Reference no: EM131077479
Overview
In this writing assignment, you will be analyzing target markets and how to appeal to specific markets.
After you submit your assignment on time, you will have the opportunity to receive and respond to instructor feedback. Guided by specific feedback provided by your instructor, you will be able to make improvements to your assignment and potentially increase your grade.
Instructions
Step 1: Bottled Water
In 2007, water consumption within the U.S. exceeded 29 gallons per person. As a beverage category, bottled water was exceeded only by carbonated soft drinks. This category has grown at an impressive rate. In fact, the value of the U.S. bottled-water market doubled within eight years. The success of this product represents a success for marketing. In this exercise, we will examine the reasons for its success.
Describe the target market for this bottled water. How does bottled water create value for target market consumers?
Examine the marketing mix elements. Discuss the product, distribution, price, and promotion for this product category. How did each element contribute to the success of this product category?
Recently bottled water has come under attack from environmental groups for the amount of waste created by the bottles. How do you feel this concern about packaging waste will impact sales? How could the marketing mix elements be used to address this concern?
Step 2: Consumer Data Collection Method
What is the most appropriate data collection method for each of the following research questions?
How do consumers in South Dakota feel about Christmas shopping?
How do JCPenney customers feel about Penney's customer service?
What is the opinion of U.S. consumers toward a Chrysler advertisement that questions the quality of Japanese cars?
How many people nationwide currently live in apartments?
How do Sears charge customers view that company's new pricing policy?
Step 3: Netflix
Research Netflix and their marketing strategies.
How has Netflix's strategy been different from other competitors' strategies?
What is Netflix doing to stay ahead of competition?
Most firms cannot bring value to customers by themselves. How does Netflix bring value to its customers?
What is the source of Netflix's competitive advantage? Can competitors easily duplicate this? Explain.
Step 4: Communication Between Millennials and Banks
Many Millennial consumers believe that their primary financial institution does not send them marketing materials that interest them. Nearly half (46%) said their bank does not send marketing materials that are relevant to a future financial need. Two in five Millennials also complain that the offers they do receive are not personalized.
"I get a lot of advertising stuff from Wells Fargo," bemoans one of the bank's Millennial customers in a video from FICO on YouTube. "It just goes in the trash... immediately. I don't think my bank understands me as a human being. [My bank] is just a hole where I throw my money into."
Somewhat paradoxically, nearly 75% of Millennials say they do not receive too many offers from their bank, so they are open to more communication.
Millennials might say they would be receptive to more communications from their bank, but only if they're sent via one of their top four preferred channels: (1) email, (2) text message, (3) bank website, and (4) bank's mobile app. Yet 43% of Millennials do not think that their bank communicates to them through their preferred medium/device.
Another Millennial consumer echoed this sentiment: "[My bank] still sends me stuff in the mail, which is weird and annoying, and I don't want that."
Source: 50 Revealing Facts about Millennials and Their Money
Answer Questions
Do you think that the views expressed here for this generation would also be similar across other industries (other than banking)?
Banking relies upon building customer relationships and cross-selling products to existing customers - so how important do you think it is to get the promotion/communication mix offering right?
If you were a marketing manager for a bank, how would you use the information in the above article to influence your marketing activities?
Based upon the above article and your general knowledge, develop a segment profile (a description of the segment and their needs) for the Millennials.