Research on segmentation strategies you have so far considered to market the consumer product

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prepare a PowerPoint presentation summarizing the research on segmentation strategies you have so far considered to market the consumer product you are proposing for your final project.
Prompt
First, review your work in Modules One and Two, as well as your posts and response posts in the Module Three discussion.
Prepare at least three slides summarizing your market research so far:
• What consumer segment does your selected company serve in, and why are you pursuing it?
• What are two to three resources you might use to obtain information on consumer behavior? Provide a rationale regarding why you selected each one.
• What secondary research will you use to analyze the characteristics of the chosen segment?
Prepare at least four slides summarizing the market segmentation you have so far considered:
• Which segmentation strategy will you use for your segment? Why do you believe it will be effective?
• What are the key points about the strategy used to segment your selected market? What is it based upon?
• What is your selected consumer segment? Why do you believe it is a good fit?
• What are the research needs for each segment?
Using the speaker notes, provide any additional details of importance regarding the bullet points you addressed on each slide to further explain the information.
Specifically, the following critical elements must be addressed:
I. Market Research
A. Select a consumer segment that your company serves, and describe why this segment is worth pursuing.
B. Identify and qualify research sources that can be used in obtaining information on consumer behavior.
C. Analyze the characteristics of the chosen consumer segment using secondary research.
II. Segmentation
This section is where you will apply the information gained from your market research to your identified market segment.
A. Identify the various segmentation strategies that your selected company uses to divide the market. Be sure to consider the overall market for your chosen brand.
B. Select the segmentation strategy(s) to create your market segment, and explain why the strategy(s) would be effective.
C. Describe the consumer segment you have selected. Explain why they are a good fit for the product.

 

 

Sample Solution

Slide 1: Consumer Segment and Rationale

Target Consumer Segment: Health-conscious individuals seeking natural and organic products

Rationale:

  • Growing demand for natural and organic products driven by health concerns and environmental consciousness
  • Increasing disposable income among health-conscious consumers
  • Underserved market segment in the consumer product category

Slide 2: Resources for Consumer Behavior Information

Resource 1: Consumer surveys and polls

  • Rationale: Provides direct insights into consumer preferences, attitudes, and behaviors
  • Allows for targeted data collection based on specific demographics or interests
  • Enables tracking of consumer trends and changes over time

Resource 2: Social media analytics

  • Rationale: Offers real-time insights into consumer discussions, opinions, and trends
  • Provides granular data on consumer demographics, interests, and online behavior
  • Enables identification of emerging trends and popular topics

Resource 3: Market research reports

  • Rationale: Comprehensive and up-to-date information on market trends, consumer behavior, and competitive landscape
  • Provides insights into industry-specific trends and consumer preferences
  • Offers data-driven analysis and projections on market growth and opportunities

Slide 3: Secondary Research for Segment Characteristics

Secondary research sources:

  • Industry reports and publications
  • Government data and statistics
  • Academic journals and research papers

Rationale:

  • Provides reliable and objective information on consumer demographics, preferences, and behaviors
  • Offers insights into broader economic and social trends that influence consumer behavior
  • Supplements primary research data and provides context for analysis

Slide 4: Segmentation Strategy

Segmentation strategy: Psychographic segmentation

Rationale:

  • Psychographic segmentation divides consumers based on their values, lifestyles, interests, and personalities
  • Provides a deeper understanding of consumer motivations and decision-making processes
  • Allows for targeted marketing campaigns that resonate with specific consumer segments

Slide 5: Key Points of Psychographic Segmentation

Key points:

  • Psychographic segmentation goes beyond demographics to understand consumer attitudes and behaviors
  • It focuses on psychological factors that influence consumer choices
  • It allows for the creation of detailed consumer personas

Slide 6: Selected Consumer Segment

Selected consumer segment: Health-conscious individuals seeking natural and organic products

Rationale:

  • This segment is aligned with the company’s values and product offerings
  • It is a growing and underserved market with strong purchasing power
  • It is receptive to targeted marketing campaigns that emphasize health and wellness

Slide 7: Research Needs for Each Segment

Research needs:

  • Conduct in-depth consumer surveys to understand the specific needs, preferences, and pain points of each segment
  • Analyze social media data to identify trending topics and emerging conversations within each segment
  • Review industry reports and publications to stay up-to-date on market trends and consumer behavior

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