Assignment 2: Target Market Segment Due Week 5 And Wo 222349

Assignment 2 Target Market Segmentdue Week 5 And Worth 100 Pointswho

Assignment 2: Target Market Segment Due Week 5 and worth 100 points Who is your target market? In a one page paper, develop a full target market segment for your business plan. Remember, you will take feedback from all submitted portions of your plan, revise, and then submit the final business plan in Week 9. Write a one (1) page paper in which you: State your primary target market segment, and discuss three reasons for your selection. State your secondary target market segment, and discuss three reasons for your selection.

Format your assignment according to the following formatting requirements: Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length. The specific course learning outcomes associated with this assignment are: Examine the process of developing a business plan and setting up the company. Analyze the market, customers, and competition of entrepreneurs. Use technology and information resources to research issues in entrepreneurship. Write clearly and concisely about entrepreneurship using proper writing mechanics. Click here to view the grading rubric for this assignment.

Paper For Above instruction

Developing a comprehensive target market segment is essential for the success of any entrepreneurial venture, as it guides marketing strategies and resource allocation. For my business plan, I have identified a primary and secondary target market segment, each selected based on specific characteristics and strategic advantages that align with the business's product offerings and long-term goals.

The primary target market segment I have chosen is young professionals aged 25-40 living in urban areas. This demographic is attractive due to several compelling reasons. First, they tend to have higher disposable income, which increases their purchasing power for premium products and services. Second, this group is highly influenced by digital marketing channels, enabling efficient outreach and engagement through social media and online advertising. Third, young professionals often seek convenience and quality, making them receptive to innovative solutions that save time and enhance lifestyle, aligning well with my business's offerings.

The secondary target market segment consists of health-conscious middle-aged adults aged 41-55, residing in suburban communities. This segment was selected because of their growing focus on health and wellness, which is a significant trend across various markets. First, individuals in this age range are increasingly investing in products that improve their quality of life, making them a promising demographic for health-related services. Second, they tend to have more stable financial situations and greater purchasing power, allowing for greater investment in premium health products. Third, suburban areas provide a large customer base with less competition compared to urban centers, offering an opportunity for brand positioning and loyalty.

In conclusion, defining these target segments enables tailored marketing strategies that meet the specific needs and preferences of each group, thereby maximizing outreach and profitability. By focusing on young urban professionals as the primary market and health-conscious middle-aged adults as the secondary market, my business can effectively address diverse customer needs while establishing a strong market presence.

References

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  • Marshall, G. W., & Mott, A. (2005). Digital marketing strategies for small businesses. Journal of Small Business Management, 43(3), 242-253.
  • Singh, J., & Koshy, V. (2011). Market segmentation and targeting in healthcare industries. International Journal of Healthcare Management, 4(4), 233-239.
  • Weinstein, A. (2013). Market Segmentation: Conceptual and Methodological Foundations. Springer.
  • Barbosa, R. (2018). Consumer behavior in health and wellness markets. Journal of Consumer Marketing, 35(3), 269-278.
  • Sweeney, J., & Swendt, E. (2019). Target marketing strategies for small enterprises. Journal of International Business and Economics, 7(2), 61-75.

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