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I need help with a Marketing question. All explanations and answers will be used to help me learn.
Week 3 Assignment – Marketing Segmentation and Targeting
Learning Objectives Covered:
1. Discuss the correlation between market segmentation and market targeting
2. Describe the role each of the seven segmentations plays in consumer buying behavior
In order to communicate effectively with customers, businesses must know who it is that purchases their product. Rather than looking at all customers as one big group, marketers break large groups into smaller groups through market segmentation. Once segmented into smaller groups that have similar characteristics, marketers can target one of these small groups and create messages that resonate with the target audience.
There are a number of ways to segment a market, and each segmented market can be broken down into smaller and smaller subgroups called niche markets. There are seven ways that you can segment a market, these include:
- Demographics like age, gender, ethnicity, income, religion.
- Life stages such as children, college students, singles, couples, families, families with children, empty nesters, senior singles.
- Geographic location based segmentation could be something like North or South by country or city, but it can also be the type of location like rural, urban, or suburban.
- Psychographic segmentation is based on work, leisure, interests, opinions, and peoples’ views of themselves.
- Behavioral segmentation divides users of the product based on their buying behavior, knowledge of or attitude toward the product
- Values based segmentation divides consumers into groups based on their value system such as hedonistic, spiritual, eco friendly, thrifty, etc.
- Benefits based segmentation is based on the consumers’ needs or problems that is driving the purchase of the product. Some food might be purchased based on taste and others might be purchased based on how healthy they are.
Using market segmentation allows marketers to select a target market. By using market segmentation to group consumers, marketers can work to understand the target market’s motivations, wants, and needs by using surveys, focus groups, or by analyzing data based on the target market’s purchase and other behaviors.
In this Assignment you will create a presentation profiling seven different ways you could segment a market. The goal of your presentation is to describe to a potential client how they can understand their target market. Remember, when a client understands their target market better, their marketing is more likely to work.
Create your presentation in PowerPoint. Use photos along with text in your presentation to both show and tell the information.
Follow this slide outline for your presentation:
Slide 1: Title
Presentation title, Name, Date
Slide 2: Demographics
1. Definition of demographics
2. Possible places/resources one could use to find demographic details
Slide 3: Life Stage
1. Definition of life stage
2. Reason(s) why life stage is important to identify
Slide 4: Geographic Location
1. Definition of geographic stage segmentation
2. Possible ways audience could be segmented
Slide 5: Psychographic Segmentation
1. Definition of psychographic segmentation
2. Possible ways you could gather psychographic data
Slide 6: Behavioral Segmentation
1. Definition of behavioral segmentation
2. Advantages and disadvantages of behavioral segmentation
Slide 7: Values Segmentation
1. Definition of values segmentation
2. Four common value segment examples
Slide 8: Benefits Segmentation
1. Definition of benefits segmentation
2. Four common benefits that drive marketing and consumer purchasing
Slide 9: References
1. Provide two content research references in the form of an IWG citation
2. Provide all images references in the form of a website link
File Naming + Submission Instructions
- Save your presentation as: MAN230_Assignment3_FirstLast.pptx
- Submit your PowerPoint presentation for this Assignment.