Market Segmentation Assignment

Market Segmentation Assignment-56
However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off.Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. She received some business, but the competition was fierce.Instead, Career Options should target the following segments within the broad group of people seeking employment: recent college graduates and professionals in transition.

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Since success depends on your being able to meet customers’ needs and desires, you must know who your customers are, what they want, where they live and what they can afford.

We’ve all heard a business owner say, "My product is terrific!

Each group requires different promotional strategies and marketing mixes because each group has different wants and needs.

Segmentation will help you customize a product/service or other parts of a marketing mix, such as advertising, to reach and meet the specific needs of a narrowly defined customer group.

Get your message to the people who need and want what you have to offer!

This guide takes you through a step-by-step process that helps you identify specific target markets within your industry and provides you with the know-how to create customer profiles to better channel your marketing efforts L WHAT TO EXPECT This Business Builder will take you through a step-by-step process that will help you identify specific target markets within your industry and provide you with the know-how to create a customer profile.For example, there are many different consumers who desire safety as a benefit when purchasing a car.Rather than targeting everyone in their promotional strategy, a car manufacturer may opt to target a specific group of consumers with similar characteristics, such as families with young children. Step Two: Segment Your Overall Market It is a natural instinct to want to target as many people and groups as possible.Career Options, a job placement firm, has a target market of the unemployed.While it’s true that anyone looking for a job is a potential customer, developing a focused marketing strategy to reach such a broad market would be difficult, if not impossible.Your energies and funds then can be spent more efficiently.If you don’t know who your customers are, how will you be able to assess whether you are meeting their needs?Targeting your market is simply defining who your primary customer will be.The market should be measurable, sufficiently large and reachable.Professionals in transition may be dealing with the trauma of being fired or laid-off.They usually have a defined set of skills and a career path.

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