Posted: July 31st, 2022

Discuss What is More Important in Market Segments

Question description

You should read the (assignment description) and contribute whatever you can so we can synthesize everything at the end. Feel free read what we already have done in the (Marketing) to get some ideas rolling and finsh it up(Assignment Description) Objectives:

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            1. To
improve your understanding of the nature of markets and how they can
be broken down into segments and the strategic role of targeting.

              2. To
familiarize you with the types of secondary data used1 in marketing
research for segmentation

             ExercisesDiscuss
which demographic, geographic, lifestyle (psychographic) and/or
behavioral variables appear to be most important for defining market
segments for your product category. Provide attributions and full
citations of all sources of information that you use.
Specify
who your target market(s) will be, and provide a demographic,
generational cohort and/or lifestyle profile of your target(s). (For
example, you may find useful information from the U.S. Population
Census, or sources such as
Mediamark Reporter (MRI+), www.geoselector.com,
American Demographics, Lifestyle Market Analyst.1)
Provide some indication of how often during a year your target
typically makes purchases in your product category.
Quantify
the size for the overall population and your intended segment(s).
Review the information from U.S. Bureau of the Census,
Standard
and Poor’s Industry Surveys, Sales & Marketing Management
Annual Buying Power Index, and
any other relevant sources to estimate the present size of the
segment(s) and forecast the size and economic well-being of your
future target market over the next ten years. Report on any other
relevant data about your target. Provide attributions and full
citations of all sources of information that you use.

                 1 Not
all of these sources may be available through the Cook Library, but
may be available from other University System of Maryland libraries
or other local sources.(Marketing)

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There are many different variables to consider when
defining our products market segment category. Fresh Pies organic
menu offers a selection that will meet both current and future
consumer wants with regards to healthy eating. The market of our
service is focused on a younger population. Our targets are men and
women aged 17-35. This age group is based off of our geographic
location which is a collegetown. We appeal to all of the students at
Towson University which consists of 18,779 undergraduate students and
3,720 graduate students (Towson at a Glance, 2014). Moreover, there
are 12,150 females attending Towson University and 10,349 males
attending Towson University (Towson at a Glance, 2014)).The city of
Towson also provides 14,081 individuals aged 20-34 that fall within
our targeted markets (United States Census Bureau, 2012).

We understand that organic foods typically cost more
because of the health standards but Fresh Pies actually makes its own
ingredients in order to save money buying ingredients from expensive
retailers (include NAICS code). Fresh Pies gives it target market the
chance to remain healthy while eating delicious foods. Furthermore,
Fresh Pies is hard set on meeting the needs and wants of the healthy
eater’s lifestyle by building locations near local public
gymnasiums (the number of locations will increase with time and
success). This way, people who complete their exercise can quickly
run into a Fresh Pies location and order food that satisfies their
dietary needs. More specifically, Fresh Pies is only looking to open
one location in front of the gym with the most membership sign ups
(find a number) so our segmented population is larger by default.
This also saves our company money on advertising.

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