Week Three Format:
TARGET MARKET & SEGMENTATION
Demographics: Write a target market statement about who you will market your product to and make sure to clearly define the age, gender, marital status, education and income for your target then discuss these aspects. Note that age should be a range of no more than 20 years and income a range of no more than $25,000.
An example of a target market statement for The Limited apparel store might be: 15- to 20-year-old girls, single with high school to college level education with family income of $75,000 – $100,000.
Geographics: Define the geographic target and provide detailed geographic information on the company’s target market (not distribution – where is your target market located?
Psychographics: Discuss the personality, values, opinions, attitudes, interests and lifestyles of your market – what elements do they have in common?
Behavior Research: Using tools shared in class, research and define the market’s behavior.
Persona Chart: Create a chart with 7-12 sections to describe different attributes of your targeted market and segments.