“If you want to create messages that resonate with your audience, you need to know what they care about.”
– Nate Elliott, Marketing Technology Adviser
Consumer Preferences
It is crucial that your Product Strategy follow the preferences of your consumers. Valuable Market Research has been conducted to investigate what your customers are looking for in the products they buy. This information is available to you under the Market Information Report (under the Key Reports menu).
The table above (taken from the Market Information Report) will tell you important areas that you should be focusing on.
For example, the Mountain Segment has High sensitivity to Advertising. What this means is you should be focusing your Marketing Budget on Advertising and not PR (as the Mountain segment has low sensitivity in this area). If a market segment is highly sensitive to one area this means: “if you increase this figure, then proportionately more people are going to buy your bike.” This would then result in a higher return on your investment than if you invest in areas where your target market segment has a low sensitivity in.
Each market segment is sensitive to different dimensions. View the Market Segment Scenario Information report.
If we take the Racers segment we see it has a low sensitivity to Advertising and a high sensitivity to PR. This means that an increase to our Racers bikes’ PR index (see Market Summary report) is going to have a larger increase to our sales volume than a change to our Awareness rating.
Questions?
We strongly recommend all MikesBikes Advanced users view our Business Simulation Tutorial Videos.
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