Question

Question: For each of the following product/service, pick two stages in the household life cycle ( Single I, Young Couples no children, Full Nest I, Single Parent I, Empty Nest I, Delayed Full Nest I, Full Nest II, Single Parent II, Empty Nest II, or Older Single) you can pick different stages for each product/service. Describe how your marketing strategy for each of the products/services would differ depending on your chosen target markets. Each answer should be at least one paragraph for each question.

a)      Minivan

b)      Energy drink

c)      Breakfast cereal

d)      Trip to Hawaii

Answer 1

The target audience influences the marketing practices and the sales of a company. The marketing strategies also depend on the target audience of the product.

1) Minivan: The target market of this product will extend to Full Nest 1 and Full Nest 2. It is because both the types of individuals have children. The fundamental difference is that in Full Nest 1, the younger child's age is less than six years, and on the other hand, the age of the younger child in Full Nest 2 is more than six years. Both the families will require a minivan to travel. Hence, the marketing strategy that the company should use is advertisements. Advertising is the best strategy for marketing because the advertisements attract and influence the older people a lot.

2) Energy Drink: The target audience for the product extends to Single 1, and Single Parent 2. It is because single people tend to work out more, and thus, consume the energy drinks. The product's best marketing strategy is celebrity endorsement because the celebrities influence the country's young people.

3) Breakfast cereal: The target market of the product includes Empty Nest 2, and Older Single. It is because older people tend to consume more cereals in the breakfast than the other generations. The best marketing strategy for this market is personal selling. The older people tend to buy more from the door-to-door sellers or sales representatives at various stores.

4) Trip to Hawaii: This product's target can be Young Couples jo children, and empty nest 2. The younger generation might plan to go on a honeymoon or short trips after their marriage, and on the other hand, older people might want to travel to different places. Hence, the best marketing strategy is lottery or advertisements because the tickets to trips in a lottery can attract many consumers.