Reference no: EM132399550

Question:

9) Decision Point: Target Marketing

Now that you've conducted marketing research, you want to determine the target market for the new service. How would you best describe the demographic variables for this target market? 

Decision point: Target Marketing; determine the market for the new service; how to describe the demographic variables for this market? from best to worse

Rank the demographic variables indicated from "best" to "worst" 

Age:                            Best                Income.                                   Best                                                     

Under 30.                ..........?            Less than $25,000                  ..........?

30-45.                      ..........?            $25,000-$50,000                    ..........?

46-60.                      ..........?            $50,000 - $75,000                  ..........?

Over 60                   ..........?            Above $75,000                       ..........?      

Worst                                                 Worst

Extra information to consider:

1) Decision Point: Your External Environment

You're scanning the morning news and realize that several factors in the external environment could positively impact the potential growth of the medical spa. 

Which of these news stories has the potential to have the greatest positive impact on the success of the medical spa? Anti-Aging Industry Booms for Baby Boomers.

2) Decision Point: Type of Environment

You've selected the headline "Anti-Aging Industry Booms for Baby Boomers" as the factor having the greatest positive impact for the medical spa. Which of the forces in the marketing environment does this most strongly reflect?  Sociocultural environment. 

Marketing Processes and Consumer Behavior

3) Decision Point: Evaluating Facial Resurfacing

Your first step in pursuing expansion is to do some marketing research. After some initial consideration and research into what services are currently available in the area, you identify three potential growth opportunities for the medical spa. 

The first potential growth opportunity is to add facial resurfacing treatments designed to remove age spots and wrinkles.   You plan to purchase some marketing data from a marketing research company, but you have a limited budget, so you want to make wise choices in purchasing the data.   Of the choices shown, which would you consider to be the most important in evaluating the potential of this growth opportunity? 

You chose age 40 and over. This was the best choice, because people under the age of 40 would not be the most likely candidates for treatments designed to remove age spots and wrinkles. It would also be important to know how much of the population is male vs. female, because women typically have more nonsurgical cosmetic procedures than men.

Marketing Processes and Consumer Behavior

4) Decision Point: Evaluating Body Contouring

The second potential growth opportunity is to add nonsurgical procedures for removing fat and cellulite -- also known as noninvasive body contouring. Once again, in purchasing marketing data from the marketing research company, you want to make wise purchase decisions.  Of the choices shown, which would you consider to be the most important in evaluating the potential of this growth opportunity? 

You chose overweight and/or obese. This was the best choice, because people who are overweight or obese would be the most likely group for a cosmetic procedure to reduce fat and cellulite.

Marketing Processes and Consumer Behavior

5) Decision Point: Evaluating Acne Treatment

The third potential growth opportunity is to offer treatment for acne that involves using multiple laser and light devices to reduce both acne and scarring.Once again, in purchasing marketing data from the marketing research company, you want to make wise purchasing choices. Of the choices shown, which would you consider to be the most important in evaluating the potential of this growth opportunity?  between the ages of 16 and 40. 

6) Decision Point: Evaluating Marketing Research Data

After making your selections, you receive the following email. From: Dennis Cummings, Marketing Research Pros /Subject: Research Data /Here is the marketing research data that you requested. Please give me a call if you have any questions or if you'd like to discuss the data further.

Area State

% of population age 16-39 22.2%. 24.7%

% of population age 40 and older. 37.5%. 22.6%

% of population female 52.8. 50.8%

% of population overweight/obese. 26.2%. 32.7%

Median household income. $67,180 $49,446

Based on this report, which of the options would appear to be the best?Select an option from the choices below and click Submit.

You chose skin resurfacing. This was the best choice, for several reasons. First, the percentage of the population age 40 and older is higher than the state average, and that points to an aging population that may be interested in reducing wrinkles and age spots. Second, there is a higher percentage of women than the state average. Finally, the median household income in the area is significantly higher than in the rest of the state.