Your marketing plan assignment this week is create a segmentation analysis for your product or service. For this component you will be required to identify and define the market segments you will target in your plan. It is vital to your success in this assignment that you completed Module Four, including all the activities and the Elder Care Scenario.
The product I chose to write about is Teen Tracking Device:
We will spend a week in class discussing segmentation. For this component you will be required to identify and define the market segments you will target in your plan. It is vital to your success in this assignment that you complete Module Four, including all the activities and the Elder Care Scenario
You must have a minimum of TWO segments for your project. Your analysis should include:
1. A narrative description of each of the segments. You are required to give each a name. For example, if I were segmenting older consumers for a pet product I might have “Empty Nesters” or “Little Old Lady Cat Lovers”. This narrative is usually a one paragraph summary of the segmentâ€s profile.
2. How you are segmenting the groups (demographics, psychographic, geographic or other criteria) including the characteristics of your target segments. Be VERY specific and use no less than four demographic and four psychographic variables for each of your segments.
You may use any combination of text, charts and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.
NOTE: Segmentation is discussed extensively in Module 4. Do NOT attempt this assignment until you have completed all of Module 4.
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.
You are required to have TWO segments. This example has four. The chart is only an example – you may set yours up differently.
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 have financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions with corresponding salaries. 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 amounts of vacation time from their jobs to take a conventional vacation.
Demographics for Young Adventurers Age: 19-30 Relationship status: Living together or newlyweds Professional Status: Entry-level professional work Children: None Income Level: Education: Entry to mid-level income College or advanced technical/trade school
Psychographics for Young Adventurers Entertainment and socially oriented (restaurants, bars, clubs and activities and important) 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: 21-40 Relationship status: Divorced or Unmarried Professional Status: Steadily employed Children: One or more Income Level: Education: Upper Low to Mid-level income College, some college or technical/trade school
Psychographics for Jugglers Money Conscious (On a budget) Overworked (Need to take time to decompress) Family oriented Children are their primary concern
Dual Parents (Tag-teamers) Tag-teamers do not have it quite as bad as Jugglers, but that doesnâ€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 may often be blue-collar jobs (mid-level-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: Education: Mid-level income Trade school or college
Psychographics for Tag-teamers Family oriented Money Conscious (On a Budget) Overworked (Need to take time to decompress) Strong sense of responsibility Children are a priority Close ties to grandparents and other extended family
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: Mid-Low to upper-mid income (may vary considerably)
Psychographics for Empty-Nesters Money Conscious (On a Budget) Adventure Seeking Lots of free time
SUMMARY CHART
Young Adventurers Jugglers Tag-teamers EmptyNesters 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 Midlevel income Low to Midlevel income Low to Mid-level income Low to midlevel income Psychographics Family oriented Money Conscious Family oriented Money Conscious Money Conscious Overworked Money Conscious Adventure Seeking Adventure Seeking Tree-Huggers Overworked Tree-Huggers Strong sense of responsibility Tree-Huggers
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