1,000–1,200 words: Understanding Your New Target Market

You have selected what you believe is an ideal market segment to pursue with your advertising and public relations strategy. You believe that targeting this segment will reach your specific marketing objectives, ultimately meeting the bank’s long-term strategic goals. The bank president wants to make sure that the new segment is the best one available by determining if they are relevantly different than the present customer base.

Using the bank scenario as a guide, discuss the following:

• Compare and contrast the similarities and differences regarding the needs, wants, and psychographics of your current and new market segment.
• Create and describe the key messages from a branding perspective that you wish to deliver to the new market segment that will provide the greatest impact.
• Explain why this message will appeal directly to the new market segment.
• Discuss whether digital or traditional approaches will provide the best promotional channels for your new target market, and explain why.
• Identify 2 communication channels that will reach your specific target segment, and explain why these are appropriate for your specific target segment.