Question: Target Market Assignment
Since all marketing starts with and is based on a thorough understanding of the target market, it is essential that you thoroughly develop and demonstrate mastery of this concept. In all likelihood, you will not have too much difficulty describing the market segment being targeted in terms of demographics, but when it comes to psychographics it gets a bit more difficult. To help you grasp this set of ideas a target market assignment is where you "get into the head" of a segment. It is a great tool. Following is more detail on this assignment.
Note: it is critical to know that this assignment must be based on research from cited sources or you may just write your "opinion" of what you think this composite person is like.
Assignment Specifics
Imagine a specific person within this segment that embodies the general set of traits and define that person in vivid detail. Within a well written report answer the following questions while describing your target market. Remember to back everything up with research!
Why does your target use the product?
How does your target see him or herself? In other words how would he or she describe his or herself?
How would his or her neighbors describe your target?
What is important to your target? Note that this is not what is important directly related to the mix, but what is important in life!
What are your target's goals and ambitions?
Describe a perfect "off day" or vacation for your target.
Who does your target most want to impress?
Finally, include some numerical (quantitative) data showing the size of this market segment based on the key psychographic characteristics you have identified.
You could further connect this assignment to a comprehensive report such as the Marketing Plan Project with a statement such as the following:
When you complete the Target Market Assignment, you will be able to use these insights in determining whether or not the following considerations are met.
Is this segment worth the effort? · Do the product attributes meet the needs and characteristics of the segment? · Does the pricing fit the priorities of the segment?
Is the product available in a manner that fits the lifestyle considerations of the segment?
Does the marketing communication reach the segment in a way that is likely to be received and responded to favorably?