Final exam questions Essay Example | Topics and Well Written Essays - 1250 words

Final exam questions - Essay Example It will also help in delivering the right products to the right market. Demographics Segmenting a market for baby-ware can be challenging because the consumer is not the actual decision maker. In considering the demographics of such a market, it is essential to understand that the demographics of the parents will be necessary. In this case, the age and gender of the parents of the children who are the target market will be necessary to be considered. This will help in creating marketing campaigns which are directed towards specific groups of people (Wedel & Kamakura, 2000). Psychographic segmentation Psychographic segmentation is also important. This refers to the behaviour of the customers and the way in which these customers are likely to behave in relations to the product (Webster, 1995). Some customers are likely to be willing to pay a little more if the quality of the product is raised higher. Others are likely to buy more often while others may be more exposed to the fashion ap peal of the product. In developing a product for parents who want to buy fashionable clothing for their children, it will be necessary for the organisation to consider having fashionable products. Segmentation by occasions There are various occasions and seasons which may require various kinds of clothing for the occasions. For example, selling Christmas clothing may only be necessary during the Christmas season. Halloween attire may again need to be sold during the Halloween season. Question 2 Every product has to go through four main stages as follows; Introduction Introduction stage of a product is the time when the product has just been innovated and being introduced to the market. For an ice cream product at this stage, it would be necessary to have intensive market in order to make sure that as many consumers have managed to know the existence of the product. Active marketing such as advertising in the main media outlets will also help a lot in giving the product popularity (W ebster, 1995). Growth The growth stage is crucial because not only does it show that the product is improving, but also because the product at this time has started to make money, thus making it possible to retain it. At this stage, the important thing is to increase the visibility of the product in order to have access to a wider market. Maturity At this time, the product is always at its best and it making a lot of money. However, the product mow has faces two main risks. The first risk comes from the fact that this product has no more room for growth because the product has reached its peak. The second risk is the risk of imitation from new market entrants. At this point, the best thing would be to look for ways to re-innovate the product. Decline The last stage of a product is the decline stage and at this stage the product is dying out. At this stage, the product cannot be redeemed, and it is important to utilize it as a platform to introduce its successor (Ranchhod & Gurau, 20 07). Although the product is declining, it is still enjoying the fact that it is well known in the market. The best thing is to look at ways in which this product can be use to help the new product developed during stage three into the market. Question 3 In marketing, maintaining and strengthening customer relationship is always important. BMW has been one auto manufacturers who have managed to use modern marketing