Question
Select a well known product (not a company) and describe the current Target Market for this product by addressing the 4 segmentation attributes below, explain
Select a well known product (not a company) and describe the current Target Market for this product by addressing the 4 segmentation attributes below, explain in detail. Minimum Length requirement is 3/4 page, college writing.
1. Demographics- What are the 3 most important demographic variables for your product? Think of income, gender, education, family life cycle, age, ethnicity, etc. Also think about the generational categories like boomers or Gen X, Y, Z.
2. Psychographics- What are the 3 most important psychographic variables for your product? Think about what people value and current trends. There is a psychographic slide in the PowerPoint deck.
3. Geographics- What are the 2-most important Geographic Variables? Does the target market specifically live in the city, suburbs, hot or cold climate, region of U.S. or overseas, coastline or mountains, etc. Geographics are not applicable for some products.
4. Technical Trends- What Tech. Trend or important ingredient is manufactured in your product that differentiates it from competitors? For example, on demand is driving Netflix sales. High Tech Textiles is driving Under Armour sales. Technology doesn't need to be computer based like social media or the cloud. Think about what makes a product more effective, lighter, more durable, smarter. Really, anything about your product that solves a problem could be a Tech Trend. Checking out the company website might help here.
Most of these responses will be instinctive or common sense-some might require some research. You can submit a Word file attachment or answer in the text box. Length is 3/4 to 1 page, College writing. Rubric is below to help you understand grading criteria.
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