Segmenting Consumer and Business Markets
Segmentation bases (variables) are used to identify particular characteristics, attributes, or traits of consumers or businesses. Consumer markets are typically segmented using 5 bases, including geographic, demographic, psychographic, benefit, and usage-rate segmentation.
Execute the following four steps to complete this Discussion assignment:
1. Watch the following animated explanations on segmentation of markets to develop a strong understanding of the concepts: • Understand the characteristics of markets and market segments. • Understand the criteria for successful market segmentation. • Understand the bases commonly used to segment consumer markets. • Understand the steps involved in segmenting markets.
2. Watch the following video on how the Food Network® uses segmentation and target marketing to appeal to consumers: View it here
3. Choose a cooking show from the Food Network® website (2014 Television Food Network G. P.) at: http://www.foodnetwork.com/shows.html to study and answer the questions below.
4. Using research from Chapter 8, to help substantiate your understanding of the segmentation and target marketing concepts, answer the following questions related to the segmentation and targeting of consumer markets for your chosen show:
Identify a minimum of three (3) segmentation bases that might be used to segment the market for your chosen show.
Describe the specific reasons each of the three (3) segmentation bases might be used to segment the market for your chosen food show.
Describe the type of target marketing strategy that might be used to reach the consumer for your chosen food show. Discuss the product differentiation strategy used to distinguish your chosen show from the rest of the shows on the Food Network® website (2014 Television Food Network G. P.).
Describe the most likely positioning base or bases that might be used to appeal to consumers in the target market for your chosen food show.