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Which of the two has greater market potential for company

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Reference no: EM133610944

Homework: Business and Finance- Marketing- Market Segmentation Memo- Marketing Principles

Purpose

The purpose of this homework is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. This connects to course learning outcomes of constructing market segments of target customers for a product or service.

Task Overview

For this homework, you will assume the role of a marketing analyst. Your consulting firm has been hired to help with a campaign effort for the client company of your selected product/service. You will communicate your results in a professional memorandum.

Refer to the product/service you chose for your Value Proposition Homework.

1. The product/service you chose for the Value Proposition Homework in Week 2 will be the subject of this homework.

2. Review any feedback you received on your Value Proposition memo. You will be writing a longer, more detailed memo about the same product/service for this homework.

Respond to each of the following questions as they relate to your product/service. Note the research and references requirement.

1. Your market segmentation memo will have three major sections.

2. Respond to all the questions in each section.

3. Your memo also must meet the research and references.

A. Market Segment Analysis

I. Determine and describe the current primary segment. The client has an interesting question. What target market can be perceived by current messaging for the product/service? Visit the public website for your company's product/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.

II. Describe the primary segment you believe your company is targeting for this product/service. Focus only on this product/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings).

III. Describe the primary segment in terms of the behavioral, demographic, and psychographic characteristics for the segment. Give this segment an appropriate name. See, Segmenting and Targeting Markets and Customers in Learning Resources.

IV. Classify the primary segment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource.

B. New Market Segments

I. Construct new segments. Your client company is interested in diversifying and building its target customer base for this product/service in the US market. Who is currently being underserved or overlooked? Who could be better served by being addressed directly?

II. Construct and describe two new potential segments or subsegments for your company to target for this product/service for the US market. Describe each new segment in terms of its behavioral, demographic, and psychographic characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the Selecting Target Markets Learning Resource. Begin by identifying the customer need for this product/service. Then, break the market down into subgroups. Develop profiles of target segments. Do some secondary research on your two segments. Note: You will not need to develop a full research plan or conduct primary research for this homework.

III. Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?

IV. Classify your new segment or subsegment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource.

C. Recommendation

I. Present the best new segment or subsegment. What is the new segment or subsegment you recommend your company target for its product/service?

II. Create a simple customer persona to present your new segment and illustrate that segment in a table with the following fields and information relevant to the product/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations] [VALS type] See customer persona example here: 3 Examples of a Customer Persona - Simplicable

III. Any product changes needed by this segment or subsegment? Are any product/service changes required to serve the segment you have identified? If so, what are they?

IV. How attractive/valuable is this segment or subsegment? Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company? Or, should the campaign be one of more limited duration? Why?

Reference no: EM133610944

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