Market analysis | Management homework help

Market Segmentation and Targeting
   No single business can be everything to everybody. Most businesses focus on
target markets — subsets of the overall market. You will need to define your target markets, determining such factors as population, the overall level of business activity, and your geographic region. For this section you need to write a description of your target market or markets. This should be a brief summary of the markets either by summarizing demographics of consumers or attributes of business customers (business-to-business marketing).

o Segmentation Variables
     § What are the common segmentation variables used in this market?

o Target Market
     § What are the characteristics of your target customer? If you are selling to
individual consumers, what is their age, sex, income level, education, race,occupation, lifestyle, and number of children at home? Are they married, single, or retired? Where does the target customer live?

o Customer Profile
     § Who is expected to use your product or service? What will they use it for? Why do they buy the product? If you are already selling your products or services, who is currently buying them and why? One way to write the customer profile is to organize it by demographics or lifestyle descriptions.

o Predict any future changes to your current customer profile and target market.

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