Conduct a market segment analysis (Geographic, Demographic, Psychographic, Benefits Sought And Behavioral) for your product or service to (ii) justify why you choose this product or service.
Home › Assignment › Conduct a market segment analysis (Geographic, Demographic, Psychographic, Benefits Sought And Behavioral) for your product or service to (ii) justify why you choose this product or service.
I. Market Segment Analysis. In order to develop a viable marketing plan, you will first need to develop a market segment analysis which will include the following aspects. Each of these sections should be a separate section (with subheads). Be sure to reference the source from which you get each fact. Use in-text referencing (such as Smith 2017 or superscript numbering of individual sources). Citation of your sources is important! Anything you get from an outside source needs to be cited. Use bullet points and write concisely, with short paragraphs – business writing style, not long-paragraph literary writing style.
Divide your market into segments, based on segmentation bases or variables. Pick up one target market segment and analyze it in depth with the most common characteristics below:
♣ Geographic: geographic basis, such as country, region or city.
♣ Demographic: age, occupation, marital status or other identifiable population characteristics.
♣ Psychographic: consumers’ opinions, lifestyles and interests.
♣ Benefits Sought: specific benefits that consumers seek from your product or service, such as status, convenience or value.
♣ Behavioral: consumers’ relationship with your product or firm (e.g. brand-loyal or not, heavy users or not).
II. Introduction of Your Product or Service. In this part, you need to briefly explain your product, its features, benefits, and then provide the justification why you choose this product or service to serve this target segment.