Introduction to Marketing Essay
My VALS profile indicates that I am primarily a striver. My secondary profile is ‘experiencer’. According to the survey, this indicates that I have the tendency to be dominant in my approach in life. Moreover, it shows that I am trendy, fun loving and motivated by achievements. I value the opinions of others. I am an impulsive buyer and an active consumer. My secondary profile indicates my need to express myself in many ways. It also says that I always look for excitement, favoring the offbeat from the stereotype. Purchases reflect the importance I place on looking good and being cool (SRI Consulting Business Intelligence.
2009). A striver/ experiencer would definitely prefer a car that is latest in model, trendy and fashionable, probably a Benz or a Chevrolet, or if he’s a big fan of Asian cars, a Honda Accord 2009. Having a car of this type signifies power and dominance. It says that the owner has achieved a good status in life, having the means to purchase such car. It also reflects the owner’s personality of being competitively stylish. A good car is dominantly attractive when at the road, and it attracts good social status – a gorgeous image for
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The cost may be relatively high, but the price is enough to compensate for the car’s great value, which would serve in the long run. 2. How Does The Description Match How Someone With My VALS Profile Would Go About Buying A Car? This behavior definitely matches my personal choice. Assuming that I have enough resources to pay for a high-end car, I would definitely choose a powerful and trendy one that would serve my practical and social needs. I would painstakingly plan for my budget, so that I would be able to afford to purchase one and maintain it also.
As a personal choice, I would have a 2009 BMW 5 Series, a top of the line product that would definitely make me look good in the road, or even just parked in the garage. This would definitely give my social status a boost, and would allow me to enjoy traveling with my family and friends. 3. Suggestions for an Automobile Manufacturer to Appeal to this Profile Automobile manufacturers absolutely understand this consumer behavior, because they are pushing for a product that is not exactly a necessity, but is vital in comfortable and easy living.
In a fast-paced world where everyone is on the move, automobiles are being marketed as next to the basic needs in life, which are shelter, food and clothing. Cars are made for both its purpose and for the image that it gives its owner. Automobile manufacturers capitalize on both the practicality, as well as the aesthetics of a car. Automobile manufacturers conceptualize their marketing and advertising strategies particularly for the market of my type – those who love to display their achievements through the products they purchase.
To appeal to this type of market, car manufacturers and distributors must be able to position their products as a tool for power and social status. They must highlight the vehicle’s superiority over the competitors, and the impact that these products would cause to the owner’s lifestyle. They should also get endorsements from top celebrities such as Hollywood actors, sports and political personalities to emphasize on their product positioning. Endorsers should have gained the highest status in their respective fields to be able to convince their market to purchase their products. Read also introduction for online reservation system
Besides right product positioning, car manufacturers must be able to establish an emotional relationship between their prospective owner and their products to further entice them into purchasing their vehicles through their advertising campaigns. According to the Road & Travel Online Magazine, consumers always consider how a vehicle would compliment their personality, to the point of exceeding their budget to be able to get a car that promotes self image to boost their confidence and ego (The Emotional Connection. 2009).
To do this, automobile manufacturers should learn to prepare advertising campaigns that appeal to their target market’s need for self-expression. 4. Chevrolet Cobalt Marketing PRIZM primarily identifies a particular market’s demographics, while VALS focuses more on psychographics. For example, to market the Chevrolet Cobalt, I must be able to identify the market bracket who would want to get a reasonably cost and fuel efficient sports car that is the Cobalt. The Chevrolet Cobalt’s key message is speed and affordability (Chevrolet Cobalt SS Supercharged – Short Take Road Test 2009).
PRIZM’s segmentation of various market types according to lifestyle and consumer behavior would enable me to narrow down my focus to the right target market (PRIZM NE 2009). VALS’s analysis of personalities and profiles would equip me to create advertising campaigns tailor fit to my type of market (Welcome to VALS 2009). PRIZM would direct me where to go to conduct my advertising campaigns while VALS would give me an idea on what to do to capture this target market. 5. CNS and 3M CNS’s breakthrough products cater to medical needs to coughing, colds, snoring, and other related concerns.
