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E-Sonic Strategic Analysis

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Market Segmentation and Targeting

What is Market Segmentation? * Market segmentation is the process of dividing a larger market into smaller groups, or market segments, based on meaningfully shared characteristics. * There are different ways market can be segmented including, by demography, geography, psychographic, and behavior. * We segmented the market for our new product into four distinct areas based on population, region, and income.
Segment 1 – West Region:
Our first market segment will be the three largest metropolitan areas in the western part of United States including the Los Angeles, San Francisco, and the Phoenix-Mesa metro areas.
Segment 2 – Northeast Region:
The second market segment is the northeast corridor which includes the New York/New Jersey metro, as well as Boston and Philadelphia metro areas.
Segment 3 – South Region:
This region includes Houston, Dallas, and Washington DC metropolitan areas and is the fastest population growth region in the country.
Segment 4 – Midwest Region:
The Midwest region covers the Chicago metro area with a population of about 9.5 million.
Targeting:
Within our segmented market, we will target individuals with advanced or college degrees with an annual income over $80,000, including the following: a) Affluent Empty Nests: (Primary Target)
There are over 8.4 million people classified in this group based on Nielson’s Prism lifestyle report in 2013 with annual median household income of $86,555. b) Accumulated Wealth: (Primary Target)
This group has over 4.6 million people with median household income of $107,044.

c) Financial Elites: (Primary Target)
There are over 5.1 million people classified in this group with median household income of $113,736.

d) Upwardly Mobile: (Secondary Target)
This group has over 10.7 million people with median household income of $71,328.

e) Wealthy Achievers:

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