Premium Essay

Market Description, Segmentation and Target

In: Business and Management

Submitted By das983
Words 488
Pages 2
Divide the market for this business offering into segments and describe each segment in detail. Make and justify a decision about which one (or more) of the market segments should be targeted. For a customer-driven marketing strategy, first, we have to segment the market, which there is no single way to do it. We should try and analysis different segmentation variables and then decide which one or which combination we should targeted. There are four major segmentation variables for consumer markets which are geographic segmentation demographic segmentation psychographic segmentation and behavioural segmentation.
First, we are going to think about the geographic segmentation which dividing a market into different geographical units. Our business idea will allocated in Saskatoon, however, for the rural community are also lack of the service of acting school, so we should spreading our advertisements all over the small towns around Saskatoon which means we are focus on the Saskatoon local people and also the rural community around the city. So, from geographic segmentation, our major target would be the population from Saskatoon and rural community around the city.
Second, we are going to think about demographic segmentation which divides the market into segments based on variables such as age, gender, family size, life cycle, household income. Since our business idea is acting studio which is more attractive to young people, so I think our major target would be from 15 to 25 years old both girls and boys. Nowadays, Saskatchewan’s economy is booming, people tend to have more money to spend on unnecessary things. Also, parents are always willing to spend more money on their children’s interest in order to help them find their future, As a result, our acting studio give Saskatoon’s young generation a chance to discover their acting talent.
Third, we are going to

Similar Documents

Premium Essay

Marketing Segmentation

............................................................................................................................................. 4 3. Defining a target audience .............................................................................................................. 5 3.1 Market segmentation .............................................................................................................................. 6 3.2 Demographic segmentation .................................................................................................................... 7 3.2.1 Age and life-cycle segmentation....................................................................................................... 7 3.2.2 Gender segmentation ....................................................................................................................... 8 3.2.3 Income segmentation ....................................................................................................................... 8 3.2.4 Generation segmentation ................................................................................................................. 8 3.2.5 Social Class segmentation ................................................................................................................ 8 3.3 Geographic segmentation...

Words: 9947 - Pages: 40

Premium Essay

People

...Market Segmentation - A framework for determining the right target customers BA-thesis May 2010 By Nynne Larsen Supervisor: Mariette Ulbæk Aarhus School of Business Table of contents 1. 2. Summary ........................................................................................................................................ 1 Introduction ................................................................................................................................... 3 2.1 Delimitation ............................................................................................................................................. 4 2.2 Method .................................................................................................................................................... 4 3. Defining a target audience .............................................................................................................. 5 3.1 Market segmentation .............................................................................................................................. 6 3.2 Demographic segmentation .................................................................................................................... 7 3.2.1 Age and life-cycle segmentation....................................................................................................... 7 3.2.2 Gender segmentation ..........................................................................

Words: 9970 - Pages: 40

Premium Essay

Market Segmentation

...Segmentation, Targeting, and Positioning (One-two pages. Use 1” margins, single spacing, and font size 12) A) Identify two potential and viable target markets for your product/service. (Make sure that at least three different segmentation variables (see Table 8.1 on page 246 of the text) are represented in your profiles (=descriptions) of each segment. Guidance: Remember that a target market profile is a statement of the description of the group of consumers that you will be targeting. This should be expressed in one or two sentences, and should include an array of descriptive representing at least three of the four categories of segmentation variables we learn in the course. After the complete profile is presented (i.e. in one or two sentences), the treatment here should direct itself to explicitly showing how each category is represented. Make sure that the profiles presented are quite distinct from one another. (N.B. Should the team choose a business-to-business good/service for the project, they will have to familiarize themselves with the array of segmentation variable categories for business-to-business products) The first potential target market would be Canadian males and females aged between the ages of 20 to 34. Those persons are either single or in a relationship, not married, with each an average of 20 000$ to 29 999$ a year, and are outgoing in their daily lives. The reason we’ve decided to target this market is because nowadays, many young adults feel that...

Words: 895 - Pages: 4

Premium Essay

Bbbbbbbb

...Introduction Market segmentation, much like its name implies, is a marketing strategy which is involved in the division of a target markets into subsets of markets with consumers who have common needs and wants. Market segmentation then designs and implements strategies to target the customers’ needs and wants by using various channels and other options. Market segments allow companies to create product differentiation strategies to target them. Market segmentation is extremely important in marketing as it allows for customization of products/ services to the customers that have the potential to buy them. Segmentation Marketing may be based on broad markets or small sub-segments. Mass marketing is the process or strategy to use the same marketing channels for all consumers without identifying the needs of a specific group of people. Mass marketing strategy employs mass promotion, mass production and mass distribution in the same way for mass consumers. In the past, companies have used mass marketing to achieve the economies of scale. However, times have changed, and it is almost impossible to create products to appeal to the entire market. Pursuing this strategy, several companies have lost their market leadership or a considerable chunk of their market share. As the customers are looking for the customized services, the marketer can satisfy them by considering the segmentation strategy. The market segmentation strategy is followed by the market targeting and the market positioning...

