MKT 320F Exam 2 Lecture Notes

MKT 320F Exam 2 Lecture Notes - MKT 320F Exam 2 Lecture...

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MKT 320F Exam 2 Lecture Notes 2-8 Friday Targeting Customers (not in book) Age Income Ethnicity Cultural values Monitering Demographic shifts allows marketers to: ID market segments—Obama and Clinton marketing to Hispanics in Spanish on tv, probably should use radio instead Forecast product sales Select media for reaching customers Changing Age structure Relentless aging in America! Median age of Americans is expected to reach 38.5 in 2025 Baby Boomers 76 millions Americans born bt 1946 and 1964 Boomers now 40 to 58 years old Maturing of boomers is one of biggest demographic developments for marketers Attractive market to sell bc it’s affluent, searching for youth: o Can market luxury goods like cars o Buyers of investments, real estate o Expensive skin care products o Exercise machines o Health food Ethnic Population Developments White, not Hispanic 71% Hispanic, any race 12.5% Black, not Hispanic 12.3% Asian and Pacific Rim 4% American Indians 1% Marketing Development Video Us pop double by mid century US is becoming ethnically diverse—3 groups (Hispanics, blacks, Asians) will make up 50% of population in…. Demographics interact with geographic and behavioral segments Baby boomers retirement will fuel demand for housing, retirement leisure a Generation X-cosmetics, fast food, comps, sports, clothes individualistic, sassy, care about environment; skeptical about marketing Toyota developed a marketing effort for this generations Genesis; focuses on substance rather than style knowledge to make well-informed decisions; treat consumers like intelligent people Echo, XYR (sporty), MYspyder (roadster 2-seater) Body Glove also caters to gen X, surfing; no one wants to be in the box; sponsors a pro surfing team of young, up and coming hot shots
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Gen Y-50 million young people, 3X’s as big as gen X, racially diverse, technologically sophisticated, cynical towards marketing; internet is their language; lego land has been successful towards the youngest Expanding globally is risky—Lego land from Europe to America Asian Pacific group is smaller than blacks and Hispanics but have more buying power Black-$572 billion Hispanic-$452 billion Asian pac-$263 billion These groups are projected to reach 100 million people in excess by 2020 Asian pac will grow the fastest Hispanic families-younger and larger families; close family ties; loyal to brands Fiesta grocery stores advertise on radio and papers in Spanish Salsa has outsold ketchup since 1992 People are going after Hispanic marketplace—it’s growing purchasing power and size Cingular is focusing on Hispanics Use cell phones more than any ethnic group Family oriented Average voice minutes is 975 By 2010, 1 of 6 US citizens will be Hispanic Spending power will hit 1$ trillion soon Fastest growing segment in us wireless market
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MKT 320F Exam 2 Lecture Notes - MKT 320F Exam 2 Lecture...

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