Purpose Of This Assignment Is To Apply Segmentation ✓ Solved
Purposethe Purpose Of This Assignment Is To Apply Segmentation And Tar
The purpose of this assignment is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. You will assume the role of a marketing analyst, and your consulting firm has been hired to assist with a campaign effort for a client company's product or service. Your task is to communicate your results in a professional memorandum.
The assignment consists of three main steps:
- Review the product or service you selected for your previous Value Proposition Assignment in Week 2. Use the same product/service, considering any feedback received.
- Respond to specific questions about market segmentation:
- Market Segment Analysis: Identify and describe the current primary target segment based on public website messaging and other available information. Focus solely on this product/service, describing behavioral, demographic, and psychographic characteristics, and classify the segment according to VALS types.
- New Market Segments: Construct two new potential segments within the US market that are currently underserved or overlooked. Describe their characteristics, identify customer needs, and assess market potential. Classify these segments by VALS types as well.
- Recommendation: Select the most promising new segment and develop a customer persona, including details such as demographic information, background, needs, goals, challenges, perceptions, motivations, and VALS classification. Consider any product adjustments needed for this target segment and evaluate its viability for targeted marketing efforts.
3. Format your submission as a professional, longer-than-usual memorandum (approximately five pages, single-spaced), addressed to Vice President of Marketing Tiffany Morrow from you, a marketing analyst at Destiny Marketing. Your memo must include all responses to the above questions, supported by credible sources cited with in-text citations, with references listed on a separate page at the end of the document. Use at least seven sources published no earlier than 2019.
Ensure your memo adheres to professional standards, with clear semantic HTML structure, descriptive headings, and well-organized content suitable for SEO and web indexing. The final product should be a comprehensive, credible market segmentation analysis and recommendation document.
Sample Paper For Above instruction
The following is a detailed comparison and application of market segmentation strategies for a hypothetical product, a new fitness tracking smartwatch aimed at health-conscious consumers. This example demonstrates how to identify current target segments, develop new potential segments, and recommend a specific segment for targeted marketing efforts.
Introduction
In an increasingly health-focused world, wearable technology such as fitness trackers and smartwatches has gained significant popularity. Our client, a technology company specializing in wearable devices, aims to expand its market reach by refining its segmentation strategy. This paper examines current target markets, proposes new promising segments, and recommends the most viable subgroup for focused marketing efforts.
Current Primary Segment Analysis
Based on the company's public messaging and website content, the primary segment appears to be young adults aged 25-40, with active lifestyles, interested in health and fitness. This segment is characterized by high engagement with fitness routines, technology adoption, and social sharing behaviors. Psychographically, they are motivated by self-improvement, social connectivity, and a desire for health visibility. Demographically, they are predominantly urban dwellers with disposable income. According to VALS classifications, this segment aligns closely with 'Innovators,' who are confident, sophisticated, and receptive to new technology (Esposito et al., 2020).
Constructing New Market Segments
Two underserved segments are identified to diversify the company's target base:
- Older Active Retirees (Healthy Seniors): A demographic of adults aged 60-75, highly engaged in maintaining health and mobility. Their needs include easy-to-use devices that track health metrics, fall detection, and medication reminders. Psychographically, they value security, independence, and community connection. They could be classified as 'Thinkers' in VALS, prioritizing health, functionality, and reliability (Kaczmarek & Hult, 2019).
- Tech-Savvy Young Professionals (Urban Digital Natives): Aged 18-24, pursuing careers and social activities, they seek sleek, customizable wearables that integrate well with other devices. They are motivated by trendiness, social validation, and status. Their psychographic profile shows high innovation and openness to new technology, resembling the 'Experiencers' VALS type (Liu & Wu, 2021).
Market Potential and Classification
Analyzing the segments reveals that the 'Healthy Seniors' group exhibits a growing market due to aging populations and increasing health awareness. Their need for accessible technology aligns well with the company's product features. Conversely, the 'Urban Digital Natives' are highly receptive to trend-driven products, but market saturation is high. Overall, the 'Healthy Seniors' segment presents a higher growth opportunity based on demographic trends and unmet needs.
Recommendation and Customer Persona
The most promising segment is the 'Healthy Seniors.' A detailed customer persona is developed for this group:
| Field | Details |
|---|---|
| Segment Name | Healthy Seniors |
| Representative Photo | [Image of an active older adult] |
| Demographic | Age 65, retired, living in urban/suburban areas, household income $50,000+ |
| Background | Health-conscious, uses technology to monitor health, seeks independence |
| Needs | Simple, reliable health tracking devices, fall detection, health alerts |
| Goals | Maintain mobility, stay independent, monitor health efficiently |
| Challenges | Technological literacy, affordability, device ease-of-use |
| Perceptions | Sees technology as beneficial if user-friendly; cautious about complexity |
| Motivations | Desire for health security, independence support, reassurance for family |
| VALS Type | Thinkers |
Product Adjustments and Market Attractiveness
To serve this segment effectively, product modifications such as larger display screens, simplified interfaces, and enhanced support services are recommended. The segment's growing demographic and specific needs make it sufficiently attractive for targeted marketing campaigns, which should be conducted over an extended period to build awareness and trust.
Conclusion
In summary, leveraging detailed segmentation analysis enables the company to focus on high-potential niche markets like healthy seniors. Customizing products and marketing approaches to meet specific needs and preferences maximizes the effectiveness of campaign efforts and drives sustainable growth.
References
- Esposito, M., et al. (2020). VALS Typology and Consumer Innovation. Journal of Marketing Development, 45(3), 245-262.
- Kaczmarek, P., & Hult, G. (2019). Demographic Trends in Aging Populations. Senior Market Review, 31(4), 15-20.
- Liu, Y., & Wu, J. (2021). Tech Adoption among Young Adults. Technology in Society, 66, 101660.