Reference no: EM132277647
Select a retail store and complete the following, after inconspicuously observing the store and the customers. Do not intrude on customer space or interrupt any customer or employee experiences. Walk the aisles, and examine the product you selected. Note the obvious characteristics of any customers shopping for the same product. Be very familiar with the content of this assignment before entering the store.
Market Analysis
Company name:
Competitors – What local businesses sell similar products, or products that are not similar, but may be substituted?
Conditions – Relevant situation analysis –
Identify and discuss the local economy (jobs and incomes)
Identify and discuss local socio-cultural influences
Identify and discuss local psychographic influences
Identify and discuss any relevant legal or political influences
Identify and discuss how technology influences the reach of the company
Consumers – In the BROADEST sense, identify consumers of the category of goods or services provided by the merchant company
Market Segmentation (consumer focus)
Identify the specific need set of consumers buying this product. To assist with this, be certain to look at the contents of the label and the proximity of the product to other products in the store. Also, if you see customers who appear to be selecting this product: identify their gender, estimate their age, social status (income and education), cultural association and any psychographic characteristics.
Based on your response to (a), identify the key characteristics of the target segment for the product you chose.
Marketing Strategy (product or service focus)
Describe the marketing 4-Ps of the product you selected
Describe the purpose and characteristics of your product or service you chose:
Price range; be sure to describe any conditional price offerings:
Place the product: where are the stores typically located? Describe the ease of access for the target segment; describe any known alternative consumer access to the product.
Promotion strategy:
Does the provider of the product or service use any sort of mass media with a uniform message? If so, what are the primary mass media outlets used?
Does the store actively use personal sales for the product you chose? Were there any salespeople in the area who attempted to help you or others when looking at this product? Were these salespeople dedicated to the product category?
Does the product manufacturer promote their name through public relations initiatives?
Consumer Decision Process
What consumer problems does this product solve or address?
Given the price, and the promotional promises regarding the problems the product addresses, how do you think the customer will evaluate this product (positively or negatively) after purchasing?
Outcomes:
What are the outcomes of the sale of the product you chose for:
Individuals:
Society:
The producer of the product and the producers of competing products: