Briefly describe the segmentation and targeting process

Assignment Help Management Theories

Reference no: EM131459230

Question: General focus

The assignments for MKT502 Clients & Markets involve a real life case study, which will enable you to apply your newly acquired understanding of marketing and customer behaviour to the development of appropriate marketing strategies and marketing initiatives, in both business to consumer (B2C) and business to business (B2B) contexts.

The Darwin Symphony Orchestra
The Darwin Symphony Orchestra (DSO) has significant B2C and B2B marketing components, which makes it a particularly relevant and interesting case study for this unit.

Over the coming weeks the unit teaching team will provide you with further insights into the DSO's marketing situation and the challenges that it faces. For initial insights to the organization please visit the DSO website https://dso.org.au/ - please do not contact the DSO directly.

The DSO's annual income exceeds $1 million. While the DSO receives substantial funding from both state and federal government, almost half its revenue comes from concert proceedings, donations and corporate sponsorship. In addition, substantial ‘in-kind' contributions from sponsors support the organization in relation to logistics, offices and overheads, venue hire, flights and travel, hotel accommodation, as well as media and advertising.

The DSO marketing team therefore plays a critical role in revenue generation and is responsible for promoting events and ticket sales, as well as fund raising and generating sponsorship. (Details of both these aspects can be found on the DSO website and further insights will be provided as the unit progresses).

Assignment description
Assignment 1 requires you to initially evaluate the potential B2C and B2B customer segments that make up the DSO's market. You then select a specific B2C, as well as a specific B2B segment, for targeting and provide rationale for your selections, as well as insights into the buyer behavior dimensions that should be considered in subsequent marketing mix planning stages.

Please note that assignment 1 involves marketing segmentation and targeting stages only. Positioning forms the focus of assignment 2, in which you provide in depth analysis of the behaviour of the chosen target market segments and appropriate marketing mix recommendations.

Specific assignment tasks
In the early weeks of this unit you will be introduced to the market segmentation, targeting and positioning process, as well as models of buyer behaviour and related concepts.

This assignment requires you to complete several tasks:

Segmentation & targeting (approx. 350 words)
• Briefly describe the segmentation and targeting process, acknowledging its relevance to B2C and B2B marketing.

Segment evaluation (approx. 1000 words - 500 words on B2C & 500 words on B2B)

• Identify and describe DSO's market, acknowledging the various existing and potential B2C and B2B customer segments in terms of ‘typical' market segmentation dimensions (e.g., behavioural, psychographic and profile data for consumer markets, and in terms of micro and macro segments for organisations).

B2C target (approx. 500 words)

• Identify and evaluate a specific B2C niche customer segment for the DSO marketing team to focus on.

• Explain the rationale for its selections in terms of distinctiveness / size / accessibility / stability / match with the company strategic orientation.

• Outline the buyer behaviour concepts and theories* relevant for further investigation (in assignment 2) to ensure an effective buyer behaviour focused marketing mix can be developed.

B2B target (approx. 500 words)

• Identify and describe a specific B2B niche segment for the DSO marketing team to focus on.

• Explain the rationale for its selections in terms of distinctiveness / size / accessibility / stability / match with the company strategic orientation.

• Outline the buyer behaviour concepts and theories* relevant for further investigation (in assignment 2) to ensure an effective buyer behaviour focused marketing mix can be developed.

*Relevant concepts and theories might include:

• Stages in decision making process

• Level of involvement

• Decision making unit

• Aspects of psychology theory (Perception, Learning and memory, Personality and self-concept, Motivation & needs, Attitudes, Group and peer influences)

Positioning & customer behaviour (approx. 150 words)
• Acknowledge the importance of understanding customer behaviour to the positioning stage of the STP process.

Reference no: EM131459230

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