Kaleb Hemmelgarn, Class of 2012 -
Today marked the second day of the Wabash College Market Immersion Trip. Although Carmel isn’t quite Panama City or Cancun, we have had a great time and a great experience thus far. This morning we built on the marketing strategies that we began learning yesterday. We discussed the correct way to segment a market. Using geography, psychographics, Socio Economics, and demographics, we discussed how different companies accomplish this. Proctor and Gamble was a common discussion point throughout the morning. Comparing how Proctor and Gamble segments different markets for its products such as Tide and Crest was our best example. Once we had established segmentation, we analyzed how companies target markets using five different methods.
Our morning ended with a trip to downtown Indy to visit Tim Craft, who works for CB Richard Ellis, which is a commercial real-estate company. He discussed with us the difference between sales and marketing. He also described how he has to market himself as a person everyday in order to attract potential customers. After his talk Tim was nice enough to take us around the office and show us what he called “cubicle world.” The presentation Tim put on for us was excellent. After we were finished, we ran over to Circle Center Mall for a quick bite to eat. We also had a little time to look around. A couple of us took some of the international students to one of our favorite stores, Field of Dreams. After lunch we returned to the Hilton Garden Inn in Carmel and resumed discussion of segmentation and targeting. We also discussed a couple of cases, specifically the marketing strategies of Nintendo Wii and Guinness Draft. We looked out how they segment individual portions of the market and then how they target certain types of people within those segments. Overall we had another very successful and interesting day. I am looking forward to the rest of the week and the visits we will be making to other companies across Indiana.