Target Markets
Before a company determines an appropriate marketing strategy for their product, a targetmarket must first be identified. Many product managers identify more than one targetmarket to explore. Selecting a target market may include an assessment of the following:
Demographic variables, including age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, and social class.
Geographic variables, including region, urban/suburban/rural location, city size, county size, state size, market density, climate, and terrain.
A psychographic variable, including personality attributes, ethics, values, motives, and lifestyles must be part of the research and consideration. Behavioristic variables, including volume usage, end use, benefit expectations, brand loyalty, and price sensitivity.
Required Reading:
Please refer to the Activity Resource section of each activity for the required readings and external sources.
Assignment 4 Target Markets
Market segmentation involves analyzing characteristics of various markets to identify consumer groups that share similarities that may impact purchasing behavior. A product manager has to clearly identify the target market for their products, which includes the processes of assessing demographic, geographic, psychographic, and behavior variables. Targeting your market and understanding the market, consumer, and the industry will be key to the success of your marketing planning.
Activity Resources:
U.S. Census
Claritas: My Best Segments
Dibb, S., & Simkin, L. (2009)
Sinha, J. I., & Rosenthal, E. C. (2009)
Video: Marketing Research and Segmentation (20:00)
Main Task: Analyze Possible Target Markets
Review the information provided on the US Census and Claritas: My Best Segments websites. Write a proposal assuming you are the new Brand Manager for an organization (could be the company you work for) required to identify the primary and secondary targetmarkets that would increase your product?s market share. Summarize and support how you would conduct research to identify these target markets and include examples of the variables analyzed.
Include at least five (5) peer-reviewed articles to support your analysis, including those listed in the activity resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 4 pgs
Learning Outcomes: 3
Assignment Outcomes
Analyze customers within target markets using primary and secondary research.
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