Match positioning section with targeting and segmentation Marketing Project
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stpupdated.docxSegmentation:
Characterstic 1: Age, gender, income
The WFCSB should segment its customer base by standard demographic characteristics such as age gender, and income.
Characteristic 2: Location
The WFCSB should segment potential clients based on location. Location is important to look at because of the proximity factor.
Assumption: Businesses in the San Fernando Valley as well as the rest of the greater Los Angeles area will have a much higher familiarity with CSUN, making them more inclined to use the services of the WFCSB
Characteristic 3: type of business, size of business, business pedigree, location of business
The wells Fargo Center should segment potential clients based of the type of business (i.e. service provider, product seller, manufacturer, etc.), the size of the business (big, small, entrepreneur?), and business pedigree (how established is the business?)
Characteristic 4: Community-centric Organizational Culture
The Wells Fargo Center for Small Business and Entrepreneurship should segment potential clients that foster a community-centric culture within its organization.
Assumption: Community-centric business will be more inclined to contribute to the positive development of the community and employ university students and utilize the services and products of other local businesses. Also, these types of businesses are more likely to support local causes for the betterment of the local community.
Characteristic 5: Socially Responsible Organizations
The WFCSB should segment potential clients based upon their socially responsible efforts (labor ethics, environmental policies, human rights, etc.)
Targeting Profile 1: Young (Age 20-35) small business owner/entrepreneur
The Wells Fargo Center for Business should target small business owners and entrepeneurs in the Los Angeles area that are relatively unestablished and have minimal resources in marketing. This can include startup companies or other relatively new businesses.
Assumption: Younger, less experienced business owners and entrepeneurs will be eager to take advantage of the free services being offered by the WFCSBE.
Profile 2: Older (Age 35+) business owner
An additional target should be older, wealthier small business owners of more established companies in the Los Angeles area who are looking for some youthful invigoration to ignite their respective businesses.
Assumption: This target will be interested in the services of the WFCSBE not necessarily because of the affordability, but instead because they are looking for fresh marketing concepts and are also concerned with giving back to the community.
Positioning:
The Wells Fargo Center for Business should position itself as a provider of quality and affordable consulting services for small business owners and entrepreneurs in the Los Angeles area.
Identifying the sequence of benefits for each target segment enabled the identification of the significance of each benefit.
The transferred benefit to the Enthusiasts, Environmentalists and Consumers bound by community regulations varies in terms of the intensity of each benefit transferred; however, the overall benefits remain the same.
Therefore each target segment will not be dealt with individually for the marketing campaign a concentrated marketing strategy will be used.
· The sequence for the marketing strategy is convenience, economic motives and finally environmental concerns.
· Each individual sequence of benefits was analyzed and the mean of these sequences was selected.
