Discuss demographic characteristics on your target consumer

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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

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