Reference no: EM131145194
After reading the chapters and lecture notes regarding marketing segmentation and target markets, select one of the following product categories (cars, trucks, SUV’s, shoe stores, men’s or women’s clothing stores, computers, beer, headphones, or fitness centers), and describe the three largest consumer segments within that particular market. Do some research on the web and familiarize yourself with whichever product category you choose (please note that cars, trucks, and SUV’s are separate product categories, as are men’s and women’s clothing stores). Using the various segmentation variables that you have learned about in the textbook and lecture notes, describe the consumers that comprise three different segments of the market. In doing so, create a profile of consumers within each segment, in terms of the most relevant demographic, geographic, psychographic, and/or product related variables; and then name each segment (e.g., within the car market, three segments might be "soccer moms", "young professionals", and "eco-friendlies.") Please note that some segmentation variables might not apply in a particular situation, so use the variables that you think make the most sense. To better illustrate the differences between each consumer segment, identify the major brands (or stores) that appeal to each particular group. (Just to clarify: keep in mind that, in this context, market segments are groups of consumers who have similar needs or desires for a particular type of product or service.)
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A note about the segmentation assignment.
As you work on this assignment, it important to understand the distinction between "segmentation variables" and "market segments." Importantly, variables such as age, gender, race, geography, etc., are NOT segments per se. Instead, they are merely variables, used to describe segments. Moreover, a market segment typically is described by a combination of variables. An example of a segment within the market for groceries might be the following: young couples, between the ages of 25 - 34, college education and both working professionals, living in urban areas, into fitness and concerned about the environment.
For this assignment, you are to describe three distinct segments within a particular product, or retail, category. Use a combination of segmentation variables to describe each segment. And then also provide examples of the brands that are designed to appeal to each segment.