Contemporary Marketing Study Set 5

Business

Quiz 9 :
Developing New Products and Managing the Product Life Cycle

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Quiz 9 :
Developing New Products and Managing the Product Life Cycle

Detroit Tiger's Ticket: Consumer Product Reason: This ticket would be consumed directly by the Detroit Tiger's fans who are the direct consumers of the ticket, and hence the game. Bottle of body lotion: Consumer Product Reason: This body lotion would be consumed directly by an individual/family, who are hence the direct consumers of this lotion. Fleet of delivery trucks: Business Product Reason: These trucks would be required by businesses and hence industries to deliver the goods. Bulk order of rice: Business Product Reason: These bulk orders of rice are meant for commercial sale purpose, and hence is initially a business product. Digital camera: Consumer Product Reason: This camera would be used by an individual/group and hence is to be directly consumed by them. Carrie Underwood Music CD: Consumer Product Reason: This music CD would be consumed directly by an individual/group and hence is to be directly consumed by them.

Segmentation is a tool adopted by the marketers to cater the customer better and in a focused way. It can be done based on gender, age, socio-economic condition, country of birth, etc. In the case of cruise ship marketing, since it is a question of marketing happiness, holiday, life events on the cruise. So, primarily it is meant for people with passport and annual income of USD 40,000. Since 60% of the population falls in this category, so there is a requirement for the further segmentation of the market. Thus, marketers subcategorize them as below: • Explorer: This group comprises of repeat customers, who are affluent, and hence are hard to satisfy, but profitable for the business. • Admiral: This group comprises of customers who are senior in age, and are loyal in their buying behavior, and traditional in their taste. • Marines: This group comprises of young, who are professionals and to break free out of their daily routine for adventure sports. • Little mermaids: This group comprises of upper middle class families, who want to have a memorable vacation, and want to enjoy with their family. • Escapers: This group consists of people who want to break free from their daily busy and mundane routine, in search of joy and recreation. • Adrift: This is the group who cannot afford to be cruise customers owing to their lack of income or interest. Thus, this sub-segmentation is correct on the part of the marketers, as in order to market, advertise, price, promote, and sell, after-sell support, all the functions of marketing demand differentiated approach for each sub-category.

Profile: The profile of X as a part of market segment is as follows: • Geographical location - X is a metropolitan city dweller. • Gender and age - X is a male of age around 25. • Household type - X resides with his friends. • Income and spending - X has reasonable income and spends more to meet his basic and esteem needs.

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