Segmentation Plan

You are considering opening a gym that includes a personal training service. A segmentation plan is needed as part of your Marketing Plan.

Part One:
You must write a description, approximately one page in length, of what target markets are and why they are important to a marketing plan. Be sure to discuss each of the following:

-the general concept of segmentation
-why firms use segmentation and target marketing
-name and describe the ways in which markets are segmented (hint-there are four)
-how the terms homogeneous and heterogeneous are applicable to segmentation

Part Two:

You have two options:

Option 1: Identify a primary and secondary market for your product or service. Remember that the primary market is those customers that you are most interested in capturing. A secondary market is a group that is important to you, but less critical than the primary target.

Option 2: If you believe you have several (3-5) segments that have approximately equal potential you may describe each of them without designating them as primary and secondary.

In either case your analysis should include:

1. A description of each of the markets. You are required to give each a name. For example, if I were segmenting older consumers for a pet product I might have "Empty Nesters" and "Little Old Lady Cat Lovers"

2. How you are segmenting the groups (demographics, lifestyles or other criteria) including the characteristics of your target segments. BE VERY specific and use at least TWO of the four methods you described above.

You may use any combination of text, charts, and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.

3. Describe why you selected these segments. be sure that you support your choices remembering that selecting the wrong group means that you will be spending your promotional budget poorly.

 

 

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