Question Description
Market Segmentation& Target Market
For this section, craft your Customer Profile and Target Market by identifying, segmenting and quantifying your target market. Make some assumptions or determine how to go about trying to find that information. You should be able identify the overall market you are trying to reach and use the steps to segment that target by choosing bases and descriptors for those bases. If you have more than one market segment, describe each segment, primary and secondary.
Try to quantify the size of your target market is in the region your company operates and potential market growth. For example, if you are doing a retail location, tell me how many people that fit your target market segment live in a 10, 25, and 50-mile radius of your store, and how will that target market change over the next 5-10 years. You can find this information by looking at census data and some of the other resources found under course resources in Moodle.
The deliverable for this assignment is to show your steps in Profiling and Segmenting your Target Market, with a final summary paragraph describing the Target Market you are trying to reach with your Marketing Plan.
The steps to Segment your market are:
1) Select Market
a. Ex: Bike riders
2) Choses Bases and explain why
a. Ex: Demographics, Psychographics, Geography
3) Select the Base/Segment Descriptors
a. Ex: Demographics: 25-34, Male, mid/upper income;
b. Ex: Psychographics: Urbanites, Upward Mobile
c. Ex: Geography: Major Urban areas with population > 1 million
4) Provide Analysis (if you can find the data – use Census
a. Size of Market
b. Expected Growth
5) Select the Target – Provide a description of exactly who your Target Market is and why you think it’s a valid Target Market to pursue.
Attached to this file is a copy of the company background ( its a company that I made up) mission statement and the vision statement and some other notes that I have came up with.
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