Marketing 522 Check Point 2

1038 Words5 Pages
Check Point 2 (TCO H) Let us look at the retail book industry as an example. There are a lot of people who buy a wide variety of books. Using this industry as an example, divide this market into smaller market segments. Describe at least three of these markets segments. By making some assumptions, describe some characteristics of the target market (end customers) for each of these market segments. (Chapter 8 pg. 208- 226) One of the target market segments will be book enthusiasts who love reading and like to buy all kinds of books. These buyers spend a lot of time on reading and try to read as many new books as possible. The book enthusiasts can belong to a wide range of age groups. These consumers will be less-price sensitive because reading books is their passion. The second target segment will be kids and young children, who are mostly interested in books like comics or books for fun and education. Kids are fascinated by the world of books and accompany their parents to the store. The parents often decide for the best books for the kids. The third target segment will be students who buy books due to necessity, i.e., buy books not due to hobby or interest but out of compulsion. These buyers will be mostly focused on academic books. This target segment will be price sensitive and will search for the best deal as reading books is not their hobby but out of compulsion. (TCO C) What are the benefits to a company of a well-executed Branding Strategy? What are the benefits to a consumer? (Chapter 9 pg. 256-260) A good brand strategy will increase sales of each product sold under the brand label because consumers will trust it based on brand affiliation. More can be charged for each product based upon its perceived increase in value through association with the brand and other products in it. One advertisement can promote all products in the brand. The consumer
Open Document