Case Scenario:
You are the owner of a bakery in a small (population 15,000) beach community. Your bakery earns 80% of its profits from tourists. You have decided that the way you have been doing business, just has not been working well (during the "off season" your profits drop drastically). The landscape has changed and you would like to somehow, earn at least 50% of your profits, from people who live in your community. You have decided that you need to try and figure out what your NEW target audience wants and/or needs, as it relates to baked goods. Please answer the following questions, as they relate to your bakery. Remember, all responses must be in relation to your bakery. Please choose five of the below questions to answer. When you answer a question, please write out the question number, as well as the question, prior to answering. Lastly, each response must be a minimum of 150 words in length.
Question 1. What is the impact and importance of demographics, as they relate to your bakery?
Question 2. What psychographic information would be important, in determining how to reach your new target audience? Please explain...
Question 3. How might a Global Scan, help you in increasing market share?
Question 4. What three external factors could possibly hinder your business? Why?
Question 5. How might social stratification help your business?
Question 6. How might Classical Conditioning and Constructivism (behavioral and cognitive learning theories) help you increase your overall profits?
Question 7. How does the "Evolution of Consumer Behavior" help you in reaching your target audience?
Question 8. Explain the difference between promotional marketing and relationship marketing, as they relate to your bakery.