It gained a high level of popularity in the US, but needed international exposure for the company to be able to maintain profitability and the business as a whole. Following a series of hurdles in marketing their products in the United States, forging a partnership with 3M Company paved its way to global success. Whereas their products were initially limited to serving a hospital’s laboratory needs, CNS eventually expanded into creating consumer products that would treat even basic allergies and snoring.
With the expansion of their target market, CNS saw the need to sell outside their basic market and partnering with a globally- renowned distributor to market their products proved to be a good business decision. CNS leveraged on the fact the 3M has already established itself as one of the leading distributors of medical supplies and equipments, and even medical consumer products. The partnership allowed CNS to enter foreign markets at a minimal effort. 3M had already known their target markets’ psychographics and demographics.
3M, on the other hand, benefited as well, as it was able to add to its already established product line CNS’ breakthrough products for a new and diverse market. 6. Market Segment to Enter If I were part of CNS and I would about to go global, I will choose not to deviate from my existing target market profile considering that this group has the greatest need for my products. The psychographics would generally be the same, but I would rather focus on where to find these people in the new market.
Where would I find those who could pay for my products? Where are the areas where my target market would be present? These are the questions that I need to address first before proceeding with my expansion. 7. Select 6 countries I would choose the countries that would best fit my market requirements. I would probably go Asia, particularly Japan, China and Hong Kong. I would also go London and South America. However, my decision would vary depending on the market segments that I have in mind. Do these countries have high incidents of allergies?
Are the people who live in these countries exposed to allergy-triggering elements such as stress and deteriorating air condition? Do these countries give high regard for particular sports that match the profile of my target market? Are the people open to medical breakthroughs enough for them to patronize my products? 8. Marketing Variables The PRODUCT POSITIONING and PLACE would definitely matter for 3M to achieve its global objectives. First of all, it has already established its product lines and has been very successful in the US Market.
But to get into global markets, it must know the areas for distribution by getting to know each target’s market’s profiles. I should also understand the needs of the new areas and be able to position its products as a need, and not just as a fancy innovation or a fad. 8. Segmentation Variables My main concern is to be able to identify the right places for my product distribution. As such, I would need to identify geographical points which carry the characteristics of my perceived target market.
Among the variables are City Size and statistical area. I would also need to find out the target market’s psychographics by analyzing gender and gender differences, marital statuses, income, education and occupation. Thirdly, I would need to analyze the values, lifestyles and personalities of my target market. My primary market segment would be the people whose needs include treatment for various related medical conditions such as allergies, asthma, snoring and other common breathing problems.
Some countries have high incidence of Asthma patients due to mixed variables of weather/ climate conditions, other environmental causes or exposure to elements that cause these problems. They are the ones who have history of the same medical conditions in their families and are widely present in specialist clinics and hospitals. There is definitely a source for statistics for these people. Athletes would be my secondary market. To find them, I would also need to consider similar variables, particularly occupation, income and education.
Buying situations would also be considered, particularly Benefits Sought, Awareness Intentions and Behavior. I would need to consider the market’s needs for the product and their involvement in analyzing and comparing the entry product to existing ones. Further, I need to ensure that there is indeed a need for my kind of product from my target market. Whether the need is great or relatively small, I need to create this need by sparking awareness on the product and the medical conditions that it could address. Reference List
The Emotional Connection. Retrieved March 21, 2009 from http://www. roadandtravel. com/company/advertising/relationshipauto. htm Chevrolet Cobalt SS Supercharged – Short Take Road Test. Retrieved March 21, 2009 from http://www. caranddriver. com/reviews/hot_lists/high_performance/american_performance/chevrolet_cobalt_ss_supercharged_short_take_road_test PRIZM NE. Retrieved March 21, 2009 from http://www. claritas. com/claritas/Default. jsp? ci=3&si=4&pn=prizmne Welcome to VALS. Retrieved March 21, 2009 from http://www. sric-bi. com/VALS/