3.4 Target Market Analysis As part of the analysis‚ we are segmenting the market based on demographics and psychographics. Demographic segmentation is based on financial and educational parameters. Psychographic segmentation is based on lifestyle and values. There were several factors to consider in developing a target market or markets for Goldilocks Restaurant (Goldilocks). Some of these factors were: The tastes and habits of prospective customers. That is‚ are
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Question 1 Division of marketing for Kit Kat – chocolate bar‚ into geographic ‚ demographic‚ psychographic and behavioural segmentation. Geographic segmentation The market is broadly divided into Urban (cities and towns) and Rural (villages). Kit Kat caters the high urban need by making products available that too with a variety with the help of which the rural crowd can be kept attracted. Rural needs are also kept in mind and there is nothing even required for Kit Kat to make an effort to attract
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Task P5 ‘Explain how and why groups of customers are targeted for selected products’ Customers are people who buy products and services from other people (usually companies of one sort or another). What customers think and feel about a company and/or its products is a key aspect of business success. Attitudes are shaped by experience of the product‚ the opinions of friends‚ direct dealings with the company‚ and the advertising and other representations of the company. Irrespective of whether a
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therefore each company has to design a business tool or known as marketing mix that precisely matches the expectations of consumers in the targeted segments. All together‚ there are four basic market segmentation-strategies which are behavioral‚ demographic‚ psychographic and geographical. Next step which will bring us to the part where a company have to select their target market. Target market is a group of people that share the same needs that the company decides to provide. Therefore‚ identifying the
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by targeting and positioning. In this step‚ customers in the market are divided into distinct groups having similar requirements‚ characteristics and so on. Normally‚ a market is segmented on these bases: geographic segmentation‚ demographic segmentation‚ psychographic
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1.2.7 Demographic Environment 1.3 Strengths‚ Weaknesses‚ Opportunities and Threats (SWOT) Analysis Table Error! Bookmark not defined. 2.0 Segmentation Theory Error! Bookmark not defined. 2.1 What is segmentation? 2.2 Why is segmentation used? Error! Bookmark not defined. 2.3 How can firms benefit from a multidimensional approach to segmentation? Error! Bookmark not defined. 3.0 Target Market Identification 3.1 Geographical Traits Error! Bookmark not defined. 3.2 Demographic Traits
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who have the same wants‚ needs‚ and desire the same product. The three man segments of the population are demographic‚ psychographic‚ and geographic. Demographic segments can include age‚ sex‚ income‚ occupation‚ education‚ race and ethnic origin. On entering a Payless shoe store you fugitively take a step back from all the women shoes and accessories. The target demographic is definitely women. Most shoe retailers target this group because women according to a “Consumer Reports
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neighborhoods‚ or postal codes. or area. Psychographic segmentation (who) Psychographic segmentation divides consumers according to their lifestyles‚ personality‚ values and social class. Behavioral segmentation (how) Behavioral segmentation divides consumers into groups according to their knowledge of‚ attitude towards‚ use of or response to a product. Demographic Segmentation (what) Executed through the adoption of various demographic
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similar needs‚ wants‚ or demand characteristics. The objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.” The four factors that affect market segmentation consist of behavioral‚ demographic‚ psychographic‚ and geographical differences. The Jaguar organization’s market segmentation consists of all four categories of the marketing mix. Jaguar’s Target Market The "Entrepreneur" (2014) website states that a target market is basically a group
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categories. The four main bases‚ which segment a consumer market‚ are known as Geographic‚ Demographic‚ Psychographic and Behavioural segmentation. Geographic Segmentation is based on variables such as region‚ city size‚ density and climate. Demographic Segmentation is based on variables such as age‚ sex‚ family size‚ family life cycle‚ income‚ occupation‚ education‚ religion and nationality. Psychographic Segmentation is based on variables such as socioeconomic status‚ values‚ attitudes and lifestyle
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