Market Segmentation Assignment

Market Segmentation Assignment-68
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.Career Options, a job placement firm, has a target market of the unemployed.

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

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Instead, Career Options should target the following segments within the broad group of people seeking employment: recent college graduates and professionals in transition.

Both groups share one important characteristic — they need a job — but the two groups have different characteristics, different needs and wants.

For example, a printer’s target of mid-sized firms with mid-size projects is not a measurable definition.

However, a target market of firms within a radius of 20 miles, with annual revenues of $10 to $25 million and a need for four-color printing runs of approximately 5,000 pieces is a clear definition.

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!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.Once your target market is defined through your knowledge of product appeals and market analysis, and can be measured, you should determine whether that target market is large enough to sustain your business on an ongoing basis.In addition, your target market needs to be reachable.To do this, identify your product or service’s features and benefits.A feature is a characteristic of a product/service that automatically comes with it.It appeals to everyone." Many of us have also seen small businesses that try to be all things to all people.This is a difficult, if not impossible, bridge to cross.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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