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Questions activity in your Course Map

Lab Questions

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

Product Kids
Cereal Placing toys in the box
Sweatshirts  
Electronics  
Books  
Art Supplies  
Product Teens
Cereal Associating it with a celebrity or athlete
Sweatshirts  
Electronics  
Books  
Art Supplies  
Product Parents
Cereal Promoting with money-saving coupons
Sweatshirts  
Electronics  
Books  
Art Supplies  
Product Seniors
Cereal Advertising health benefits
Sweatshirts  
Electronics  
Books  
Art Supplies  

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

Demographic Purchasing Concerns
Ages 18-24 Price, peer reviews, convenience, immediacy
Income Over $100,000 year  
Christian  
Mother of three kids  
Single man  
College Graduate  
Ages 65+  
Demographic Explanation
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.
Income Over $100,000 year  
Christian  
Mother of three kids  
Single man  
College Graduate  
Ages 65+  

As you completed the activity, you may have noticed that you were doing a lot of speculation. Marketers do that too, but they also rely on market research to inform their decisions.

Lab Assignment 3

See if you can determine different personality profiles for the following commodities using the following template. Try to come up with as many different types of consumers as possible. The first one has been done for you as an example.

TABLE 3 Consumer profiles exercise

Commodity Personality Profiles
Late night movie premiere Teenagers who want to stay out late, people obsessed with a certain actor or film, people willing to pay more to see something first (possibly competitive), thrill-seekers
Country music festival  
SEC college football game  
Disney on Ice performance  

Lab Assignment 4

Now, use the following template to align one of the personality profiles you identified for each commodity with marketing techniques that they would likely respond to. Again, the first one has been completed for you to serve as an example. Note: You may wish to look back at previous units for ideas.

TABLE 4 Marketing to profiles exercise

Personality Profile Effective Marketing Techniques
People willing to pay more to see something first (possibly competitive) Product enhancements, advertisements which feature the scarcity of the one-night premiere, social proof