Business & Finance - Marketing Maryland Zoo Marketing Plan Assignment

5

Keona Weathers

Professor Sullivan

MNGT 150

June 28, 2023

Target Marketing Segmentation for Maryland Zoo

1. What is marketing segmentation?

Target marketing segmentation is how organizations and businesses categorize their potential customers into categories based on different segmentation variables (Sullivan, 2019). This is done to ensure that the organization understands the characteristics of customers that are more valuable to the organization or business and develop an effective marketing plan. Organizations segment their markets differently, but the overarching segments are behavioral, geographic, psychographic, and demographic segmentations.

2. Why would the Maryland Zoo want to segment its target market?

Market segmentation benefits Maryland Zoo in many ways (Marylandzoo, 2023). Firstly, it will help the zoo identify segments that align with its products and services and align its product portfolio to the segments. Product customization is only possible through market segmentation (Sullivan, 2019). Secondly, identifying the segments that align with the organization will help the zoo to provide desired products and meet the consumers' needs, enhancing their loyalty and attracting more sales. Similarly, through segmentation, the zoo will know where most of its customers are and then design their marketing strategies targeting the identified customers. Market segmentation will also help the zoo management understand the market better by accruing accurate and relevant data on the market and developing consumer insights (Sullivan, 2019). Market segmentation has also become indispensable to upholding competitive benefits and developing business intellect. It can give the zoo a more profound understanding of the market and help them know the customers segment with superior profit potential.

3. Consumer market segmentation is typically based on four factors: geographic, demographics, psychographic, and behavioral bases. What segmentation variables and breakdowns would you recommend to Maryland Zoo for marketing membership sales? Be specific and support your recommendations with evidence-based research.

Organizations segment their markets differently, but the overarching segments are behavioral, geographic, psychographic, and demographic segmentations. Each segment has its specific variables or characteristics that any organization must understand to attract the members of the segment (Sullivan, 2019). For Maryland Zoo, the following variables and breakdown of the segments will help it achieve its sales targets.

Demographic: In this segment, I recommend focusing on household size. Using different types of ads and promotions will reach parents and young ones between the ages of 25-45 and 3-12, respectively (Locust et al.). The medium household income of the region is $75,000 annually, and the average income is about $108,945. Therefore, many households have money to spend on leisure.

Geographic: Concerning geography, I recommend focusing on the region. The zoo should focus its marketing strategy on residents within a radius of 20 miles. This will capture areas with zip codes 21230, 21022, 21204, 21210, 21239, 21285, 21139, 21209, 21212, 21252, and 21286 (Locust et al.). This will reduce marketing costs while increasing the return on investment on marketing costs incurred. Marketing should begin in late winter to attract potential customers to the zoo during summer and spring outdoor activities.

Psychographic: Concerning this segment, I will propose that the zoo focuses on the lifestyle of the potential customers. The zoo should study and investigate the social and online behaviors of the people in the targeted areas (Locust et al.). This can be done by using big data to understand the activities, time, duration, and other daily activities in which the segments are involved. Understanding the daily activities of the potential consumers will help the zoo plan on which the zoo provides the type of products and services.

Behavioral: The zoo should focus on the usage rate in this segment. According to Kerin and Hartley (2019), “Usage rate is the quantity consumed or patronage – store visits - during a specific period” (Kerin & Hartley, 2019, p. 252). Customers with high usage rates can frequently be offered discounts to increase their loyalty to the zoo and increase sales.

References

Kerin, R. A., & Hartley, S. W. (2019). Marketing. New York, NY: McGraw-Hill Education.

Locust Point Demographics. (n.d.). Retrieved from https://www.point2homes.com/US/Neighborhood/MD/Baltimore-City/Locust-PointDemographics.html

Sullivan, D. (2019). Market Segmentation - 4 easy steps to apply a market segmentation strategy for maximum ROI. Breakthrough Marketing Pros. Retrieved July 11, 2023, from: https://www.breakthroughpros.com/post/market-segmentation-4-easy-steps-to-apply-a-market-segmentation-strategy-for-maximum-roi

Maryland zoo. (2023). Maryland Zoo. Retrieved July 11, 2023, from https://www.marylandzoo.org/