01 Jul Principles of Marketing segmentation
Question Description
MKT 301 Marketing Plan: Segmentation Guidelines and Rubric For the Segmentation component of the Marketing Plan, identify and define the market segments you will target. You are required to identify and describe THREE segments for your product. The analysis should include: 1. A name for each segment (required). For example, if I were segmenting older consumers for a pet product, I might have “Empty Nesters” and “Little Old Lady Cat Lovers.” 2. A narrative description of each of the segments. This is typically a paragraph and explains at a high level the characteristics of the segment (see example). 3. How you are segmenting the groups, including the characteristics of your target segments. Be VERY specific and use no less than THREE demographic and THREE psychographic variables for each of your segments. You may also need geographic variables. You may use BULLETS for this part of the assignment. 4. A summary chart. 5. At your option, you may include other charts and graphs however they are not required. Click Marketing Plan: Segmentation Example to view a sample of this assignment. Submit the Marketing Plan: Segmentation to the Assignment box no later than Sunday 11:59 PM EST/EDT of Module 4. (This linked to Turnitin.) Criteria A B C D F Punctuality On time. 10% for each day. 10% for each day. 10% for each day. 10% for each day. Grammar One-point deduction for each error in APA, grammar, spelling, or punctuation. One-point deduction for each error in APA, grammar, spelling, or punctuation. One-point deduction for each error in APA, grammar, spelling, or punctuation. One-point deduction for each error in APA, grammar, spelling, or punctuation. One-point deduction for each error in APA, grammar, spelling, or punctuation. Length Full points for meeting the length requirement. 10-point deduction for 75%. 30-point deduction for 50%. 40-point deduction for 25%. 50-point deduction for less than 25%. Content Full points for fully meeting the content requirements. 10-point deduction for 75%. 20-point deduction for 50%. 30-point deduction for 25%. 40 points and up for missing content beyond 25% of what is required.
MKT 301 Marketing Plan: Segmentation Example NOTE: This example is written for a product called Staycation.com. It is an online vacation planner for consumers taking their vacations at home. This is a common phenomenon in the current economy. Childless Couples (Young Adventurers) The Young Adventurers group is comprised of young adult couples who are mostly just starting out on their own. Young couples are typically known to endure financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions that usually do not pay the going average in their particular career field. On top of this, some may have bills and debt from various sources such as vehicles and student loans. They may neither possess the finances nor the large quantity of vacation time from their jobs to take a conventional vacation. Demographics for Young Adventurers Age: 19-25 Relationship status: Living together or Newlyweds Professional Status: Entry-level work Children: None Income Level: Low to Mid-level income Psychographics for Young Adventurers Family oriented Money Conscious (On a Budget) Adventure Seeking Tree-Huggers (Environmentally Conscious) Single Parents (Jugglers) Jugglers have it pretty rough. They have to balance the time between caring for their loved ones and providing for them. Throughout the year, Jugglers do not have a lot of time to bond with their children because they are essentially doing the work of two parents, even though there is only one of them. At the end of the day, Jugglers can be wound to the limit. Taking the time to connect with members of a Juggler family can be of great benefit when it comes to avoiding dysfunction. Familial bonding creates memories that show that there is more to life than the programmed rat-race existence that the Juggler family members may be used to. Demographics for Jugglers Age: 21-35 Relationship status: Divorced or Unmarried Professional Status: Steadily employed Children: One or more Income Level: Low to Mid-level income Psychographics for Jugglers Money Conscious (On a Budget) Overworked (Need to take time to decompress) Tree-Huggers (Environmentally Conscious) Dual Parents (Tag-Teamers) Tag-Teamers do not have it quite as bad as Jugglers, but that doesn’t necessarily mean they have it easy. Some families may have started out young. That means the kind of work available for the young parents would typically be blue-collar jobs (low-paying jobs that do not require a college degree or any specialized training). In other families, only one of the parents may be employed, in which case the other parent also becomes one more mouth to feed in the family. While juggling the time between caring for their children and providing for them is not as big an issue in most Tag-Teamer households, it is still important for family members to socialize and have fun together, especially while children are young. Demographics for Tag-Teamers Age: 23-40 Relationship status: Married or Common-law couples Professional Status: Steadily employed Children: One or more Income Level: Mid-level income Psychographics for Tag-Teamers Family oriented Money Conscious (On a Budget) Overworked (Need to take time to decompress) Strong sense of responsibility Traditional values Probably have extensive family ties Older Couples (Empty-Nesters) Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is composed of older adults who either never had children, or no longer have children under their care. Given the proper financial resources, Empty-Nesters can pick up and leave just about any time they like. The only thing that stands in between Empty-Nesters and a good time is money. A lot of times, getting the kids out of the house frees up all kinds of finances. However, there are other cases when people really have to milk the budget. They may have personal financial situations. They might be living off of pension funds, or due to an inability to work, relying on Social Security, disability, or some other form of supplemental income. Demographics for Empty-Nesters Age: 50 and over Relationship status: Married Professional Status: Employed, disabled, or retired Children: Grown and out of the house Income Level: Low to mid-level income Psychographics for Empty-Nesters Money Conscious (On a Budget) Adventure Seeking Flexible time Like to do things with other retirees
Target Demographics and Psychographic Data Young Adventurers Jugglers Tag-Teamers Empty-Nesters Age: 19-25 21-35 23-40 50 and over Relationship Status: Living together or Newlyweds Divorced or Unmarried Married or Common-law couples Married Professional Status: Entry-level work Steadily employed Steadily employed Employed, disabled, or retired Children: None One or more One or more Grown and out of the house Income Level: Low to Mid-level income Low to Mid-level income Mid-level income Mid-level to upper-middle income Psychographic Areas of Concern Family oriented Money Conscious Family oriented Money Conscious Money Conscious Overworked Money Conscious Adventure Seeking Adventure Seeking Tree-Huggers Overworked Socially active Strong sense of responsibility Do things in groups Tree-Huggers
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