I believe Target will appeal more to the “Holy Grail” market of 25-35 years old women. 8.1 You are the marketing manager for a specialty retailer that sells customized handbags. Write a memo to your boss describing how the company could benefit from one-to-one marketing. To: Ms. Cook From: Tina, Marketing Manager Date: March 3, 2022 Subject: Benefits of one-to-one marketing One to one marketing is an individualized marketing method that utilizes customer information to build long term personalized and profitable relationships with each customer. If you have satisfied customers they will refer more customers to the company. Both satisfied and long-term customers can be maintained. Phone calls and emails can be made to customers to inform them of new customized bags. If you receive a few responses, that is good for the company, because they can also do word of mouth and tell another customer or send the message to them. It is very important to maintain loyal customers to service the competition in the market. Thank you, Tina Chapter 9 1.1 Marketing DSS is a preventative measure. Data collection promotes customer generation. Obtaining data on your customers and their purchasing habits aids in the development of a marketing relationship. Marketing DSS helps an organization estimate the market's target segment. 1.2 Managing information systems assists in gathering and planning the report on several topics, while decisions for the support system focus on making effective marketing decisions 2.1 Marketing helps organizations create exchanges within the marketing research to find where these exchanges would be successful. Marketing research gathers the information about the potential customer groups and helps with developing a marketing strategy based on the market data research to create more exchanges. 2.2 Most organizations grow rapidly and reach their customers by utilizing their marketing research. This helps to identify the right customers to target. The trend of marketing research helps organizations to cut unnecessary costs, and spend their money in places where it is relevant. Knowing your competitors and their strengths within the market will help an organization to be more analytical and organized in the competition against their competitors. 2.3 To attract new customers, the owner should do research to understand the changing trends within the market to know the preferred taste of the customers. By reading Modern Restaurant magazine, the owner is being aware of the trends in the industry. The owner should do market research on their competitor's to see what they are offering. For a business to be successful, the owner must conduct market research on the competitors, and offer their market research on their customers' likes and dislikes. 2.4 Descriptive roles are structured procedures of data collection to obtain factual information on the market. Survey case studies help organizations find their target market to reach their research objectives. A diagnostic role explains the data to the research objectives. 3.1 a. This is not an ideal way of collecting data from the customers. Questionnaires are not effective in his case. Customers might not fill out the questionnaire. The best alternative is to request the customer to fill-in their questionnaire before leaving the supermarket.The organization should make sure the surb=vey does not take more than 3 minutes of their clients time. b. We believe that not all the interviewers would be provided the ZIP codes. The best alternative is to request the customers themselves to provide their ZIP codes while billing the products. c. People would not be willing to pay a fee for the survey. The best alternative is personal interviews. When the people start coming out of the movie theater, an interviewer can ask if he/she is interested in seeing the movie again as a way to have effective results from the survey. 3.2 Step 1- The organization needs to determine what are the business majors and what will guarantee more prospects in the future and are most preferred by the students. Step 2-A stratum sampling technique can be used to interview the students. In this method, every student who is eligible to opt for the business majors can be requested to take the questionnaire. Step 3-,The collected data needs to be analyzed thoroughly to determine the business majors preferred by the students. Step 4- Once the business majors have been identified, then the next step is to collaborate with Universities or Business Schools. 3.3 Secondary data are often preferred to primary data because secondary data involves utilizing existing research data, thus making the research less time consuming. It is less costly as compared to primary data. Secondary research requires less effort as compared to primary research because the research was most likely properly obtained during the primary attempt. 3.4 You want to use a focus group because when the researcher requires in-depth information, needs to brainstorm, or there is a need to explore needs, feelings, opinions, and thought The situations when a focus group must not be used are listed below is when there is a need to make important budgetary and marketing decisions, When the research involves determining the impact of advertisement, or When the researcher wants to know what the people actually do and prefer. 3.5 A focus group is a deliberately arranged conversation driven by an arbitrator intended to accumulate sentiments on a characterized theme. You want to use a focus group when there is a reason to dig further into issues distinguished through a bigger, quantitative examination. Or to gather extra data to set up a review for a bigger quantitative examination 3.6 1. Define problem and research objectives: it is the first step which speaks about the objectives of the study. Determine what you are looking for?Is there an increase in the sales, or increase awareness about the product.. 2. Research plan: based on our objective, we should design a plan that will address all concerns. This gives the organization scope. 3. Collect the information: Collect all relevant facts and information as it pertains to the market. it should be relevant to the topic. 4. Analyze the information: Analyze the factual information 5. present the findings: Apply the data. Base your marketing decision based on the collected data. 6. Make the decision: by using the information we may come out with a correct strategy which will give positive results. 3.7 A mystery shopper is a person who is randomly selected or is a random visitor who will occasionally shop within an organization to ensure that the quality of service and customer service is fair for all customers who are utilizing the services from that organization. The reason they use mystery shoppers is because they are not judgmental or their opinions are not biased after their visit in the organization. 3.8 Ethnographic market research helps companies understand the consumer as it pertains to cultural trends, lifestyle factors, attitudes and how social context influences product selection and usage. 4.1 Based on the consumer category products can be introduced by targeting a particular customer base or segment. Overall as a tool to determine target markets. 4.2 A consumer questionnaire focuses on obtaining consumer preferences of their beauty choice. Questionnaires are designed to ask about the present product that is being used. they ask about preferences in brands. Results would show which is a major brand preferred by most customers. 4.3 Chorus Bondars can be gained by going with the respondents' perceptions. Giving priority to a customer's time by sending out personal mail shows that they contact a format that is simple and easy to understand. 4.4 Online surveys produce high response rates and also affordable cost maintenance. This is a method of survey that is not time consuming for the customers or respondents. 5.1 Scanner based research helps the marketers to view the exposure and the consequent reactions of their target set to different marketing strategies- price, packaging, discount, coupons, store displays. This helps in creating a huge database of marketing strategies and consumer behavior. A potential disadvantage would be if it was relied upon blindly for implementing marketing strategies. The current scenario of the customer should be accounted for too 5.2 The intention is to catch the client conduct to figure the future client purchasing practices. As it includes the utilization of chronicled information to foresee/figure the future the announcement 6.1 The importance of competitive intelligence is high in today’s environment. Due to internalization and globalization marketplaces have become high in demand. 6.2 Competition within the airline industry is high. Each competitor has to come up with a creative message to market to consumers as it is necessary to create a competitive presence and advance within the industry. 6.3 Comparative benefits of companies products are virus free and it’s a completely new software. As competitors are gained, the product gains a unique presence and has less competition with the product.