Purpose The purpose of this assignment is to apply segmentation and...

The purpose of this assignment is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. This connects to course learning outcomes of constructing market segments of target customers for a product or service.  

Assignment Task Overview

 you will assume the role of a marketing analyst. Your consulting firm has been hired to help with a campaign effort for the client company of your selected product/service. You will communicate your results in a professional memorandum. 

 There are three steps to this assignment. Review all three steps before you begin.  

Step 1: Refer to the product/service you chose for your Value Proposition Assignment.  

The product/service you chose for the Value Proposition Assignment in Week 2 will be the subject of this assignment. 

The Sling TV, which falls under the Streaming Services Category

 is the Value Proposition assignment that I choose in week 2. 

Review any feedback you received on your Value Proposition memo. You will be writing a longer, more detailed memo about the same product/service. The overall feedback of my assignment is as follows "I agree with the value proposition as you have stated in your write up. It was well done. You second paragraph was just reiterating what you said in the first paragraph and thus not necessary. That said, the elements that you identified bring value to the customer and differentiate Sling. I think a key element is identifying the competition as cable TV. The visual was just the Sling screenshot. It was not your original thought and did not include any elements of the value proposition that you had in your write up. I'm not sure how this represents the complete value proposition."

Follow the specific instructions outlined in Steps 2 and 3 below.  

Step 2: Respond to each of the following questions as they relate to your product/service. Note the research and references requirement.  

Your market segmentation memo will have three major sections.  

Respond to all the questions in each section. 

Your memo also must meet the research and references requirement in Step 3.   

I. Market Segment Analysis  

Determine and describe the current primary segment. The client has an interesting question. What target market can be perceived by current messaging for the product/service? Visit the public website for your company's product/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.  

Describe the primary segment you believe your company is targeting for this product/service. Focus only on this product/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings). 

Describe the primary segment in terms of the behavioral, demographic, and psychographic characteristics for the segment. Give this segment an appropriate name. See,  Segmenting and Targeting Markets and Customers  in Learning Resources.

Classify the primary segment according to one of the VALS types discussed in the  Segmenting and Targeting Markets and Customers  Learning Resource. 

II. New Market Segments  

Construct new segments. Your client company is interested in diversifying and building its target customer base for this product/service in the US market. Who is currently being underserved or overlooked? Who could be better served by being addressed directly?  

Construct and describe two new potential segments or subsegments for your company to target for this product/service for the US market. Describe each new segment in terms of its behavioral, demographic, and psychographic characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the  Selecting Target Markets  Learning Resource. Begin by identifying the customer need for this product/service. Then, break the market down into subgroups. Develop profiles of target segments. Do some secondary research on your two segments. Note: You will not need to develop a full research plan or conduct primary research for this assignment. 

Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?  

Classify your new segment or subsegment according to one of the VALS types discussed in the  Segmenting and Targeting Markets and Customers  Learning Resource.   

III. Recommendation  

Present the best new segment or subsegment. What is the new segment or subsegment you recommend your company target for its product/service?  

develop a simple customer persona to present your new segment and illustrate that segment in a table with the following fields and information relevant to the product/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations] [VALS type] See customer persona example here: 3 Examples of a Customer Persona - Simplicable 

Any product changes needed by this segment or subsegment? Are any product/service changes required to serve the segment you have identified? If so, what are they? 

How attractive/valuable is this segment or subsegment? Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company? Or, should the campaign be one of more limited duration? Why?   

please use enough sources

Answer & Explanation

I. Study of Market Segments

The cord-cutting market is currently Sling TV's main target market. Consumers that want to switch from traditional TV to streaming services make up this market group. These younger folks, who are often between the ages of 18 and 34, are tech savvy and have access to the internet. Also, this group is most likely to be cost-conscious and seek for the greatest deals. In terms of psychographics, this group values flexibility and ease when it comes to watching TV. The term "Cord-Cutters" has been applied to this section.

Experiencers is the segment's VALS type. This consumer group is motivated by novelty, thrill, and taking risks. They lead an active lifestyle and seek out new encounters. They are open to trying new things and are lured to goods that provide them with something special.

