Please complete the following questions. It is important that you use complete sentences and present the questions and answers when you submit your work.
Submit the work as a file attachment. This means you will complete all work in a word processing document (e.g. Microsoft Word) and attach the file using the Submit Lab Questions activity in your Course Map.
Lab Assignment 1
Use the following template to brainstorm ways a company might market the same commodity to different segments of their market. The first row has been done for you as an example.
TABLE 1 Market segments exercise
|Cereal||Placing toys in the box|
|Cereal||Associating it with a celebrity or athlete|
|Cereal||Promoting with money-saving coupons|
|Cereal||Advertising health benefits|
Lab Assignment 2
Use the following template to brainstorm the types of purchasing concerns that might be associated with each demographic. The first one has been completed for you as an example.
TABLE 2 Demographics exercise
|Ages 18-24||Price, peer reviews, convenience, immediacy|
|Income Over $100,000 year|
|Mother of three kids|
|Ages 18-24||Typically, this age group is either in college or in an entry-level, low-paying position; therefore, price would be a concern because of a lack of discretionary income. At this age, individuals are heavily influenced by their peers, so social proof will be an effective strategy. Young people are known for their need for instant gratification, so convenience and immediacy will be a factor as well.|