Reference no: EM132458144
DeBeers Group: Marketing Diamonds to Millennials Assignment Questions:
Question 1. Describe DeBeers' target audience, millennials, in terms of demographics and psychographics, values and life style.
Question 2. Based on the description of the target audience, define millennials' needs, wants and demands as they relate to diamonds and diamond substitutes. Use the five types of needs identified by Kotler. [2: From Philip Kotler's Framework for Marketing Management: "Some customers have needs of which they are not fully conscious or that they cannot articulate. What does the customer mean in asking for a "powerful" lawn mower or a "peaceful" hotel? We can distinguish five types of needs: Stated needs (The customer wants an inexpensive car). Real needs (The customer wants a car whose operating cost, not initial price , is low.) Unstated needs (The customer expects good service from the dealer.) Delight needs (The customer would like the dealer to include an onboard GPS system.) Secret needs (The customer wants friends to see him or her as a savvy consumer.) Responding only to the stated need may short change the customer. Consumers did not know much about tablet computers when they were first introduced, but Apple worked hard to shape consumer perceptions of them. To gain an edge, companies must help customers learn what they want." ]
Question 3. Describe what you believe the DeBeers value proposition to be based on the information provided in the case. Based on your insights into the millennial target market, how should DeBeers change their value proposition to create more value for this target audience?
Question 4. Based on your revised value proposition, identify three marketing actions DeBeers could implement that would improve their prospects with the millennial target audience. Identify and support an important marketing metric for each idea.
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