Q1. XYZ Corporation is a leading retailer in the fashion industry, primarily targeting middle-aged consumers. However, recent demographic shifts show a growing population of younger consumers with different tastes and purchasing behaviors. As the marketing manager, you are tasked with adjusting XYZ Corporation’s marketing strategy to better serve this changing demographics. Analyze the impact of the demographic changes on XYZ Corporation’s marketing strategy. Propose a new marketing strategy that considers these demographic shifts and addresses potential challenges. Justify your recommendations with appropriate marketing theories and concepts. (10 Marks)
Ans :
Introduction
Demographic changes have a big effect on what customers want and how they act, which means that companies have to change their marketing strategies to stay competitive in the fast-changing fashion retail sector. XYZ Corporation, a well-known store that sells trendy clothes and accessories, has usually catered to middle-aged customers.
Concept & Application
Impact of Demographic Changes on XYZ Corporation’s Current Strategy
The move to a younger demographic poses unique problems and opportunities for XYZ Corporation. Traditionally, the marketing mix targeted middle-aged consumers, emphasizing quality, durability, and timeless design, and was typically supplied through physical retail channels with little internet participation.
Conclusion
The demographic transition towards a younger consumer base poses both a difficulty and an opportunity for XYZ Corporation. To respond to these developments, XYZ must shift from its traditional, middle-aged-focused marketing strategy to a dynamic, digital, and trend-sensitive approach.
Q2 (A) A company that has been successfully selling consumer electronics to individual customers is planning to enter the business market by offering bulk sales of its products to corporate clients. As a marketing manager, you need to prepare a briefing on how the business market differs from the consumer market. Explain two key differences between business markets and consumer markets that the company should consider when developing its marketing strategy. Provide examples to illustrate these differences. (5 Marks)
Ans :
Introduction
Understanding the differences between corporate (B2B) and consumer (B2C) markets is critical for developing effective marketing strategies. Business markets feature corporate transactions and differ greatly from consumer markets, in which people buy goods for personal use.
Concept & Application
Buying Process
The buying process is a key contrast between commercial and consumer marketplaces. In consumer markets, purchasing decisions are often made quickly and are heavily influenced by emotions, brand appeal, and personal preferences. Consumers typically make decisions alone or in small groups, focusing on price, product attributes, and brand reputation.
Conclusion
Understanding the critical distinctions between business and consumer markets enables companies to tailor their marketing strategies better.
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