II. Fresh Market Sectors

The "Cord-Nevers" are the first demographic that Sling TV might choose to focus on. Younger folks, often between the ages of 18 and 24, who have never used regular cable or satellite TV make up this category. This market is searching for a simple, cost-effective method of watching TV without making the commitment of a typical TV subscription. This audience is technologically sophisticated and primarily uses streaming services to access material. In terms of psychographics, this group values flexibility and ease when it comes to watching TV. "Cord-Nevers" is the name given to this section.

The "Budget-Conscious" segment is the second conceivable target market for Sling TV. Adults in this market, who are typically between the ages of 25 and 54, are seeking for the best deals. This market segment is cost-conscious and searching for an economical alternative to a standard TV subscription in order to access TV content. In terms of psychographics, this group values flexibility and ease when it comes to watching TV. Budget-Conscious is the name given to this section.

The "Cord-Nevers" sector has the bigger market potential for Sling TV to target out of the two possible segments. Younger folks who have never used traditional cable or satellite TV are represented in this market group and are searching for a quick and inexpensive alternative to obtain TV content. This audience is a key target for Sling TV because they are tech savvy and consume the majority of their material through streaming platforms.

"Experiencers" is the VALS type for both prospective segments. This consumer group is motivated by novelty, thrill, and taking risks. They lead an active lifestyle and seek out new encounters. They are open to trying new things and are lured to goods that provide them with something special.

Recommendation III

The "Cord-Nevers" feature is the best new one that Sling TV should focus on. Younger folks who have never used traditional cable or satellite TV are represented in this market group and are searching for a quick and inexpensive alternative to obtain TV content. This audience is a key target for Sling TV because they are tech savvy and consume the majority of their material through streaming platforms.

The following describes a client persona for this market:

Cord-Nevers Representative Segment Name Shown is a young adult in their 20s.

demographic: ages 18 to 24

Background: I've never used cable or satellite television.

Need: A cheap and simple way to watch TV Purpose: To enjoy material without being obligated

Limitations on income and ignorance of streaming services are problems.

Streaming services are perceived as being challenging to utilize. Motivations: Convenience and flexibility

Type of VALS: Experts

Sling TV should think about including additional content and features that are catered to this segment's requirements, such as more cheap price plans and simpler navigation, in terms of product adjustments required to service this market.

This program is compelling and worthwhile enough to support a lengthy Sling TV marketing effort. This audience is a key target for Sling TV because they are tech savvy and consume the majority of their material through streaming platforms. Sling TV is a desirable choice because this market segment is also cost-conscious and seeks the best value possible.

This assignment's objective is to use segmentation and targeting strategies to prospective new marketing subsets. This project challenges the student to take the position of a marketing analyst and compose a professional memorandum detailing the findings of their investigation. This project requires students to study their Week 2 Value Proposition Assignment and utilize it as a foundation for this task.

The first part of this project requires the student to identify and describe the product or service's existing key market segment. The student should visit the public website for their chosen product/service and infer the primary target market based on the messaging found there. The student must then name and describe the primary section according to its behavioral, demographic, and psychographic characteristics. The student must also classify the primary segment according to one of the VALS types covered in the Learning Module Segmenting and Targeting Markets and Consumers.

The second phase of this assignment challenges students to create and define two additional prospective segments or subsegments that their organization could target with the product/service. The student must first determine the customer requirement for the product/service before segmenting the market into subgroups. The student should create segment profiles and conduct secondary research on their two segments. The student should next classify their new segment or subsegment according to one of the VALS types mentioned in the Learning Module Segmenting and Targeting Markets and Consumers.

The student must provide the best new segment or subsegment and design a simple customer persona to convey the new segment in the third part of this project. In addition, the student should assess the segment's or subsegment's attractiveness and value, as well as any product adjustments that may be required by this segment or subsegment.

I selected Sling TV's product/service, which falls under the Streaming Services category, for this project. Reviewing the public website, I was able to conclude that Sling TV's primary target market is the cord-cutting section. This sector consists of consumers who want to abandon traditional cable television in favor of streaming options. This sector of the population consists of young adults who are internet-savvy and between the ages of 18 and 34. This demographic is also the most likely to be budget concerned and is looking for the best value for their money. In terms of psychographics, this segment desires TV viewing options that offer convenience and versatility. This part has been labeled "Cord-Cutters" and categorised as "Experiencing" on the VALS scale.

