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Key Topics
Requirement
1. Select a consumer survey of your choice that you have taken or been solicited to take recently. Analyze the questions asked. What types of questions were used? What were the research objectives of the company? What marketing actions might be developed based on the results of the survey? How would you suggest improving the survey? (Must identify what retailer or service provided the survey.)
2. As Chapter 9 in our text notes - identifying market segments is critical to the business, and enables marketers to more effectively target groups of potential buyers, thereby increasing sales and profits.Various methods of market segmentation are presented in Chapter 9 of Marketing 12 th Edition, Kerin, et.al. Go to a retail store near you (your choice – but identify the store in your response to the question) and attempt to identify profiles of customers shopping in the store. Based on your research, what are the consumer market segments for the store? How would you utilize the
results of your primary field research in developing a marketing strategy for the store? Were the results of your research what you expected? Why?
3. Week 3 course learning includes Chapter 9: Market Segmentation, Targeting and Positioning. These are key marketing concepts and the foundation of any marketing strategy. Using your textbook to support your thoughts, explain the concept of a Target Market and Market Segmentation and why they are critical to a successful marketing campaign.
Solutions
Their questions which were asked in a survey were:
How long have you used our products/service? Which of our products/services do you use? How frequently do you purchase from us? How would you rate your overall satisfaction with us? Please rate us on the following attributes
There were a few more questions like any suggestions for improving the product, personal information, etc.
The objective of the company through the survey was to gauge customer satisfaction based on the responses from consumers. Depending on the result, the company could determine which products the most of the consumers purchase, their willingness to buy the same product from the company in future, the trend of spending and satisfaction level.
The survey could be improved by adding comment box wherever needed like in the question regarding satisfaction level, along with rating a comment box must be given so that the consumer could write why they have rated that particular option. The logical ordering of the question can be improved by starting with a brief introduction which willmotivate the respondent to take the survey. In personal information questions like gender, ethnicity an option must be added “Not Preferred” to make respondents comfortable while answering personal questions.
Go to a retail store near you (your choice – but identify the store in your response to the question) and attempt to identify profiles ofcustomers shopping in the store. Based on your research, what are the consumer market segments for the store? How would you utilize the results of your primary field research in developing a marketing strategy for the store? Were the results of your research what you expected? Why?
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Different profile customers shop at retail store like:
Budget Conscious – They are limited to fixed budget and always look for lower priced or discounted items.
Premium Buyers – This group look for premium quality/high price products and willing to pay higher prices. They are driven by their social status.
Smart Buyers – This group does not have fixed perception in mind while shopping. They judge the product carefully according to their price and then buy. They are not frugal or lavish in shopping and neither driven by showing social status. Market Segmentation for the Store is based on demographic, age, lifestyle, income level and spending trend.
The store could use frequent sales promotions like discounts, vouchers, loyalty card to engage smart buyers and conscious buyers shop in the store as they always look for best price item. The friendly and helpful staff is another important step as they will help all types of customers to focus on their preferred brand. Distribute shopping catalogs to regular customers to tell them about latest offers and products. Online shopping is another good option as the premium buyers can purchase lower price products without lowering their social status.
The results were positive as it helped every type of customer to buy products they prefer without consuming much time. Better selection of products made and customers were happier than before.
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Place Your OrderExplain the concept of a Target Market and Market Segmentation andwhy they are critical to a successful marketing campaign.
Market Segmentation is a process of dividing customers into different segments based on different customer profile. Target Marketing is then focusing on these segments depending on the type of product the company sells. Market Segmentation always comes before Target Marketing. They are important for a successful marketing campaign as they help in identifying and profiling different segment of customers who differ in their needs and wants. For every segment or some of them, the company can best focus and communicate with the customers effectively. It is difficult or sometime not possible for a company to focus on all types of customers, therefore, segmentation and target are useful in this case.
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