Assignment:
Check Your Understanding:
1. ________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
2. The 20-80 rule states ________.
3. Formal groups having a direct influence on a person such as religious, professional, and trade union groups are ________.
4. ________ consist(s) of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, etc. that become linked to a brand "node."
5. Derived demand refers to the fact that the demand for business goods is ultimately derived from the demand for________.
6. A ________ is a more narrowly defined customer group seeking a distinctive mix of benefits.
Exercises:
1. List the steps involved in conducting a customer value analysis.
2. Name five ways companies can use their databases.
3. What is the difference between biogenic needs and psychogenic needs?
4. Distinguish between "family of orientation" and "family of procreation."
5. The buying center consists of all members of the organization who play any of seven roles in the purchase decision process. Name and define each of these roles.
Case Study: (800 words minimum for Case Study)
Forget nanotechnology, it's Nana-technology (that is, grandmother-technology) that will make a big impression on this market. Marketers are beginning to recognize the need to redo product lines to accommodate the massive number of seniors who are about to cross the retirement threshold. Consumers are already beginning to see phones with larger numbers on their key pads, digital hearing aids to make music easier to listen to, programmable pill dispensers, and GPS systems that display maps in larger type. Fashion designers have begun to add lines of senior glasses. Clothing manufacturers have also taken note - remember that today's seniors set the fashion and style industry on its ear in the ‘60s and ‘70s. With annual incomes of $175,000 plus, seniors are demanding products that fit their needs.
Seniors are also interested in modern technology. Several companies are modifying their game business to include devices and programs that appeal to seniors' desire to remain mentally alert and entertained. Such devices can also teach seniors more about advancing technology. The spending power of the Baby Boomers will motivate companies to re-think how they approach seniors in the marketplace. Nana-technology is "where it's at" in the twenty-first century!
Adapted from "Nana Technology" by Phuong Ly, Business 2.0, October 2007, pp. 40-41.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
1. Why is the senior market becoming more attractive?
2. What generational group is powering the growth of seniors?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.