Marketing Assignment

MKTG211 Target Market Worksheet

Due Day 7 of Week Two

Instructions: Using your product for the Marketing Strategy Analysis Project, complete the Target Market Worksheet below. You will use this information to write the target market section next week and your final Marketing Strategy Analysis report during Week Six. Keep in mind that you are analyzing a current target market for this product; not creating a new one. The company may have many different target markets, but you will choose only one.

Define one target market for this product using all bases of segmentation described in the textbook. Remember that a target market description describes the people in the target market. Product descriptions do not belong in this section.

Remember that all people in this target market geography need to be able to be reached using the same marketing mix (product, price, promotion, & place). If any of these aspects need to be changed to reach part of the defined group of people, the target market description is too broad.

For each answer below, explain your rationale for the chose in 2-3 sentences.

1. Geography: Where are the people in this target market located? Remember, this is NOT just a reiteration of where the company does business. Instead, you are focusing on describing where the people in this specific target market are located. The answer here CANNOT be the entire world – this is too broad. Also, remember that different countries have different cultures that impact buying behavior. Here, you can look at a country (the United States); a region (the Midwest – but then explain what makes up the Midwest; for example, MI, WI, IN, OH, IL) a state (Michigan); a region of a state (West Michigan – but then explain what makes up West Michigan; for example, everything west of Lansing in the lower peninsula). You can discuss rural versus urban areas, but you still must be specific about the actual location.

2. Demographics

a. Age: Provide a specific age range. Do not just state generational names, such as Baby Boomers or Generation X. Also, remember that all people in this target market need to be able to be reached using the same marketing mix (product, price, promotion, and place). Be sure to ask yourself if the youngest age and the oldest age in your range are looking for the same benefits in the product and can be reached using the same marketing strategies.

b. Gender: State either men or women or both men and women.

c. Income: Provide a specific income range. Do not just state middle income or low income; these descriptions are not clear enough. Instead, state a low income to high income range (ex. $32,000-$75,000). Do not use a $0 income. Companies will not target people who do not have the money to pay for their product. If you are describing a target market with children or teenagers who do not have an income, then describe the household income (combined parents’ income). Also, be sure to include a dollar sign or other designation of currency.

d. Ethnicity: Provide specific ethnic groups in this target market. Do not state that this information is not applicable. All information can be described and is applicable to the target market description. If this target market does not differentiate based on ethnicity, state that they target all ethnicities, but this is often not the case. Make sure to completely examine the company communications, including advertising for clues to the ethnicities targeted.

e. Family Life Cycle: Provide marital and family status based on the family life cycle. Here, you can add multiple levels of the family life cycle; just make sure that they can all be reached using the same marketing mix strategies.

3. Psychographics

a. Personality: Describe at least three distinct personality traits that apply to this group of people. Personality is defined as “the totality of thoughts, emotions, intentions, and behaviors that a person exhibits consistently as he or she adapts to his or her environment” (Babin & Harris, 2011). Some examples of personality traits from CB2 are value consciousness, materialism, innovativeness, complaint proneness, competitiveness, frugality, impulsiveness, anxious, bargaining proneness, vanity, extroversion, introversion, agreeable, open to experiences, stable, and conscientiousness.

Babin, B. J., & Harris, E. G. (2011). CB2. Mason, OH: South-Western, Cengage Learning.

b. Motives: Describe at least three distinct motives that apply to this group of people. Each motive needs to be conveyed in sentence form. This information describes what motivates the people in this target market to purchase this type of product. All motives need to apply to all people in this specific target market.

c. Lifestyles: Describe at least three distinct lifestyle traits that apply to this group of people. Lifestyles take into account the activities, interests, and opinions of the people in this target market. Be specific and provide the details. Each lifestyle characteristic needs to be conveyed in sentence form. Rather than simply saying they like sports, explain whether they play or watch sports and what sports they enjoy (football, baseball, hunting, fishing, bowling, hiking, etc.).

4. Benefits Segmentation: Describe at least three benefits sought. Each benefit needs to be conveyed in sentence form. Make sure that these are written as benefits sought by the people in this target market when shopping for this type of product; not as the benefits offered by your specific product. It may seem like semantics, but it’s extremely important that you are describing the people in this target market; not the product. For example, state that the people in this target market are looking for a detergent that makes their colors brighter after washing; not that Tide makes clothes brighter. Or, maybe the target market is looking for a different type of benefit like they want a certain type of scent from their laundry detergent, or they want their clothes to smell like they did when mom washed them.

5. Usage Rate Segmentation: Describe how often the people in this target market use this type of product. Do not just reiterate the 80/20 principle. Instead, describe the people in this specific target market and explain how often they use this type of product (once a day; twice a week, etc.). Stating that they are first-time users or repeat purchasers is fine, but you still need to describe how often they use this type of product. The usage rate needs to be conveyed in sentence form.

6. Outside Reference: Provide at least one outside reference, using APA style formatting, to support your analysis. This reference cannot be the textbook. You are welcome to use the textbook as a reference, but it must be in addition to a separate outside reference. All references cited here must also be cited in-text in the rationale area of one of the answers above.

Target Market Worksheet Grading Rubric

	Points Available	Points Earned
Clearly and specifically defined the geography for the target market, including a clear rationale.	5
Clearly and specifically defined all sections of the demographics for the target market, including a clear rationale. (4 points per section)	20
Clearly and specifically defined all sections of the psychographics for the target market, including a clear rationale. (9 points per section/3 points per personality, motive, and lifestyle)	27
Clearly and specifically defined three benefits sought for the target market, including a clear rationale. (2 points per benefit)	6
Clearly and specifically defined the usage rate for the target market, including a clear rationale.	5
Included at least one outside reference, cited using APA formatting.	6
Mechanics: Paper was free of grammatical, spelling and/or typographical errors, verb tense remained consistent throughout the entire paper	6
Total Points	75
Instructor Comments: Please see feedback in the paper above.

Student Name:

Product:

Geography:

Rationale:

Age Range:

Rationale:

Gender:

Rationale:

Income Range:

Rationale:

Ethnicity:

Rationale:

Family Life Cycle:

Rationale:

Personality Traits:

1.

2.

3.

Rationale:

Motives:

1.

2.

3.

Rationale:

Lifestyle Characteristics: (Rationale next page)

1.

2.

3.

Rationale:

Benefits Sought:

1.

2.

3.

Rationale:

Usage Rate:

Rationale:

References: