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.
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.
There are three steps to this assignment. Review all three steps before you begin.
Step 1: Refer to the product/service you chose for your Value Proposition Assignment.
The product/service you chose for the Value Proposition Assignment in Week 2 will be the subject of this assignment.
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 assignment.
Follow the specific instructions outlined in Steps 2 and 3 below.
Step 2: Respond to each of the following questions as they relate to your product/service. Note the research and references requirement.
Your market segmentation memo will have three major sections.
Respond to all the questions in each section.
Your memo also must meet the research and references requirement in Step 3.
I. Market Segment Analysis
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.
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).
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 Customersin Learning Resources.
Classify the primary segment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource.
II. New Market Segments
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?
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. develop a full research plan or conduct primary research for this assignment.
Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?
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