Marketing Strategy For A New Service

As for our market segmentation the concentration will be on teens, young adults, and parents. Since teens don’t typically cook a lot we believe that there should be a chance for success in this area because we are offering quality products at a cheap price. The same could be said about the young adults as they could be new into the work force and looking to get the most food for the price and this is something that we will be able to provide for them. With all of this being said our main focus will still be with parents and families. This is because we want to gain customers at a young age and hope to maintain these customers for the period of their entire lives. If our business is able to obtain life-long customers it is sure to be a success and this is what we are looking for with our business.

Demographic segmentation refers to segmenting a target market through population characteristics such as age, ethnic background, race, education, gender and income of a target market (Baack, Harris & Baack, 2013). This is important as it helps an organization to identify what markets to target and which new markets to venture into. The Jeep vehicle portfolio line includes the Jeep Wrangler, Grand Cherokee, Cherokee, Compass, Liberty, Patriot and Wrangler Unlimited and it has been established that some of the target demographics includes gender, education and

• Explain demographics, Geographic’s, psychographics and why companies use these methods to segment the market effectively

The first alternative way the hospital might try to segment the market is by sociodemographic segmentation. There are several variables that are of particular importance when looking at segmenting the market by sociodemographic attributes. Some of the variables that are especially pertinent to health care marketing using this type of segmentation are age, gender, and ethnicity. The first and most important to the hospitals new program could be to separate by age, which has specific relevance when looking at segmenting a market for health care services. If the hospital decided to take a look at segmenting the market of its new program by age segmentation, there would be a shift in the product segment of the marketing mix, as age segmentation

The potential consumer target markets fall into two categories; the segments will be referred to as “Suburban Select” and “Young & Active”.

Demographic Segmentation fragments the market into categories according to different demographic factors, usually with regards to the wants and needs of multiple consumer groups. The

Does the firms’ value proposition match with the benefits asked for by the consumers from the target segment?

The advantages of young adults ages from 15 to 25 is that they have some or full independence when spending money, and have disposable income from summer job or part-time or full-time job, they also have desire for social interaction and handing out to ice cream store could be one of the social activities (Exhibit 6 –Demographic Analysis). However, the disadvantage of this group is that they are hard to attract and they are more appeal to lower price products because they do not earn a lot of money while in school. One of the biggest disadvantages of this group is that it contains only 8% of the population in Oakville and 13.87% in Vaughan. Young adults are not a big market for the company to generate revenue goal.

Consumers are segmented according to age group in the following sectors; Baby and Toddler, Child, Adult, and Pensioners.

* No proper market segmentation – wide age of customers 18 -45 years male and female

But if you do not know your strengths and weaknesses of your business or the opportunities and threats facing your business, your business may not be successful, so our group decide to create a SWOT analysis for Vkey cafe.

For each project you’re planning, you need to be clear on just how much money you’re willing to spend.

Relying purely on socio-economic and demographic data only provides a partial glimpse into the needs, preferences and wants of a given target market. Psychographic-based segmentation research is often used for determining how potential customers' self-assignment to groups, unique interests and preferences for retail products and services influence and often predict their purchasing behavior and long-term loyalty (Bearden, Teel, Durand, 1978). Psychographics is the study of how customers assign

Demographic segmentation is market segmenting groups of people according to race, gender, income and education. According to Western’s Office of Institutional Research, the total number of students enrolled for the 2015 year was 23,556, which includes undergraduate and graduate students. Roughly 70% of those students were classified as white, 22% of those students were classified as minority students that includes American Indian, Asian, Black or African American, Hispanic, Native Hawaiian, or two or more races, and the other 8% of those students were classified as International students. Of the 23,556 students enrolled, 11, 561 are male and 11, 995 are female. Also of the 23,556 students enrolled, 18,479 of those students are full-time, and 5,077 of those students are part-time students. Of the 23,556 students enrolled, 20,406 of those students are residential students, and 3,150 are non-residential students (Enrollment Information, Western Michigan University). Having the majority of students be residential students is very beneficial for the business because that means there will be many more students on campus throughout the year than off.

Qns: Discuss the 4 major characteristics of services and the marketing strategies available for the service organization.