Question

Explain how marketers can use consumers’ interests, lifestyles, and personalities (e.g., from the contents of their blogs, tweets, and Facebook profiles) in predictive analytics?

and

A company is introducing a new E-book reader. Suggest segmentation, targeting and positioning strategies for the new product?

Answer 1

Marketers can use the consumers interest along with lifestyle and personalities in predictive analysis by analysing the type of the product consumer is willing to consume and there will be also trying to derive the network of the consumer which will provide them with an idea about the beliefs of the consumer and the liking pattern of the consumer and the marketers will be targeting those consumers by production of such products according to the price range and the willingness and the desire and the demand of the customer so that they can attract those customers in order to buy this product and it is often seen that the company is using the social media tools in order to analyse the demand and the preferences and the changing pattern of consumption of the consumer so that they can properly adapt to changing needs of the customer by development of production ability & it will be helping in predictive analysis as it will be helping the the marketers to prepare the product according to the demand of the customers and they will also adapt to the changing environment.

When the company is introducing new ebook reader than it should be trying to apply a segmentation strategy and it should be segmenting those customers who are consuming books regularly and they will be trying to buy this products and the company should be trying to analyse their consumption pattern by producing the product according to the needs of the customer as per the methods of targeting and it should be trying to price the product in such a way that it could stay competitive and provide enough satisfaction to the customers so there will be a desire for the product of the company if the company is going to differentiate the need of the customers and produce the product according to the needs of the consumer as per the targeting approach and it will also try to position itself by developing of competitive strategy so that its product can gain the required market share.