Describe the concept of segmentation

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Reference no: EM132203456

Use the scenario below to answer the questions that follow. You may use any combination of short answer, short essay, bullets, charts or other content that will best answer the question.

Restaurant Concepts, a firm based in London, is preparing to open a new chain of theme restaurants in major tourist destinations such as Orlando, Las Vegas and the Bahamas. They are based on a magical fantasy type theme (think Hogwarts). The restaurant is similar to other theme restaurants, such as Medieval Times or Capone’s, found in Orlando and other tourist destinations and a features a themed menu and entertainment. Like other themed restaurants, the menu items, costumes and entertainment all conforms to the theme.

You have been hired as their new VP of marketing. Your budget is generous, but not unlimited so you will need to be careful about what you spend, and how. Your grand opening for the pilot restaurant in Orlando is about 90 days away, so you don’t have a lot of time to plan.

You job is develop an entire marketing plan for the new launch. The CEO has asked that you be ready to present a preliminary plan to the board next week. He specifically asked that you address the three questions below. Good luck, the whole marketing strategy depends on your skill.

2. Segmentation

a) Describe the concept of segmentation and what benefit(s) they might get from having a segmentation plan (why does a firm segment its markets). Be sure you include a description of the three major types of segmentation methods.

b) Describe for the Board TWO segments that you believe are going to be the most important. Start by giving each a PERSONA NAME and then describe each in 3-4 sentences.

c) For each of the two, identify at least four (4) demographic and four (4) demographic and psychographic traits help define the segment.

Reference no: EM132203456

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