Words: 1146 - Pages: 5

Premium Essay

Same

...BUSINESS PLAN TEMPLATE AND GUIDE FOR ANCHOR COMPANIES IN NKEA AGRICULTURE CONTENTS Section 1.0 COMPANY EXECUTIVE SUMMARY Section 2.0 COMPANY INFORMATION 2.1 Overall Project Description 3 2.2 Business Intent & Proposed Business Activities 3 2.3 Mission & Objectives 3 2.4 Expansion Strategies 3 2.5 Financial Sustainability 4 Section 3.0 PRODUCT INFORMATION 3.1 Overall Product Description 4 3.2 Local and Global Demand 4 3.3 Competitive Analysis 4 Section 4.0 HUMAN RESOURCE INFORMATION 4.1 Management Team 4 4.2 Organization Chart 4 4.3 Proposed Human Resource Plan 4 Section 5.0 FINANCIAL PROJECTIONS 5.1 Financial Model 5 5.2 Financial Analysis 5.3 Detailed Production and Commercialization Plan 5.4 Future Financial Considerations Section 6.0 MARKETING PLAN 6.1 Summary 6.2 Threats and Opportunities 6.3 Target Market 6.4 Market Size and Segmentation 6.5 Action Programs Section 7.0 PROJECT IMPLEMENTATION Section 8.0 APPENDICES |Section 1.0 COMPANY EXECUTIVE SUMMARY | | | | | |The executive summary is a write-up that provides the reader with a brief overview of a company’s | | ...

Words: 1202 - Pages: 5

Premium Essay

Coca Cola Market Segmentation

...According to the Economic Times “Segmentation allows a seller to closely tailor his product to the needs, desires, uses and paying ability of customers. It allows sellers to concentrate on their resources, money, time and effort on a profitable market, which will grow in numbers, usage and value.” The Coca Cola Company, one of the global leading brands, targets all markets using a mass marketing technique which falls under the category of undifferentiated marketing. Whilst there may be no single way to segment any market, firms need to consider various segmentation variables in order to gain a better perspective of the market structure and thus the best way to corner the market. Coca Cola segments its products and targets its customers in the following ways; Geographical :- International – The company uses Cane sugar in countries such as Mexico and the Caribbean and High Fructose Corn syrup in the USA. By using cheaper raw materials which are more readily available in certain international markets they are able to maintain a standard product with an affordable price. However this may have an effect on product taste. Climatic – Different products for various climates – Coca-Cola sells more in hotter regions where the demand may be higher as persons seek cold refreshing drinks more. In many tea centric countries such as Britain and The Middle East tea beverages like Honest Tea and Fuze Tea are sold. Local – Certain products are not available in all countries (eg....

Words: 541 - Pages: 3

Free Essay

Marketing Report

...Contents 1. DESCRIPTION OF THE PRODUCT 1 (a) Product name 1 (b) Description 1 (c) Product range 1 (d) Launch 2 (e) Entry Strategy 2 (f) Product Characteristics 2 (g) Uses 2 (h) Branding Strategy 3 2. MARKETING 3 (a) Marketing Philosophy 3 (b) Market Segmentation 3 (c) Target Market 4 (d) Social Marketing Concept 4 3. PRICE 4 (a) Price Fixation Strategy 4 4. PLACE 5 (a) Distribution Channel 5 5. PROMOTION 6 (a) Communication & Advertising Strategy 6 (b) Publicity 6 (c) Public Relations 6 6. PACKAGING 6 7. CONSUMER BUYING BEHAVIOUR 7 (a) Buyer responses 7 1. DESCRIPTION OF THE PRODUCT (a) Product name: Springs (b) Description Springs is bottled carbonated water (sparkling water) which is water with carbon dioxide under pressure dissolved in it. It is introduced as plain drinking water or flavoured with no sweetener. It is similar to naturally occurring mineral water. The carbon bubbles make the water more interesting without adding calories. People who are health conscious can choose springs as a fun alternative to soft drinks containing artificial flavours and colours. (c) Product range * Plain carbonated water * Flavoured carbonated water (containing natural flavours) * Orange flavour * Lime flavour * Grape flavour * Raspberry flavour (d) Launch Carbonated water is easily available internationally but it is not yet a part of Pakistani market. We plan to...

