Discussing applying the concepts

Discussing the Concepts

1. Briefly describe the four major steps in designing a customer-driven marketing strategy.

2. Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variabie(s) do you think Starbucks is using?

3. Explain how marketers can segment international markets.

4. Compare and contrast undifferentiated, differentiated, concentrated, and micromarketing targeting strategies. Which strategy is best?

5. What is a product's "position" and how do marketers know what it is?

6. Name and define the five winning value propositions described in the chapter. Which value proposition describes Wal-Mart? Explain your answer.

Applying the Concepts

1. The chapter described psychographics as one major variable used by marketers when segmenting consumer markets. SRI Consulting has developed a typology of consumers based on their values and lifestyles; specifically it places U.S. adult consumers into one of eight segments. Go to the website (www.sric-bi.com), and click on the VALS survey in the right side of the page. Take the test. How accurately do the VALS types describe you? What amendments to the survey would you need to make in order for it to be more appropriate to your country's adult consumers. How would the survey results be affected if your changes were made?

2. Assume you work at a regional university in your country. The traditional market for the university is post-secondary school students in your region who have attained sufficiently high qualifications. However, the university's target market is shrinking. In addition, it will decrease by around 5 percent over the course of the next ten years. Recommend other potential market segments the university could pursue, and discuss the criteria it should consider to ensure that the segments you identified are effectively targeted.

3. Form a small group and create an idea for a new reality television show. Using the format provided in the chapter, develop a positioning statement for this television show. What competitive advantage does the show have over existing shows? How many and which differences would you promote?

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