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

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

2. Age Group, Family Size (Segmentation- Demographic): People in the lower age group of 20-30 as well as the people having family with a mid-size will also be the customers for our products. The former is fun-oriented, experiencers, who are young, enthusiastic and impulsive people seeking variety and excitement, while the latter is a closed group who love to spend quality time together.

Additionally to the Market segmentation, many retailers and businesses use the segmentation as a marketing strategy and a factor when determining such as the location of a store, or the products that are going to be sold. Some of the strategic methods that are well known and utilized by many businesses are the Geographic, Demographic, Psychographic, and the Behavioral segmentation. I will focus more on the Geographic segmentation which creates data from the consumer's zip codes, neighborhood population and household income, and much more. Overall every retailer's focus is to have a successful business, and when doing that you must know who you are targeting and undergo research about those consumers who will be purchasing your products. This

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

By looking at the demographic factor of age, we segment the market into 3 types of customer group which is “children, teenagers and young adults”, adults, and senior citizens. Those below 25 years old are belong to the “children, teenagers and young adults”, 25 to 55 are considered adults, while above 55 are belong to the senior citizen.

Advice or general information: The wide variety of information about our customers is generally seen as informative and easy to understand. For example, the special meals that we have during the week and public holidays. There are some exceptions where the café may be closed, for example Good Friday and Christmas.

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

8.1. Target marketing: Nick’s Diner II markets to a broad range of groups, and individuals. Although, for the context of this marketing plan, the targeted population is families, the elderly, and adults 30-45 in the area. As Nick’s Diner II is located in a suburb with a large population of families, and next to an elderly retirement community, it seems logistical that these large populations, which hold a large portion of the disposable income would be targeted. In addition, adults in the targeted age rage have a high probability of having started a family the inclusion of which also grasps the percentage of outlier whom have not started a family, have been widowed, or are married without kids.

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

In the demographic segmentation, age, gender, income, occupation, and life cycle stage affect consumers in the retail industry. Within the demographic segmentation and the variable of age, the younger consumers’ needs differ from the older consumers’

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