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Principles of Marketing

Critical Thinking Exercises

Principles of MarketingCritical Thinking Exercises
1 .
Like Nike’s marketing adaptation with “Nike by You,” other retailers offer customers individualized products. For instance, you can design your own jeans online. Brainstorm five other products that may lend themselves to customized offerings that express cultural or sociodemographic differences.
2 .
Diversity marketing intelligence (DMiQ) refers to the capability of identifying, accepting, and valuing the diversity of consumers within a market and using this knowledge to tailor the marketing mix accordingly. Thus, capturing insights about consumers’ heritage, experience, lifestyle, beliefs, or living situations helps explain the nuances and idiosyncrasies associated with diversity. These insights helped identify that the LGBTQIA+ community generally spends more money online and at retail stores. Additionally, the research firm Out Now estimates the LGBTQIA+ community spends more than $211 billion on travel. How can the travel industry employ DMiQ to derive more value from this group that enjoys travel and is willing to pay for it?
3 .
Research has shown that members of the baby boomer generation possess the most wealth in the United States and are responsible for 70 percent of annual spending on prescriptions and medical supplies. Are there any ethical considerations in developing marketing messages to this large and older segment of society that doesn’t want to be pigeonholed as “elderly”?
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