Club Squared

Club Squared

 

Order Description

 

Describe 3 potential market segments using at least three segmentation variables. The 5 segmentation variables include demographic, psychographic, benefit, behavioral and geographic dimensions but you need only to address three. Then identify the target market you would like to pursue with your market offering. Conduct research and explain why you have selected this market. You can Google a specific market and obtain descriptive information. Be sure to include your reference. For instance, you could research information on pet owners. Based on research, three segments to consider are urban dwellers, suburban households with children and senior citizens. You might select suburban households as the target market based on segmentation analysis. Then you would develop a strong value proposition. Consider how you will present this section of the Marketing Project by thinking through the following questions. 1. Segmentation variables describe market characteristics using demographic, psychographic, benefit, behavioral and geographic information. How will I describe the characteristics of various market segments for my market offering using segmentation variables? In other words, how will I group customers using the appropriate segmentation variables? 2. The target market is the focus of my marketing project. This is the market segment I will address using the 4Ps of marketing. What market research have I conducted? What did I find? Why did I select this market? Have I considered the selected target market in terms of anticipated growth, revenue opportunities, past performance, etc.? The author of the text provides several criteria for evaluating the likelihood of success of a market—the target market should be identifiable, substantial, reachable, responsive, and profitable. 3. What value proposition will I offer to my customers? How does my product or service compare relative to competition in terms of perceived quality, functions, price and or assortment?