Profile Your Key Market Segments
In this assignment, you will use your specific company (the one you identified earlier in the course) to fully describe their key target market segments. The information you provide on these target market segments will go directly to the marketing manager for him/her to use as a key resource in making the many marketing decisions for the upcoming year.
(1) You will profile each of the key market segments (typically 2 or 3 market segments). In the profiles, you will describe the characteristics of each market segment group in terms of the four main bases of segmentation: geography, demographics, psychographics and behavioural. Note: these variables will vary if the customer groups are B2B or B2C (please refer to the textbook for differences). Ensure you provide detailed information in your profiling.
(2) Most importantly, you will then identify how understanding the idiosyncrasies of each these different key market segments impacts many of the practical sales and marketing decisions your marketing manager needs to make (ensure you have identified at least 4 areas of impact).
There is also a PRIZM database which is commonly used for B2C target market segmentation. PRIZM can be found in the BCIT library however, I have also loaded onto this site for your convenience (it can be found under "Support Materials" and "Library Resources" under "Contents"). PRIZM is a very detailed market segmentation tool which could be helpful in assisting your organization to more clearly define who they are seeking and how to find them.
It is possible to have 2 or 3 market segments all in the B2B environment; or 2 to more segments all in the B2C and/or your organization could have a couple of market segments in each of B2C and B2B. Ensure you identify which of B2B or B2C marketplaces you are involved and are describing in your assignment. Limit to no more than 2 key market segments. Use APA in-text citations and end of assignment references to add value to your work. (see "Support Materials" and "Writing Resources" in this course "Content" for guidelines)