Segmentation and Market Target
Segmentation and Target Market Paper
MKT/571
Segmentation and Target Market Paper
To obtain success, and then retain success, organizations need to determine which market segments to focus (Kotler & Keller, 2012). Additional consideration is necessary to ensure that the organization can effectively serve this market segment. According to Kotler and Keller (2012), the finest marketing plans identify and embrace segment differentiation by determining the demographic, psychographic, geographic, and behavioral characteristics. For example purposes, this white paper discusses segmentation and target market for “Your Organization”.
Consumer Segmentation Organizations will not benefit from mass marketing, however will gain success through the insight of consumer segmentation. As mentioned above, the four primary segmentation variables are demographic, psychographic, geographic, and behavioral characteristics. For clarification purposes, a brief description of each is shown. Demographic segmentation separates consumers by “variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class” (Kotler & Keller, 2012, p. 216). Psychographic segmentation takes into consideration the consumer values, attitudes, and lifestyles. Geographic segmentation addresses the variables of region, climate, population growth rates and density. Lastly, behavioral segmentation considers price sensitivity, usage, brand loyalty, and attitudes. Examples of “Your Organization”’s segmentations is below, using data provided by the organization’s core operating system “Your Organization Server” (2014), effective for June 1, 2014.
Demographic Segmentation
“Your Organization” is a community chartered credit union in Richmond, Virginia. The demographic information includes age, income, and gender. When accessing the age brackets for members age 12 or older, management found the primary age
MKT/571
Segmentation and Target Market Paper
To obtain success, and then retain success, organizations need to determine which market segments to focus (Kotler & Keller, 2012). Additional consideration is necessary to ensure that the organization can effectively serve this market segment. According to Kotler and Keller (2012), the finest marketing plans identify and embrace segment differentiation by determining the demographic, psychographic, geographic, and behavioral characteristics. For example purposes, this white paper discusses segmentation and target market for “Your Organization”.
Consumer Segmentation Organizations will not benefit from mass marketing, however will gain success through the insight of consumer segmentation. As mentioned above, the four primary segmentation variables are demographic, psychographic, geographic, and behavioral characteristics. For clarification purposes, a brief description of each is shown. Demographic segmentation separates consumers by “variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class” (Kotler & Keller, 2012, p. 216). Psychographic segmentation takes into consideration the consumer values, attitudes, and lifestyles. Geographic segmentation addresses the variables of region, climate, population growth rates and density. Lastly, behavioral segmentation considers price sensitivity, usage, brand loyalty, and attitudes. Examples of “Your Organization”’s segmentations is below, using data provided by the organization’s core operating system “Your Organization Server” (2014), effective for June 1, 2014.
Demographic Segmentation
“Your Organization” is a community chartered credit union in Richmond, Virginia. The demographic information includes age, income, and gender. When accessing the age brackets for members age 12 or older, management found the primary age
References: “Your Organization Server”. (2014). Segmentation data. Retrieved from “Your Organization” on June 1, 2014. Kotler, P., & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Open Solutions Incorporated. (2011). Overview analysis. Retrieved from “Your Organization” corporate library on June 1, 2014. Strategic Business Insights. (2004, June). Segmentation in the twenty-first century: Financial behavior of the VALS segments. Retrieved from http://www.strategicbusinessinsights.com/cfd/MRsummaries/MR.VI-09.shtml.