Discuss demographic characteristics on your target consumer

Reference no: EM133524197

Assignment: Fashion Promotion

Objective: It is important for retailers to understand consumer behavior. Retailers use this information in marketing segmentation and development of retail promotion strategies. The goal of this exercise is help you conduct research, study consumer profiles from specific area and use consumer information to comprehend consumer demographic, geographic and psychographic characteristics in order to develop promotional strategies to influence consumer behavior. This activity will support your research and analytical skills.

Hypothetical Situation: Suppose you are starting a new business in your hometown, selling a product like jeans. You have limited understanding about your target consumers and are unsure about the type of product that will sell in that area, the appropriate price point, place/distribution channel, and promotional strategies need to attract consumers to your product. To gain deeper insight of consumer in your hometown, you have decided to conduct research and use resources from Claritas Inc.

Note that retailers use several global marketing research firms to understand target consumers. Claritas Inc. is one of such market research and data analytics company that specializes in providing consumer segmentation and demographic data to businesses and organizations. They gather and analyze data from various sources, including surveys, public records, and proprietary sources, to create detailed profiles of consumer behavior, preferences, and demographics. One of their primary offerings is the Claritas PRIZM segmentation system, which classifies U.S. households into 64 distinct segments based on various factors such as income, age, lifestyle, and location. These segments help businesses and marketers better understand and target specific consumer groups for their products and services.

Important Note: You MUST review the YouTube video "Claritas 360 Target Segment Measures Report Interpretation" to begin using Claritas360

To conduct your research, visit the Claritas 360 website and locate the ‘ZIPCode Lookup' feature. Enter theZipcode of your hometown. Clarity will automatically generate a report containing information about specific consumer segments, consumer demographic, lifestyle and media traits.

Based on the report, write a 1 to 2 pages reflection paper. Don't just repeat back the data! Take this opportunity to think about your hometown and analyze the potential business opportunities, as well as positive and negative factors that may impact your new business. Consider the following points in developing your reflection paper:

Question A. Discuss demographic characteristics on your target consumer such as population in your area, average age, education, income, family composition, race etc., and how it may impact product quality, price, place and promotional strategies.

Question B. Explain psychographic characteristics such as lifestyle, interest, personality, etc. To interpret psychographic profile, think about where do you target customers eat, play, shop and travel? Again, relate this information to exploring how it may impact product quality, price, place and promotional strategies.

Question C. Considermedia usage, consumer use in day-to-day activities and the most effective promotional strategyto reach out to your target customers?Finally, identify atleast three promotional strategies (think about promotional mix you have learnt in Ch. 1) that you will chose to reach your consumers, and explain why those strategies will be effective in selling your product.

Question D. Overall, how the above information will impact your business plan. To strengthen your reflection report, you can use images of 2-3 specific products that you wish to sell. Use only fashion apparel related product.

Reference no: EM133524197

Questions Cloud

Compare the causes signs and symptoms and treatment : Compare and contrast the causes, signs and symptoms, diagnostic tools, and treatment. In what ways are they similar? In what ways are they different?

What message do you think the artwork conveys : What do you think should be done with the artwork. What message do you think the artwork conveys? Do you think the message is vague?

Design a research communication strategy for an existing : ENVM7003 Applied Research Methods, University of Queensland - Design a research communication strategy for an existing research study

What would your family say your temperament was like as baby : What would your family say your temperament was like as a baby? Were you easy going, difficult to keep content, or slow to warm up?

Discuss demographic characteristics on your target consumer : Discuss demographic characteristics on your target consumer such as population in your area, average age, education, income, family composition, race etc.

Determine the estimated residual value of the equipment : Determine the estimated residual value of the equipment. What is the depreciable cost of the equipment? Calculate the depreciation expense for 2023 under

Discuss future career aspiration : Discuss future career aspiration like continuing to grow in the real estate industry and working on getting a real estate license in Louisana and constantly

What would be mrp pharma net float if the collected funds : Calculate the disbursement float, collection float and net float for MRP Pharma. What would be MRP Pharma's net float if the collected funds were available

Remaining moral theories and supreme moral principles : Summarize Cahn's assessment for the remaining moral theories and supreme moral principles he deals with.

User Account

All Pages