01 Jul NEW SERVICE IDEAS (BASED UPON CHANGING CONSUMERS AND MARKETS)
NEW SERVICE IDEAS (based upon changing Consumers and Markets)
Go to the library (or internet- but sooner or later you will have to go to the library) and find (and copy) TWO articles about changing culture or lifestyles or demographics or a Megatrend (think back to your intro to marketing days)- these should be TWO different trends (if both your articles were of one trend, get another on a new/different one). These can be articles on the growing changing family structure, values (multiculturalism, materialism) or demographics (aging consumers, growth in Hispanics, etc) or a significant marketplace trend (recession, greater numbers of poor, Environmentalism, growing numbers of obese folks, popularity of Hookah bars, etc.). Try to find articles that have a focus on consumers or consumer groups and how they are changing. DONT pick articles on new products or services- pick a broader consumer or environmental trend- make sure it is a major, not a minor trend- and that it is in the U.S. (we are not focusing on other countries for this assignment- it may be a Global trend- thats OK, but must be trending in the US too.)
1) Then read and quickly describe the TWO trends- (1/2 page)-
2) Then answer the question “HOW are these trends important to marketers of services?” How will they Impact some services? (1/2 page). Focus on SERVICES, not products- and how this trend will impact Services in General- what unique elements of services will be impacted by this trend (like restaurants, or bars, or airlines, or hotels…etc)
3) Finally, take a stab at developing TWO NEW (2) Services or Service Extensions (Wal-Mart having child-care; Target decorating college dorm rooms) that would capitalize and be successful because of this trend. Cool examples in past of new services: “Elder Universities” (for seniors); Airlines for adults only (no babies/ children); Nightclubs for older women (cougars); Cruise Lines for Disabled People; Spa for Asian Americans; Evangelical Christian Dating or Cruise Line, Vacations where you can take your dog….etc. (1/2 to 2/3 page for EACH service idea).
What is the Target Market for the new service or extension? How will these two new ideas capitalize on the trends?
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