Words: 1528 - Pages: 7

Premium Essay

Marketing

...Executive Summary 2. Company Overview and Project Focus - Company Background - Company Mission - Sources of Competitive Advantage - Course Project Focus - Market Opportunity/Problem Statement 3. Situational Analysis - Industry Analysis o Market Size o Market Growth o Market Trends - Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis - Competition - Customer Analysis - Product (AND 4 P )Analysis – WHAT IS the current marketing mix 4. Segmentation, Targeting and Positioning (STP) – WHAT IS it currently - Market Segments - Target Market Identification - Positioning 5. Marketing Strategy & Marketing Mix Recommendations (THIS IS YOUR PLAN) Marketing Strategy (What should it BE?) - Market Segments - Target Market Identification - Positioning If it is the same, then you just need to explain that and justify it. (For example, if you are suggesting improving the current product to sell more to the current customer (market penetration) or if you are suggesting launching a new product for current customers (product development), then your segment would be the same. Else, it might change. Marketing Mix (What should it BE? ) ...

Words: 927 - Pages: 4

Premium Essay

Mkt 571 Week 3

...MKT 571 WEEK 3 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=mkt-571-week-3 Visit Our website: http://hwsoloutions.com/ Product Description MKT 571 Week 3, Introduction Burger King is an international chain of burger fast food restaurants, established in 1953, with its headquarters located in Miami, Florida, United States. Burger King’s is a segmentation of an industry that serves burgers globally. The company has over 12,000 franchises in over 75 countries. The majority percent of the restaurants are privately owned and operated. Globally, the organization has an estimated 40 subsidiaries; these subsidiaries oversee the operations of the franchise and its financial obligations. The company’s brand manages and owns trademarks, domain names and copyrights. In addition, these subsidiaries offer marketing services to their parent company. Because of a new restructuring plan, Burger King has decided to re-franchise its locations that are corporate owned to private owners. This will enable the firm to have a one hundred percent franchised operation before the end of 2013. This initiative, which was initiated in 2012, divested the company’s corporate locations in various locations including Canada, Spain, Florida and Germany. This strategy provided the company a profit of sixty eight million US dollars by the end of the third quarter of 2013 (Taylor, Kate, 2013). As a franchise for burgers, Burger King’s items include the famous Whopper, the company’s...

Words: 480 - Pages: 2

Premium Essay

Mrkt 310 Principles of Marketing Week 4 Writing Assignment

...t/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Week 4 Writing Assignment McDonalds Market Segmentation, Targeting, and Positioning Learning Outcomes 1. Segmentation. Students can use the segmentation characteristics to identify and describe market segments 2. Target Market. Students can identify a usable market segment to be a target market 3. Target-market strategy. Students can determine an appropriate target-market strategy. 4. Positioning. Students can develop and interpret a perceptual map. Directions • Thus far you have only been considering the customers of your product or service as one big group, or a mass market. More astute marketing breaks down this large group into smaller market segments of consumers who have like characteristics. For any given product or service there could be numerous market segments. However, company resources may only allow a company to pursue one or two or these market segments, which then become target market(s). Your job here is to break down the mass market for your product or service into at least two market segments and then pick one target market you think would have the most potential for future growth. This target market does not have to be the one the company would have actually picked, or is currently pursuing, there is no way for you or your faculty to know based on public information. So, once again the literature...

Words: 1367 - Pages: 6

Premium Essay

Mrkt 310 Principles of Marketing Week 4 Writing Assignment

...t/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Week 4 Writing Assignment McDonalds Market Segmentation, Targeting, and Positioning Learning Outcomes 1. Segmentation. Students can use the segmentation characteristics to identify and describe market segments 2. Target Market. Students can identify a usable market segment to be a target market 3. Target-market strategy. Students can determine an appropriate target-market strategy. 4. Positioning. Students can develop and interpret a perceptual map. Directions • Thus far you have only been considering the customers of your product or service as one big group, or a mass market. More astute marketing breaks down this large group into smaller market segments of consumers who have like characteristics. For any given product or service there could be numerous market segments. However, company resources may only allow a company to pursue one or two or these market segments, which then become target market(s). Your job here is to break down the mass market for your product or service into at least two market segments and then pick one target market you think would have the most potential for future growth. This target market does not have to be the one the company would have actually picked, or is currently pursuing, there is no way for you or your faculty to know based on public information. So, once again the literature...

