Learning Activity #1 Marketing Strategies
You are in the market for a new car. In the past, your budget has allowed you to exceed $25,000 for a vehicle. However, there is a recession underway, gasoline prices have risen and while there is nothing definite, you are concerned about job security. You are looking to buy a smaller car with good gas mileage but comfort on the long commute has you looking towards a bigger car. What marketing strategies can the small car companies employ to win you over? What about the larger car company?
Learning Activity #2 Market Segmentation
Assume you are marketing a new lawn hose that will not split, crack or explode if left out in the winter.
- Identify at least five marketing segmentation characteristics that you would use in developing a profile of your customers.
- Explain the segmentation category that each characteristic falls (demographic, geographic, behavioral, or psychographic, etc.). When appropriate, be sure to include at least one characteristic from each category.
- How would you use the segmentation information to price this product? Or, would you use another form of analysis (if so what would it be)? Explain in detail. Price the new item and explain the reasoning behind the price. Be sure to use the course readings to support the reasoning and conclusions.