Please respond to the following:
- Go to Strategic Business Insights Website and take the VALS survey, located here. Determine if the VALS test provides an accurate representation of your buying habits. Speculate if the results of the survey will change over time, citing key external factors that would cause results to differ.
- Watch the video titled Targeting the Premium Dog Market, located here. Then, go to the United States Census Bureaus Website and explore the 2014 National Population Projections: Summary Tables, located here. What key situational variables will influence the dog owner target market? Provide two ideas of how premium pet product manufacturers can use this information in their market strategies.
Please respond to the following peer posting:
- I had not been aware of the VALS Survey before this week’s discussion. I did not know what to expect, but was interested to see what the results would show. My answers explained that I was an achiever then secondary as an innovator. I tend to agree with these attitudes. The website describes achievers as a family first attitude and one that follows a traditional life path. This explains my life perfectly. Most of the purchases that I make are centered around my household or my son in some way. Years ago I never thought that hardwood floors or a new vacuum would make me as happy as a fabulous price of jewelry. As I have grown up and became a wife and mother, my priorities have changed and that has affected what I decide to spend my money on. This last Christmas I was on the hunt for a PS5 and that became somewhat of a mission. If someone would have told me years ago that I would visit Walmart and Bestbuy online in the middle of the night, I would never have believed them. What is important to us drives what we buy and that is all dependent on the place that we are at in our lives. The secondary description of an innovator I somewhat agree with. This group likes to learn new things, are in charge of financial transactions, and enjoy problem solving. I am well versed in these parts of life. I enjoy a challenge and like to be well informed through the news. Where I disagree comes in with being confident to try new things. I am skeptical and hesitant to step out of my comfort zone. If I find something that works then I usually do not look any further. I am content with what I find safe and secure. I do feel that these results can change overtime depending on what is happening currently. In the future, if I am older and not shopping for toys for my son any longer, my needs will change and so will my purchasing habits. Likewise, when I am elderly I might lose interest in decorating my house or changing furniture. I may want to travel or hopefully be spending time with my grandchildren. That will put me in a completely different direction with very different needs.Owning a pet is fairly new to my family. We adopted a puppy almost two years ago and it was our first pet. I never understood how people put so much time and effort into their animals. I believed that a pet was just an animal before we got our Shih Tzu, Bailey. I have now become one of those people who have a million pictures of their pet on their phone and look at Chewy.com all day. Bailey is a member of our family and we could not imagine life without her. Just like the video showed, the pet industry enjoys great success and soaring revenues year after year. Marketers have cornered a growing market that shows no sign of slowing down. Keeping the advertising fresh and exciting keeps consumers coming back for more. I feel that the purchase situation and the communication situation would come into play the most in the premier pet market. Any pet owner will always need pet food and everyday essentials for their beloved animals. The communication situation will play a part in how particular products are advertised. Being able to effectively communicate how a special food or specific shampoo will benefit your pet can make the difference between earning a loyal customer or having that customer look elsewhere. Pinpointing how to specifically communicate your message of why your product should be chosen is key to having success. The tone of the communication needs to align with the values of the business and with the intended customer base. The purchase situation can also make a difference when marketing pet products. Pet owners are bombarded with dozens of choices when they are shopping for their animals. There has to be a finite reason why one product is chosen over another. Understanding the why behind the purchase can determine how to market, distribute, and place a product in a retail setting. Running into a store for one can of dog food is different than taking your time browsing for dog toys, treats, and a crate. These purchase situations can vary depending on the specific needs at that time and affect what brand or item is ultimately selected.Hawkins, D.I., Mothersbaugh, D. & Best, R.J. (2016). Consumer Behavior: Building Marketing Strategy (13th ed.). New York: McGraw-Hill/Irwin.