edf40wrjww2CF_PaperMaster:Desc
Market Segmentation Project
INTRODUCTION
The purpose of this project is to give the student an opportunity to practice their market segmentation skills. Consumers come into the market with their own unique set of preferences and resources. However, from the perspective of both the researcher and marketer there are sufficient similarities between individual consumers to warrant grouping them into "segments." These similarities are not restricted to their demographic characteristics alone, they may include motivations, values, lifestyles, the way in which consumers use products, their spending patterns, purchase behavior, and so on. The definition of a consumer market segment is "a relatively homogenous group of individuals whose motivations, product needs, and purchase behaviors, are similar."
GOAL OF THE PROJECT
The goal of the project is to provide a market segmentation framework for a specific product market. The framework must include:
Identifying and naming TWO market segments within the market.
Fully analyzing each of these market segments following the procedures explained in class.
Coming to some conclusions about the market attractiveness (profit potential) of each segment, and market segments not being served in the current market environment which potentially could be profitable.
PRODUCT MARKET
The specific product forming the focus of the market segmentation analysis will be announced in class.
GUIDELINES FOR PREPARING MARKET SEGMENTATION PROJECT
Step 1: Library Research
Students must undertake extensive library research about their product market and consumers (active and potential) in the market. This information can be fo ...