Different companies compete in the same
space with completely different targets or segment focus. From our Live Breeze
session this week, we discussed headache/pain relievers and how consumers of
different demographics, specifically age, have different needs. A young person
may have a simple or major headache, pain from working out in the gym, or
partying too much. An older consumer may seek out similar products for
arthritis pain. Females also may have their own uses/needs for similar
products. Drug manufacturers and marketers take these needs and values into
consideration with their formulas, names and promotion. Some of these are specifically
marketed towards older consumers with a container that isn't child proof.
Another product that comes to mind that is valued and viewed differently among a variety of consumers is the automobile. A 16-year-old simply wants four wheels and a gas tank to get from Point A to Point B – sometimes that same 16-year-old wants a sports car. The parent of that same 16-year-old wants their child driving the safest car possible. Some see their car as a status symbol and others simply want a red one. A consumer in their twenties has different style preferences than those in their sixties.
Sometimes brands are known for engineering, luxury and status. One brand that is known for all of these characteristics is BMW and is usually marketed towards those with higher income or older consumers. BMW is a good example of an auto manufacturer that has taken different approaches to market to different targets. BMW has vehicles that target the power-craving consumers as well as the economical/environmental drivers.
Demographics play a big role in automotive preferences. In areas with harsher winters, trucks and four-wheel-drive SUVs are more popular. In cities, consumers may prefer smaller, more economical vehicles. Family size and age can be a factor for determining preferred vehicle size. Some auto brands such as Volvo build their reputation around safety. This reputation and message appeals to parents with young passengers/drivers. Consumer research and purchase history can help manufacturers evaluate this market.
Fuel economy is a selling factor that has become more of a concern for consumers recently due to increased fuel costs. Some manufacturers have tailored their design and marketing to selling their car is fuel efficient. This is a challenge in the consumer minds to buy a car for better fuel economy when they may want a larger, more powerful option. Volvo has marketed their vehicle lines to get good fuel economy while still maintainingthe fun factor.
Another product that comes to mind that is valued and viewed differently among a variety of consumers is the automobile. A 16-year-old simply wants four wheels and a gas tank to get from Point A to Point B – sometimes that same 16-year-old wants a sports car. The parent of that same 16-year-old wants their child driving the safest car possible. Some see their car as a status symbol and others simply want a red one. A consumer in their twenties has different style preferences than those in their sixties.
Sometimes brands are known for engineering, luxury and status. One brand that is known for all of these characteristics is BMW and is usually marketed towards those with higher income or older consumers. BMW is a good example of an auto manufacturer that has taken different approaches to market to different targets. BMW has vehicles that target the power-craving consumers as well as the economical/environmental drivers.
Demographics play a big role in automotive preferences. In areas with harsher winters, trucks and four-wheel-drive SUVs are more popular. In cities, consumers may prefer smaller, more economical vehicles. Family size and age can be a factor for determining preferred vehicle size. Some auto brands such as Volvo build their reputation around safety. This reputation and message appeals to parents with young passengers/drivers. Consumer research and purchase history can help manufacturers evaluate this market.
Fuel economy is a selling factor that has become more of a concern for consumers recently due to increased fuel costs. Some manufacturers have tailored their design and marketing to selling their car is fuel efficient. This is a challenge in the consumer minds to buy a car for better fuel economy when they may want a larger, more powerful option. Volvo has marketed their vehicle lines to get good fuel economy while still maintainingthe fun factor.
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