Question

Course: Marketing Management

For a product of your own choosing, pick one logical variable (e.g., age) that can be used to segment the market. Now add a second variable (e.g., gender) so that customers have to satisfy the categories of both variables simultaneously (e.g., 18 - to 24 year old women).Now add a third variable. How many possiblesignments can you identify from a combination of three variables? What implications does this have for the marketing manager?

Answer 1

I am choosing a product related to food items ( chocolates, snacks )

We need three variables such as age, gender and state or country ( place or location)

So we have to consider the third variable first in how many states or countries we are launching or marketing our product

For example 20 states in USA out of 50 we have

Then what age group likes our product most

Age group (6-12),(12-18),(18-24),(24-40),(40-60),(60-...)

We have classified in to six groups

As we know we have 2 genders either male or female

Now for every group we have 2 columns

Total we have 12 columns of our predictions of sales and perfect sales happened

For 2 genders we have both predictions and perfect sales figure

And we have 20 states to market we have total 24*20= 480 list of columns n sheets to present.

For every age group and country we may vary product price and quantity .

We have many obstacles as a marketing manager to make our product successful