CM 2300: Marketing Research

Your assignment: Read the section” What motivates young people to buy? Automakers need to know?” on pages 3-4 of the textbook. Write a one paragraph summary of that article.

How to write the summary: Read the article at least two times. In your own words, write down the main idea, which may be stated directly in the original piece, but may be only implied or suggested. Example: Some cars makers learned the hard way the value of marketing research.

Write down ideas (details, examples…) that support this main idea. 6% of cars in the US are bought by 16 to 24 years olds Some car makers spent millions on designing and advertising cars that they felt would appeal to younger buyers These cars did not appeal to young people, so sales were low

Write down ideas (details, examples…) that support this main idea. A marketing research company discovered that what young buyers really wanted included low prices, good value and long warranty, not just style. These findings of the marketing research were supported by the examples of two Hyundai models that were low priced, had long warranties, looked good and sold well to young buyers

Write an effective closing sentence for your paragraph. The other car companies then realized the value of market research before designing new cars

Summary of the article: Three car companies (Pontiac, Chrysler, and Toyota) learned the hard way the value of marketing research. Knowing that young people aged 24 and under bought about 6% of all cars sold, they wasted lots of money designing and advertising cars they thought would appeal to younger buyers. A marketing research company discovered the the priorities of young car buyers were low price, good value, a long warranty and a pleasing style. This was proven by the high sales figures for two models produced by Hyundai, which had a low price, a long warranty, and looked good. As a result, the three car companies realized the value of doing marketing research rather than taking for granted what their customers wanted. (119 words)