A market segment is a cluster of individuals who will react in the same way to marketing efforts in the same way

A market segment is a cluster of individuals who will react in the same way to marketing efforts in the same way

MARKET: A market is the larger set of consumers who buy goods and services.

MARKET SEGMENT:

A market segment is a cluster of individuals who will react in the same way to marketing efforts in the same way (this often means that they have the same basic needs). For example, an older demographic market segment may react differently than a younger demographic market segment to a specific marketing mix.

SEGMENTATION:

Is the process used to determine a target market profile that clearly identifies market segments. The segmentation process uses identifying characteristics to develop a market segment profile. This will normally include a combination of characteristics such as indicated below. (Note, business segmentation criteria are also included on the assignment worksheet.)

  • Demographics
  • Geographic Location
  • Values
  • Psychographics
  • Basic Needs, Wants, Preferences, or Requirements
  • Buying Habits and Preferences
  • Consumption/Disposition Characteristics

PRIMARY MARKET SEGMENT:

The first market segment you should identify should the primary market segment you plan to target. This is the segment that would most likely provide the majority of your sales, where you plan to build your brand image, or you have some other strategic reason to target this segment. Identifying the primary market will allow you to determine what other markets will “fit” with this segment. An example could be a Facebook which originally targeted a college student market.

SECONDARY MARKETS SEGMENTS:

Secondary market segments are those which would strategically follow the primary market. Again, using Facebook as an example, they expanded into a number of secondary markets. These markets can now be micro targeted across a variety of segmentation profile factors.

At a minimum you must identify both a primary and one secondary market. (You will have two segments with the responses below.). Complete either the consumer or business market segmentations for your SBU. Use the outlines below as heading in your responses. Be sure to justify by citing relevant sources.

1. Primary Market Segment Name: (Primary or Secondary and give the segment a name.) This is to help identify with segment is being evaluated.

  1. Profile of Market Segment: This should include any relevant information which can help in identify the market segments. You should start with research through Park Library’s Pirate Search or by using other credible sources. Cite any references using APA 7th Edition. You should justify any profile you develop.

State the profile using a combination of the following:

  • Demographic: The age, income, sex, marital status, etc.
  • Psychographic: VALS or other psychographic profile category, status oriented, socially oriented, etc.
  • Geographic: local, regional, national, global, etc.
  • Benefit Orientation: Best value, Status, Convenience, etc.
  • Others: Decide what is relevant for your market.

OR

For Segmenting Business Markets such as commercial markets, reseller markets, government markets, and institutional markets.

  • a) Type of Organization
  • b) Organizational Characteristics (size, geographic location, or product usage)
  • c) Benefits Sought or Buying Processes
  • d) Personal and Psychological Characteristics of the Buyers
  • e) Relationship Intensity (strength and longevity of the relationship with the firm)
  • Customer (Consumer or Industrial) Decision Making Process: Identify the decision stage or stages this segment would use related to your SBU product offerings.
  • Competition: Identify any competitors who would target this same market segment.

This has a maximum of 6 pages for both segments.

  1. Secondary Market Segment Name: (Primary or Secondary and give the segment a name.) This is to help identify with segment is being evaluated.
  2. Profile of Market Segment: This should include any relevant information which can help in identify the market segments. You should start with research through Park Library’s Pirate Search or by using other credible sources. Cite any references using APA 7th Edition. You should justify any profile you develop.

State the profile using a combination of the following:

  • Demographic: The age, income, sex, marital status, etc.
  • Psychographic: VALS or other psychographic profile category, status oriented, socially oriented, etc.
  • Geographic: local, regional, national, global, etc.
  • Benefit Orientation: Best value, Status, Convenience, etc.
  • Others: Decide what is relevant for your market.

OR

For Segmenting Business Markets such as commercial markets, reseller markets, government markets, and institutional markets.

  • a) Type of Organization
  • b) Organizational Characteristics (size, geographic location, or product usage)
  • c) Benefits Sought or Buying Processes
  • d) Personal and Psychological Characteristics of the Buyers
  • e) Relationship Intensity (strength and longevity of the relationship with the firm
  •  
  • 2. Customer (Consumer or Industrial) Decision Making Process: Identify the decision stage or stages this segment would use related to your SBU product offerings
  • 3. Competition: Identify any competitors who would target this same market segment.

Requirements: 5 pgs

Masters Marketing

Same topic (GoPro). Ensure refrences have page or para numbers

Please see attached Power Point for info… and the Unit 1 & Unit 2 Assignments. Study them first

This unit 3 is a continuation of the project

Answer preview for the paper on ‘A market segment is a cluster of individuals who will react in the same way to marketing efforts in the same way’

A market segment

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