Discussion 1 And 2 Assignments | Online Homework Help
Geodemographic Segmentation: Finding Your People
Geodemographics is a common and effective means to segment potential customers. Leveraging both demographic (e.g., gender, age, income, marital status) and psychographic (e.g., habits, hobbies, spending habits, values) data, households can be classified into segments and the relative attractiveness of these segments for your product or service can be determined.
In this interactivity, you’re going to take a geodemographic system (Claritas (Links to an external site.)Links to an external site.) and determine which segment best describes you. Then, exploring map data, you’ll assess how common your segment is for where you live and where you could live amongst more people like yourself! Finally, with knowledge of your segment’s profile, you’re going to suggest a promotion for your internship brand targeted specifically to your segment.
- Visit the Claritas Segment Details page (Links to an external site.)Links to an external site. and determine the following:
- The life stage group and segment that best matches you
- How common your segment is where you live
- Where you could move to find more of “your people”
- On the top of the page, click on “Zip Code Lookup”. Enter your zip code and hit submit. Review the information including the “Households by income”, “Household Composition”, “Popularity by Age”, and “Popularity by Race & Ethnicity”.
- To what extent, this information matches you and your household? Discuss details.
- To what extent, this information matches what you found in the previous section. Discuss details.
- Create a promotion from your mentor marketer to target your segment.
- Imagine you’re executing a targeted promotion. Tell us the product or service and deal that you will pitch your segment and justify its appeal.
- Feel free to package products or services together.
- Your segment specific targeted promotional offer and rationale.
- Your response must be at least 300 words and also refer to your textbook.
- Provide feedback to three of your peers.
- Find peers who picked a different segment than you. Argue why their identified product/service would be more, equally or less appealing to your segment. Peruse their segment’s summary page as necessary.
Do I have to use my internship brand for this assignment?
- Please do, as this will enhance your understanding of their marketing practices.
My internship brand doesn’t market products targeted to my segment. What should I do?
- Be creative, and make one up!
Every year hundreds of millions of dollars are spent marketing products (or services) that fail. Millions of dollars those companies would love to get back.
Fortunately, you happen to have a functioning time machine that you bought on Craig’s list. And now you’ve got one chance to fix what went wrong in the marketing research process and convince one of those companies not to spend that money.
image: Gary Knight via Flickr (Links to an external site.)Links to an external site. (CC BY 2.0)
You’re going to investigate and document the story of a famous new product flop (and market research failure) and how you went back in time to fix it. Your response must be at least 350 words and also refer to your textbook.
- Identify and research a prominent new product/service failure.
- The press loves failures, so you won’t have any problem finding examples.
- Identify the following: product/service name, the company who marketed it, the year it was introduced and where (particularly if not in the U.S.).
- Answer the following questions about the market research process. Refer to Section 2.3 in the text.
- What are the steps in a market research process? Provide each step relating it to your product as possible.
- Where was the failure in your product’s market research process? Which step was missing, not followed correctly, misinterpreted, or misrepresented?
- What is the market research finding that you’re going to go back in time and share with management to stop this introduction?
- Don’t forget to respond to your fellow marketers.
- Respond to at least three of your fellow marketers.
- Explain how their market research failure was similar or different than yours
- Try to respond to those who do not yet have three replies.