How would your approach to buying a computer differ from yourparents’ approach? What about buying an outfit to wear to a party? Howcan firms use their knowledge of different age or generational cohortsto market their products and services better?
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- For the following products, discuss how having children or not might affect the choices a couple makes. What do such variations mean for marketers? Discuss each of the following products. Groceries Cars VacationCharacterize the differences between Baby Boomers, Generation X, andGeneration Y. Using a personal computer for your example, indicate howthis product should be sold to someone in each of the three generations. Lastly, if we call thenext generation on the horizon Generation D (the digital generation), what wouldyouforecast for the preferences and buying patterns of this generation? Explain.Do various demographic or social-strata groups (age, gender, urban/suburban/rural, occupation, income, education) differ in their consumption of our product?
- What are the benefits of good relationships for the marketers?How do the dining market and the eating market differ ?Which marketer caricatures do you encounter most often — either in business classes or in mass media/entertainment? Explain why companies to pay the most attention to people who fit these stereotypes (regardless of validity)?
- Name a way that your individual family interacts in the markets for the factors of production and a way that it interacts in the markets for goods and services.What is income segmentation?Sometimes marketers will develop strategies to target multiple social class segments with the same product by offering it at different prices. Give two examples of products or brands that use this strategy, and how do they accomplish it? Are there any potential risks to taking this approach with specific products or brands, and what might make some products or brands more susceptible to these kinds of risks?