For this assignment, you will select from Tesla, Smoothie King, Suave, or Nintendo as the basis of your work. Select one of these four companies and get started on the first bullet in the template, 1. Target Customers/Uses. The following provides some context to help you complete the first question section in the template. (Remember you are doing your own assessment on the business, do not go to the company website and copy their analysis. You need to do your own assessment on the business you select.)
- Target Market Segment Strategy.
- Companies use segmentation and targeting to promote their products, services or brands effectively.
- Target Marketing and Segmentation: Valid and Useful Tools for Marketing.
- Target Market/Users
Who is your market? Who is the target customer for the selected business? Identify which segments the business targets. For example, if I was going to “guess” at Coach’s target market, it would be:
- Ages 25–55.
- Bachelor’s degree.
- Upper middle to upper income.
- Live in an urbanized area.
- Consider themselves trendsetters.
- How does the business you selected segment their market?
- Look at age, gender, race, religion, geographic location, education level, income, family size, etc. Then look at psychographics (interests, hobbies, routines, shopping habits, etc.).
- Why does the business target this market?
- Using Coach again, it’s because their bags are primarily used by women. They’re expensive, so the buyer’s income is usually on the high side. When the income is high it generally means the buyer has more education. Not everyone will pay upwards of $300 for a purse, so the company targets people who want to make a statement and display their wealth by making stylish choices. Also, Coach purses must be purchased at a certified Coach retailer or Coach store which are located in higher end retail venues that attract wealthier shoppers.
- How will you reach your market?
What’s the way best to reach your target market audience? For example, if you are targeting the 15–25 year old age range, the best way to reach that market is social media, specifically Facebook, Instagram, Twitter, SnapChat, Reddit, etc. However, if you’re targeting an older age group, social media is a nice start, but& you will need to use other channels such as television, radio stations, billboards, in-app commercials, product placement in movies or television shows, etc.
- List the most common stations the target market is most likely to listen to or watch.
- List that media and then discuss why you think these are the most appropriate channels.
- How Will you Capture your Audience’s Attention?
Is it a flashy sign? It is the word “Sale?” Is it the “latest and greatest?” Think about your own personal reaction to advertisements—what captures your attention? What makes you stop to learn? Use the information about your market to help identify what will capture the audience’s attention.
- How does the selected business want to be perceived? As the most prestigious brand? Or as the “go to place for sports gear” like Nike? When people think of the business, what do they think of? Look at the demographics and consider how the business captures their customer’s attention. This will help you determine exactly how the business wants to be perceived.
- What does the Customers Value?
Do they value price? Do they value quality, warranties, or being the first to have a new device? Do they value showing off their money?
- Use what you’ve learned in your research to identify what the target customer values and explain how you arrived at that conclusion.
- See Attached ASSIGNMENT FORM