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TIM MAY Con Behav Journal 1 morning class

TIM MAY Con Behav Journal 1 morning class - Tim May...

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Tim May Consumer Behavior Journal #1 10/6/11 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 ring was involved in a proposal, the man bore the total cost of the ring, which is then worn by the female. There is not much to this phenomenon. It is simply traditional and deeply engrained in our culture to act this way. For a man, buying the ring for the female is a symbolic act that has origins in
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the becoming aware of the behavioral obligation of providing for the woman and a family. Consult
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TIM MAY Con Behav Journal 1 morning class - Tim May...

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