Product: Diamond engagement ring
Company: Mr. T's Heart of Gold
Question 1: After referring to the CCSM, who is the target market, and what is the
interconnectedness between Education, Occupation, and Income Role Types that drives certain
consumers to purchase a diamond engagement ring?
The target market for a diamond engagement ring would be women (age 21 to 35), as well as
their male counter parts—who are most likely paying for the ring itself—because this is generally the
age range that people tend to get married. To purchase a ring of this stature, one most have the
monetary means. Let's say the ring costs $10,000 (a price we discuss later). There are then two types of
buyers. The first buyer has not saved up/does not have the money to pay the ring in full at the time of
purchase. That person would then need to take out a line of credit, which necessitates a good credit
score and a steady stream of income to make payments on the rings. This means the buyer would need
to have a job, and possible even—at least—a high school diploma, and a middle class income level
($20,000 to $40,000). The second type of buyer has the money to pay the ring off in full at the time of
purchase. This buyer definitely has a high school education, if not a college degree, and has a full-time
job with a upper-middle class to wealthy income ($50, 000 and up).
In this way, a buyers education determines the job he/she will get, and that job produces the
income needed to purchase a diamond engagement ring.
Question 2: In regards to Income as a scaled role type, what kind of marketing should one use to
target consumers that have a need for a diamond engagement ring, given their income is between
$35,000 and $100,000?
To answer this question, a marketer needs to look at what kind of media buyers with an income
between $35,000 and $100,000 will see—and see often. The phenomenon that TVs are a luxury is a
thing of the past, so let us just assume that advertising on cable is a good practice to get the word out,
but not necessarily the best to target our market. The type of media that wealthier people tend to look at
often is one that requires a precious commodity that people that do not have a “wealthy” income cannot
possess: Time. The most time consuming, media-related activity, according to Business Week, is
reading a magazine—which is in itself ironic. We should advertise our diamond engagement rings in
magazines that are geared towards young couples because people with time both read magazines and
often time have money.
Question 3: What percentage of consumers that bought a diamond engagement ring were males?
Refer to a histogram.
The anthropology department at Rutgers University concluded that in 84% of the cases where a