MKT301 Principles of Marketing

MKT 301 Marketing Plan: Segmentation Example NOTE: This example is written for a product called Staycation.com. It is an online vacation planner for consumers taking their vacations at home. This is a common phenomenon in the current economy. Childless Couples (Young Adventurers) The Young Adventurers group is comprised of young adult couples who are mostly just starting out on their own. Young couples are typically known to endure financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions that usually do not pay the going average in their particular career field. On top of this, some may have bills and debt from various sources such as vehicles and student loans. They may neither possess the finances nor the large quantity of vacation time from their jobs to take a conventional vacation. Demographics for Young Adventurers Age: 19-25

Relationship status: Living together or Newlyweds

Professional Status: Entry-level work

Children: None

Income Level: Low to Mid-level income

Psychographics for Young Adventurers Family oriented Money Conscious (On a Budget) Adventure Seeking Tree-Huggers (Environmentally Conscious) Single Parents (Jugglers) Jugglers have it pretty rough. They have to balance the time between caring for their loved ones and providing for them. Throughout the year, Jugglers do not have a lot of time to bond with their children because they are essentially doing the work of two parents, even though there is only one of them. At the end of the day, Jugglers can be wound to the limit. Taking the time to connect with members of a Juggler family can be of great benefit when it comes to avoiding dysfunction. Familial bonding creates memories that show that there is more to life than the programmed rat-race existence that the Juggler family members may be used to. Demographics for Jugglers Age: 21-35

Relationship status: Divorced or Unmarried

Professional Status: Steadily employed

Children: One or more

Income Level: Low to Mid-level income

Psychographics for Jugglers Money Conscious (On a Budget) Overworked (Need to take time to decompress) Tree-Huggers (Environmentally Conscious) Dual Parents (Tag-Teamers) Tag-Teamers do not have it quite as bad as Jugglers, but that doesn’t necessarily mean they have it easy. Some families may have started out young. That means the kind of work available for the young parents would typically be blue-collar jobs (low-paying jobs that do not require a college degree or any

specialized training). In other families, only one of the parents may be employed, in which case the other parent also becomes one more mouth to feed in the family. While juggling the time between caring for their children and providing for them is not as big an issue in most Tag-Teamer households, it is still important for family members to socialize and have fun together, especially while children are young. Demographics for Tag-Teamers Age: 23-40

Relationship status: Married or Common-law couples

Professional Status: Steadily employed

Children: One or more

Income Level: Mid-level income

Psychographics for Tag-Teamers Family oriented Money Conscious (On a Budget) Overworked (Need to take time to decompress) Strong sense of responsibility Traditional values Probably have extensive family ties Older Couples (Empty-Nesters) Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is composed of older adults who either never had children, or no longer have children under their care. Given the proper financial resources, Empty-Nesters can pick up and leave just about any time they like. The only thing that stands in between Empty-Nesters and a good time is money. A lot of times, getting the kids out of the house frees up all kinds of finances. However, there are other cases when people really have to milk the budget. They may have personal financial situations. They might be living off of pension funds, or due to an inability to work, relying on Social Security, disability, or some other form of supplemental income. Demographics for Empty-Nesters Age: 50 and over Relationship status: Married Professional Status: Employed, disabled, or retired Children: Grown and out of the house Income Level: Low to mid-level income Psychographics for Empty-Nesters Money Conscious (On a Budget) Adventure Seeking Flexible time Like to do things with other retirees

Target Demographics and Psychographic Data

Young Adventurers

Jugglers Tag-Teamers Empty-Nesters

Age: 19-25 21-35 23-40 50 and over

Relationship Status: Living together or Newlyweds

Divorced or Unmarried

Married or Common-law couples

Married

Professional Status: Entry-level work Steadily employed

Steadily employed Employed, disabled, or retired

Children: None One or more One or more Grown and out of the house

Income Level: Low to Mid-level income

Low to Mid-level income

Mid-level income Mid-level to upper-middle income

Psychographic Areas of Concern

Family oriented Money Conscious

Family oriented Money Conscious

Money Conscious Overworked Money Conscious Adventure Seeking

Adventure Seeking Tree-Huggers Overworked Socially active

Strong sense of responsibility

Do things in groups

Tree-Huggers