Marketing Plan Presentation

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Business Segmentation for Yoga Studio

Rosa King

Saint Leo University

Professor Perry Haan

Segmentation for Yoga Studio

My Yoga studio focuses on disciplines that integrate and develop body, mind, and spirit. Yoga is practiced by various individuals because of its various benefits like reduction in depression, anxiety, chronic pain, inflammation and also offers other multiple health benefits. This Yoga studio will target two broad segments; Generation Y also called Millennials and Generation X.

Generation Y (Millennials)

Millennials are a generation of people born between the early 1980s and 1990s. These are individuals aged between 25 years and 40 years. Generation Y individuals are born in the age of technological boom and are therefore insanely active on various social media platforms, are up to date with new trends, possess the latest technology, and are fitness-minded (Kurz, Li & Vine, 2019). Millennials have varied fitness goals like being strong and tries to fix exercise in their routines. Besides, they unlike repetitive experiences and thus prefers workouts that are intense, effective, and short. This group of individuals are educated and understands the value of yoga, hold middle professional positions and earn middle-level income.

Demographics for Millennials

Age-Millennials are individuals born between the early 1980s and late 1990s thus are aged between the age of 25 and 40 years.

Professional status- Millennials contribute the largest portion of the labor force in the US (Kurz, Li & Vine, 2019). They also are the largest number of staff in the organization and hold middle professional jobs or positions.

Income level-Generation Y individuals are considered middle-income level individuals.

Education-Millennials are more educated than their predecessors are hold college degrees.

Psychographics for Millennials

Millennials are technologically savvy individuals since they are born in the period of the technological boom (Moreno et al., 2017) They are on all social media platforms, have all the latest technology, and keep up with the advancement and changes in technology.

Generation Y individuals are also focused on making a difference on every level like socially, economically, or professionally. They are committed to finding solutions that fit the present situation.

They have achievement-oriented, focused, and ambitious. They have the desire to a specific goal and keep focused on goal achievement. They have a drive and passion to excel and succeed.

Millennials also dislike repetitive and long activities. They prefer short, intense, and effective operations or activities.

Generation X

The second segment that Yoga Studio will target is the generation X individuals. These are individuals born between the mid-1960s and late 1970s. Generation X individuals are roughly between the age of 41 and 56 years (Kane, 2019). These individuals spend the most and are health conscious. They have a strong desire to take care of themselves as they approach middle age. They are often looking for effective fitness classes, quality fitness apparel, and weight loss solutions. Generation X individuals hold a large percentage of leadership positions in the organization and are managers. They are middle to high-income earners and are educated.

Demographic for Generation X

Age-Generation X are individuals born between the mid-1960 and late 1970s, therefore, they range between 41 and 56 years.

Professional status- Generation X contributes more than half of leadership positions in the organization and holds senior positions. They shape the current workforce in organizations.

Income level-they are middle to high-income earners. The average income level of Generation X individuals is higher than Millennials. However, they also spend more of their income.

Education level-Generation X are educated individuals. They are high school graduates and bachelor's degree holders.

Psychographics for Generation X

Generation X individuals are self-sufficient, individualistic, and resourceful (Kane, 2019). This is because they have been accustomed to taking care of themselves. They value responsibility and freedom ad strive to overcome problems of their own.

Generation X individuals also place more value on finding a comfortable and stable work-life balance. This is the equilibrium between career and personal life. They aim to have social life besides work, spend time with family and connect with other people.

They are also more skeptical as they grew up in a changing world both culturally, economically, technologically, and politically. This leads them to avoid taking things for granted.

Generation X individuals are health conscious as they are approaching middle age. They are concerned about their fitness, weight, and overall health.

Summary Chart

Items	Millennials (Generation Y)	Generation X
Age	25-40	41-56
Professional status	Middle professional positions or jobs	Senior professional jobs and position
Income level	Middle-income level	Middle to high-income level
Education level	College or bachelor degree holders	High school graduate and bachelor degree holders
Psychographics	Technologically savvy	self-sufficient, individualistic, and resourceful.
	Focused on making a difference on every level	places more value on finding a comfortable and stable work-life balance.
	Dislike repetitive and long activities or operations	health-conscious
	Achievement-oriented, focused, and ambitious	More skeptical

References

Kane, S. (2019). The common characteristics of Generation X professionals. The Balance Careers.

Kurz, C. J., Li, G., & Vine, D. J. (2019). Are millennials different?. In Handbook of US consumer economics (pp. 193-232). Academic Press. https://doi.org/10.1016/B978-0-12-813524-2.00008-1.

Moreno, F. M., Lafuente, J. G., Carreón, F. Á., & Moreno, S. M. (2017). The characterization of the millennials and their buying behavior. International Journal of Marketing Studies, 9(5), 135-144. http://doi.org/10.5539/ijms.v9n5p135.