Words: 1367 - Pages: 6

Premium Essay

Mkt Unitip2

...create a marketing strategy using women as target market. Two competitors and their positioning will be analyzed to develop an efficient marketing strategy. Explanations for segmentation base, target markets, positioning and competitive advantages will be provided for better perception. Marketing Strategy for Shield Self Defense System Introduction To be able to develop a good marketing strategy it is imperative to define the target market, analyze competitor and their positioning, understand competitive advantages, and to develop a value proposition and statement. Definition of the Segmentation Bases Geographic segmentation which is about were possible consumers reside or place of employment (area, city size). Demographic segmentation is market segmentation accomplished by taking in to account several demographic factors such as; gender, race, age, income, birth era, and occupation. Psychographic segmentation is in relation to potential consumer’s personality, life style, values, and needs. Behavioral segmentation is about apparent attitudes or actions by prospective consumers such as; where they purchase from, how often they purchase, and the reason of the purchase (Kerin, 2011). Description of Each of the Target Markets Target market is group of possible consumers that share common characteristic and needs, thus, business’s uses those findings to create strategies for marketing purpose. One of the target markets that would be profitable for the self-defense...

Words: 684 - Pages: 3

Premium Essay

Nestle Marketing Report

...Introduction/Company Overview 4 Market Description 5 SWOT Analysis 6 Strengths 6 Weaknesses 7 Opportunities 7 Threats 7 Recommendations 8 Target Market 8 Geographic 8 Demographic 8 Psychographic 8 Behavioural 8 New Product Description 9 Product 9 Place 9 Price 9 Promotion 9 Customer Value Proposition 10 Product Justification 10 Reference List 11 Appendix 12 Executive Summary This report outlines an overview of the Nestle S.A. Company in terms of current markets, history, product lines, etc. Nestle is known to be a strong, profitable company within the food and beverage industry, consisting of many brands within a range of product categories. The functional drinks market in Germany has seen reasonable growth in value and volume within the past few years with a 3.3% increase in revenue from 2012 to 2013. The current market leader in Germany’s functional drinks market is PepsiCo, Inc., followed by Red Bull Gmbh, The Coca-Cola Company, and finally Nestle. The leading distributing channels for functional drinks in Germany are supermarkets (as the leader by far), on-trade, independent retailers, and specialist retailers. A SWOT analysis was used to determine Nestle’s strengths, weaknesses, opportunities, and threats in Germany’s functional drinks market. Strengths include, strong brands across various product categories, strong financial position, and sizeable marketing budgets. A weakness was that Nestle has a low market share in the German functional...

Words: 3228 - Pages: 13

Premium Essay

Target Market Spain

...1. Target Market Profile 'Segmentation analysis refers to the way in which organizations identify and categorize customers into groups defined by similar characteristics and similar needs or desires.' (Hudson, 2008:88) Market segmentation is important because it attracts more customers to the product and as Hudson points out 'customers will be more satisfied with the product because it has been designed with their needs in mind'(Hudson, 2008:88). There is a wide range of segments and markets are divided for segmentation purposes which are used in many businesses related to tourism. Due to the fact that 'market segmentation recognizes that people differ in their tastes, needs, attitudes, lifestyles, family size and composition, etc..'(Middleton, 2009:97), it is used worldwide in tourism marketing because only a little amount of companies try to appeal to the whole market. 2. Target Market Below is a description of a family that is a target market profile for the organisation Tour Spain. It is based on the market segmentation variables. Brown family consists of four members and those are – David age 42, Kate 36 and their two children Stacy 12 and Kevin who is 8. They are British citizens living in Wimbledon. David and Kate both have Postgraduate's degrees in Business and Accounting. David is employed by Lloyds bank and Kate works as a part-time assistant. They both earn 65'000 per annum. Browns are affluent...

Words: 399 - Pages: 2

Premium Essay

Marketing Segmentation

...Target marketing and segmentation: valid and useful tools for marketing Dennis J. Cahill North Union Associates, Inc., Cleveland, Ohio, USA Discusses Wright’s recent attack on targeting and segmentation theory. Proposes that, although Wright has some valid criticisms about specific applications of the concepts, targeting and segmentation are acceptable and defensible marketing strategies if properly designed. Gives some indications of possible methods for segmenting that may meet Wright’s criticisms. Recently, Malcom Wright presented a daunting challenge to the marketing discipline[1] – to justify the ongoing use of segmentation and target marketing. Although his article was written in response to what he characterized as a “startling” argument by Mitchell that zodiac signs be used for segmentation[2], he used the occasion to attack the concepts of segmentation and targeting per se. Although Mitchell’s example of zodiacal segmentation was perhaps light-hearted, his argument is not. Mitchell posits, as do most marketing academics and practitioners, that the firm will be better off – in terms of greater unit sales at (possibly) higher prices and/or lower cost of sales – by emphasizing our approach to certain groups of people and deemphasizing our approach to others. Wright’s argument In essence, Wright totally denies the validity of segmentation and targeting on two grounds. The first ground is that, for segmentation to have validity, the segments are associated with a...

Words: 3377 - Pages: 14