A thorough knowledge and understanding of customers is an essential element in developing an effective value proposition. For business-to-consumer companies this means leaning about how and why consumers buy products
As we have discussed, understanding the consumers in a target market is critical to creating an effective value proposition. Assume you are the vice president of marketing for Regal Cinemas.
- What do you think is the demographic profile (including the age,income, and life cycle stage) of you largest target market?
- As part of a mini-market research project, visit a movie theater on weekend and track the people entering. How old are they?
- Are they families or people meeting friends?