Overview

In this assignment, you will apply the steps in the consumer buying process to your purchase of a significant household item.

Outcomes

1. Identify the four components of the marketing mix and their application to target market segments.
2. Interpret the consumer buying process to product marketing decisions.
3. Discuss pricing strategies for different competitive situations and identify pricing tactics.

Instructions

1. Select a product that would be a significant household purchase (i.e., a product that costs more than $500 and something you would purchase every 510 years). Apply the steps in the consumer decision-making process in the modules readings to the purchase of this item. This should not exceed 1 page in length.

2. Include a paragraph summary explaining how the marketing mix differs for each segment in the chart. The summary should not exceed page.

NOTE: Market segments break down a larger market into smaller, more homogenous groups using demographic (age, gender, education, income), geographic, psychographic (consumer-based interests or activities), and behavioral (usage, buying habits) characteristics. The purpose of segmenting a market is to allow your marketing/sales program to focus on the subset of "most likely" prospects to purchase your offering.