I designed the segments "Cord-Nevers" and "Budget-Conscious" for the two new potential segments or subsegments: "Cord-Nevers" and "Budget-Conscious" The "Cord-Nevers" section consists of younger persons, ages 18 to 24, who have never had cable or satellite television. This sector seeks a simple, cost-effective method to get TV content without committing to a regular TV subscription. The "Budget-Conscious" category consists of persons aged 25 to 54 who seek the most value for their money. This demographic is cost-conscious and seeks an inexpensive alternative to obtain TV content without committing to a regular TV subscription.

Among the two potential sectors, I believe that the "Cord-Nevers" segment has larger market potential for Sling TV to target. This sector is made up of younger folks who have never had traditional cable or satellite TV and are seeking for a simple and economical alternative to watch TV content. This demographic is tech-savvy and consumes the majority of their content via streaming services, making them an ideal target for Sling TV.

The following describes the customer persona for this segment: Segment Name: Cord-Nevers, Representative A young adult in their twenties is depicted in this photograph. Demographic: 18-24 years old, Never had standard cable or satellite television, Needs: a simple and inexpensive way to obtain TV content Appreciate content without committing to it, Challenges: limited income and lack of streaming service expertise Perceptions: Streaming services are difficult to utilize, Motivating factors: convenience and adaptability Kind of VALS: Experienced

Sling TV might explore providing more content and services that are customized to the demands of this category, such as more cheap pricing options and simpler navigation, in order to better serve this market segment.

This part is appealing and valuable enough to warrant an extensive Sling TV marketing campaign. This demographic is tech-savvy and consumes the majority of their content via streaming services, making them an ideal target for Sling TV. In addition, this demographic is cost-conscious and seeks the best value for their money, which makes Sling TV an enticing alternative.

In conclusion, this task required the student to play the role of a marketing analyst and compose a professional memorandum conveying the findings of their investigation. The student was required to study their Week 2 Value Proposition Homework and utilize it as a foundation for this task. The student was needed to identify and describe the present principal segment of the product or service, as well as develop and define two additional prospective segments or subsegments. The student was then asked to provide the most effective new segment or subsegment and create a simple customer persona to present the new segment. In addition, the student should assess the segment's or subsegment's attractiveness and value, as well as any product adjustments that may be required by this segment or subsegment.

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Market Segmentation Memo

For this assignment, you will assume the role of a marketing analyst. Your consulting firm has been hired to help with a campaign effort for the client company of your selected product/service. You will communicate your results in a professional memorandum.  

 There are three steps to this assignment. Review all three steps before you begin.   

Step 1: Refer to the product/service you chose for your Value Proposition Assignment.  

The product/service you chose for the Value Proposition Assignment in Week 2 will be the subject of this assignment.   

Review any feedback you received on your Value Proposition memo. You will be writing a longer, more detailed memo about the same product/service for this assignment.   

Follow the specific instructions outlined in Steps 2 and 3 below.   

Step 2: Respond to each of the following questions as they relate to your product/service. Note the research and references requirement.  

Your market segmentation memo will have three major sections.   

Respond to all the questions in each section.  

Your memo also must meet the research and references requirement in Step 3.      

I. Market Segment Analysis   

Determine and describe the current primary segment.  The client has an interesting question. What target market can be perceived by current messaging for the product/service? Visit the public website for your company’s product/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.   

Describe the primary segment you believe your company is targeting for this product/service. Focus only on this product/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings).  

Describe the primary segment in terms of the  behavioral,   demographic , and  psychographic  characteristics for the segment. Give this segment an appropriate name. See,   Segmenting and Targeting Markets and Customers  in Learning Resources.

Classify the primary segment according to one of the VALS types discussed in the   Segmenting and Targeting Markets and Customers Learning Resource.  

II. New Market Segments   

Construct new segments.  Your client company is interested in diversifying and building its target customer base for this product/service in the US market. Who is currently being underserved or overlooked? Who could be better served by being addressed directly?    

Construct and describe  two new  potential segments or subsegments for your company to target for this product/service for the US market. Describe each new segment in terms of its  behavioral,   demographic , and  psychographic  characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the   Selecting Target Markets  Learning Resource . Begin by identifying the customer need for this product/service. Then, break the market down into subgroups. Develop profiles of target segments. Do some secondary research on your two segments. Note: You will not need to develop a full research plan or conduct primary research for this assignment.  

Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?   

Classify your new segment or subsegment according to one of the VALS types discussed in the   Segmenting and Targeting Markets and Customers  Learning Resource.      

III. Recommendation   

Present the best new segment or subsegment.  What is the new segment or subsegment you recommend your company target for its product/service?   

Create a simple customer persona to present your new segment and illustrate that segment in a table with the following fields and information relevant to the product/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations] [VALS type] See customer persona example here:   

Any product changes needed by this segment or subsegment ? Are any product/service changes required to serve the segment you have identified? If so, what are they?  

How attractive/valuable is this segment or subsegment ? Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company? Or, should the campaign be one of more limited duration? Why?     

Step 3: Format your submission to comply with these requirements.    

Communicate your case analysis results in a Microsoft Word document formatted as a professional memorandum. Your memo will be longer than a typical one-page memo. It is reasonable to expect this assignment to be about five pages in length, single-spaced.  

Here is a sample professional memo:     

Here is a tutorial on writing a professional memo:     

  Address your memo to Vice President of Marketing Tiffany Morrow. Assume Ms. Morrow is your boss at a fictional consulting firm called “Destiny Marketing.” The memo is from you, and your role is a marketing analyst at Destiny Marketing. This memo is regarding the company, which is your client, and the client’s product/service. Your memo will communicate to Ms. Morrow your analysis. All questions in Step 2 must be included in your memo. A memo does not have a cover page.   

IMAGES

  1. SOLUTION: Market Segmentation Memo

    assignment 2 market segmentation memo

  2. Complete Assignment.docx

    assignment 2 market segmentation memo

  3. Market Segmentation Memo for Disney+: Targeting Millennials,

    assignment 2 market segmentation memo

  4. Market Segmentation Memo Requirements.docx

    assignment 2 market segmentation memo

  5. PPT

    assignment 2 market segmentation memo

  6. Assignment 2 Market Segmentation Memo 2022.docx

    assignment 2 market segmentation memo

VIDEO

  1. Assignment

  2. Market Segmentation

  3. AskTheExpert

  4. Types of market segmentation/ Quick revision

  5. Bases of Market Segmentation Part-1

  6. Market Segmentation

COMMENTS

  1. Assignment 2

    The first step requires the company to identify the customer's needs. Customers interested in this product desire a practical modern solution capable of efficiently managing the climate of their homes while reducing monthly energy expenses. Step two consists of segmenting the total market.

  2. Week4-T.Assignment 2- Market Segmentation Memo.docx

    ENGL 193 Mrkt 310 Assignment 2 .docx University of Maryland, University College MRKT 310 Disney +.pptx Fontbonne University ACCOUNTING 430 Disney+ Market Segmentation-1.docx Fontbonne University ACCOUNTING 430 Assignment 2_Market Segmentation Memo_2022.docx University of Maryland, University College MRKT 310

  3. Assignment 2- Market Segmentation Memo.docx

    To: Tiffany Morrow, Vice President of Marketing From: Marketing Analyst Date: February 8, 2022 Subject: Market Segmentation Memo I. Market Segment Analysis Disney Plus is an on-demand streaming service designed by The Walt Disney Company that offers content on-demand, allowing customers to decide what they want to watch and the time they will watch the shows and movies on the platform.

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    2 Market segmentation is the practice of conducting in-depth research on your target market. It not only uses the route to sell products in the market, but it also uses it to tell clients about various fields of research and development. Customers are often keen to learn more about a product before purchasing it from a store.

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    2. New Market Segments In order to diversify and build the target consumer base for Disney+, two new potential segments should be highly considered: Generation Z (ages 11-26) and Generation X (ages 40-55) Generation Z may be overlooked by the absence of social media advertising on platforms such as Tik Tok and Instagram.

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  10. Purpose The purpose of this assignment is to apply segmentation and

    Your market segmentation memo will have three major sections. Respond to all the questions in each section. Your memo also must meet the research and references requirement in Step 3. I. Market Segment Analysis Determine and describe the current primary segment. The client has an interesting question.

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  12. Market Segmentation Memo

    Step 1: Refer to the product/service you chose for your Value Proposition Assignment. The product/service you chose for the Value Proposition Assignment in Week 2 will be the subject of this assignment. Review any feedback you received on your Value Proposition memo.

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