Question: DEVELOPING CRITICAL-THINKING SKILLS
Market segmentation is the process of breaking down a larger target market into smaller segments. One common base of market segmentation is demographics. Demographics for the consumer market, which consists of individuals and household members who buy goods for their own use, include such criteria as age, gender, race, religion, income, family size, occupation, education, social class, and marital status. Liz Claiborne, Inc., retailer of women's apparel, uses demographics to target a market it calls Liz Lady. The company knows Liz Lady's age, income range, professional status, and family status, and it uses this profile to make marketing decisions.
Assignment: 1. Identify a company that markets to the consumer.
2. Identify the company's major product.
3. Determine the demographics of one of the company's markets.
a. From the list that follows, choose the demographics that apply to this market. (Remember that the demographics chosen must relate to the interest, need, and ability of the customer to purchase the product.)
b. Briefly describe each demographic characteristic.
Consumer Market Description
Age_____________ __________
Income__________ __________
Gender__________ __________
Race____________ __________
Ethinicity________ __________
Income__________ __________
Occupation_______ __________
Family size_______ __________
Education________ __________
Religion__________ __________
Home owner______ __________
Marital status_____ __________
Social class_______ __________
4. Summarize your findings in a statement that describes the target market for the company's product.