The goal of this exercise is to help you recognize that product, price, place, and promotional strategies are directly dependent upon the consumers generational connection. Generation connection can be defined as the connection to different generational groups influencing the consumer’s behavior.
As the Chief Marketing Officer of a company or product of your choosing, identify how your firm might develop a marketing strategy for each microgenerational group. For example, if the product were Hersheys Cocoa, you might do the following:
Product Strategy: Cans with easy-opening lids, easy-to-read instructions, and smaller sizes.
Pricing Strategy: Value would be greatly increased as a result of grandchildren eating their grandmother’s cookies.
Place Strategies: Available in grocery stores in the baking aisle (instead of the milk aisle where it is used as a milk additive).
Promo Strategies: Baking cookies for the grandchildren in ads placed in Modern Maturity and Readers Digest.
In your initial post, complete the following tasks:
Review the materials on the instructional resources(Chapters 8, 9, and 10) and lecture presentation pages.
Use the “performance measurement template” to identify the product, price, place, and promotional strategies a consumer product of your choice would need to execute in order to target the following population groups:
Explain how the strategies would differ and why?Page 2)