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Marketing Management

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Greg I have this from my Professor , about the discussion 2 that you helped please read and give a hand here. asked me a question about the project that you are helping me Brand Extension . Thank you . Here is:

” I enjoyed your selected article”. You mentioned, “The research recognizes that about 64% of the B2B marketers understand their customer’s’ past behaviors however, that same research postulates that a strong knowledge regarding the customers’ demographic makeup is far more vital for all marketers if they want to reach the specific markets”. In a Consumer Behavior class that I have taught here at Kaplan, we spent a good deal of time discussing psychographics. So, I cannot resist the urge to elaborate on this concept. Even though marketers may have determined their demographic group, people within that group still have very different perceptions about the benefits or value of a product and will be motivated for different reasons. These differences are known as psychographics. To further target marketing efforts, marketers need to determine not only who buys (or will buy) a product, but what makes them want to buy it. Marketers should include as much psychographic information as possible, such as what the customer’s spending patterns are, whether they are brand conscious for various product types, what influences their buying behavior, what promotional efforts they respond to most often, etc. Marketers also want to know how potential customers go about purchasing and what can be done to encourage them to purchase more. Marketers need this information to duplicate the best customers. It is important to really pick apart what motivates customers to buy. Here are some examples of psychographic variables. Psychographics (attitudes) examples Need for status Role of money (does it buy material things, self-esteem, etc?) Ethics/”moral compass” Risk-taker vs. conservative Spendthrift vs. hoarder of money How might the target market be different for the (BEMP)project you are working on in this class from the biggest competitor?

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