Market Segmentation, Consumer Buying Decision, and Customer Relationship Management - Written Report

Question 1: Customer Segmentation

Prepare a written report that answers the following questions. Organize your report by using the same question numbers and headings as outlined below:

Please answer the following questions:

Question 1: Customer Segmentation (Answer should include completed template, PLUS a sentence or two to answer Part 1b) – 10 Marks

a. Utilizing the Template provided by the professor, entitled, Segmentation Variables Template, for the specific product or product category you have chosen, on what basis do you think your company segments its customers? Commonly used characteristics to segment markets (as discussed in class) are geography, demographics, psychographics, benefits sought and usage rates. Utilizing the Template provided, explain the market segmentation bases for this product. Review chapter 8, section 8-3 to support your answer as to the characteristics of segmentation. (See template on page 3)

b. Summarize who you believe the primary target market is for this product?

Question 2: Consumer Buying Decision

a. What cultural, social, individual and psychological factors are impacting the consumer’s purchase decision for your product? Explain why and how these factors impact the consumer’s decision. These factors are summarized in Exhibit 6.3 and throughout chapter 6.

Question 3: Customer Relationship Management (CRM)

a. Your company will want to ensure customers remain loyal and are engaged with the product and company. As discussed in class, building a strong relationship and trust with consumers are important factors to building loyalty. What does your company do to build customer relationships, strengthen customer engagement and trust and keep customers loyal?

Some ideas to consider when answering this question, but not limited to just these question - Does your company use CRM technology to assist with building a relationship? How do they use technology? What CRM tools do they use? What is the role of salespeople in selling your product to the end consumer? How are customer issues with your product resolved? What kind of messaging does the company use to build trust and loyalty with customers?