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Market Description, Segmentation and Target

In: Business and Management

Submitted By das983
Words 488
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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...

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