Instructions:
To answer parts one and two, you will need to write about Lost Street Brewing Company. Below, you will find a video of an interview being conducted. Please ensure there is no plagiarism, and keep this homework assignment confidential.
Company: Lost Street Brewing Company
YouTube Video Link: https://www.youtube.com/watch?v=ofPPcN1veG0
Part 1
Define Consumer Markets, parts 1-4.
For those marketing products to consumers (or through a channel that sells directly to consumers), understanding the purchase decision process of the target market is an essential element of the marketing plan. This exercise includes the following activities:
1. Develop a demographic profile of the customer to include:
A. Age
B. Income
C. Occupation
D. Education
E. Lifestyle (activities, interests, opinions)
2. Describe the motivation of the target consumer. Why is the consumer buying the product?
3. What external forces will influence the target consumer as he or she considers the purchase? For example, will the consumer’s culture or subculture affect the purchase decision? How?
4. Describe the consumer’s typical purchase decision process. What is the likely process a consumer will go through in making the decision to purchase the product?
Part 2
Identify Target Markets, parts 1-4.
1. Consider the various approaches to segmenting your market(s). What segmentation approaches do you recommend? Why do you recommend those approaches over other available approaches?
2. Evaluate your proposed segments against the criteria for effective segmentation. What does this evaluation lead you to conclude about the best way to proceed?
3. Systematically analyze each potential segment on your list using the three steps you learned in the chapter: (1) Assess each in terms of segment size and growth potential, segment competitive forces, and strategic fit of the segment; (2) For the shortlist that emerges, develop profiles of each potential target market, then identify each of your final set as primary, secondary, tertiary, or abandoned; (3) Select the target marketing approach for each of your primary targets.
4. Identify the likely sources of differential advantage on which you will focus later in developing your positioning strategies.
