MGMT 211 – Introduction to MarketingMarketing is a broad and exciting field of work. There are so many tools marketers use to attract and persuade prospective customers to buy their products and services. Deciding whether or not to use social media, direct mail, TV or radio ads, a simple website or some combination is the real question. But in truth, THE MOST IMPORTANT PART OF MARKETING IS IDENTIFYING THE RIGHT CUSTOMERS! If you aren’t communicating with the people who actually need your product/service, then you aren’t likely to sell anything at all. Conversely, if you find the right people – including people who have enough money to buy – then all you need is a good offer (price & features) and a good message. BUT – it’s the segmentation that comes firstThis assignment is designed to give you a better understanding of the marketing segmentation process and the tools marketers use. I think you’ll have a little fun with it because you get to analyze yourself as part of the market!Two major organizations have developed complex methods to help marketers define their consumer segments using different but valuable tools.• One of the earliest and still viable ways to segment is with a program called VALS. VALS, developed by SRI International, identifies nine different psychographic traits that help marketers reach the best prospect for their market. VALS uses a survey to identify the various segments. After you’ve read through the rest of this assignment, check out the website for VALS. And take the 42 question survey to find out where they place you in their segmentation strategy. Here is the link: http://www.strategicbusinessinsights.com/vals/presurvey.shtmlClaritas is another segmentation company that uses a different more complex strategy. Claritas has compiled demographics for EVERY US zip code and have established a series of over 60 lifestyle segments that help link lifestyle segments to their specific products or services that meet the needs of folks in each category. Working with Claritas, marketers can identify zip code areas that meet the psychographic characteristics of their market. There is a Claritas program, called PRIZM Segmentation, which is used to identify specific markets even within neighborhoods. Here is a link to more on PRIZM: https://claritas360.claritas.com/mybestsegments/#zipLookup1Assignment: Segment yourself!1. VALS – Go to the VALS site and take the VALS survey to see what categories you fall into, based ono the answers to the 42 survey questions provided. Then, analyze the results. Include the following:Write a summary description of your primary and secondary segments, based on the survey you took. (Do not copy and paste, just summarize in your own words.)Then, let me know if you think they got it right or did they miss the mark? Provide at least two examples that support your findings.Remember that the examples they give are indicative of someone who might fall into a specific category (i.e. Makers like to sew quilts.) You may not like to sew quilts but may have some other similar ability’s or interests.(15 points)Then select two of your favorite products – do you think your VALS results support the fact that you prefer these products?Explain your reasoning. (5 points)2. PRIZM – Next go to the PRIZM site and do a zip code look up for your home address. If you are not comfortable with that – select some other area with which you are familiar. To do this, however, you must know something about their neighborhood demographics. The result will be a listing of lifestyle segments that Claritas believes makes up the zip code area you used. Analyze the results:Look at the PRIZM data – do you believe it accurately reflects the psychographics of your zip code area you selected?What did they get right and what was wrong or off?Explain your reasoning and give two examples.(15 points)Identify two products (not the ones listed on the PRIZM results page) you believe are targeted to people in your zip code area.Explain why you believe it to be true. (5 points)2Your Evaluation:Let me know what you think about these tools?o How would you imagine using them?o Do you think they are valid?o How do you feel about companies like SRI International or Claritas that sellthis information for a living? Is this practice acceptable, intrusive, ethical?Make sure you include a summary conclusion.(15 points)Deliverables/Formatting: Hand in a two-page typed, single spaced (12-point font) analysis answering the questions above. Be specific – provide examples – give thoughtful explanations (e.g ”I disagree because I don’t like the products they listed.” is not a “thoughtful” explanation.)The paper should be free from grammatical mistakes and submitted on the date outlined in the course schedule.Be sure to include your last name as part of the document name so they are easy for me to identify when I lookonline. (for example: frazier segmentation.doc)(points)Have Fun!
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