{"id":35373,"date":"2023-12-30T14:56:18","date_gmt":"2023-12-30T14:56:18","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/business-finance-marketing-assignment-2-market-segmentation-memo-marketing-principles-310-urgent-assignment\/"},"modified":"2023-12-30T14:56:18","modified_gmt":"2023-12-30T14:56:18","slug":"business-finance-marketing-assignment-2-market-segmentation-memo-marketing-principles-310-urgent-assignment","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/business-finance-marketing-assignment-2-market-segmentation-memo-marketing-principles-310-urgent-assignment\/","title":{"rendered":"Business &#038; Finance &#8211; Marketing Assignment 2: Market Segmentation Memo: Marketing Principles 310. Urgent Assignment"},"content":{"rendered":"<p>&nbsp;<strong>Purpose<\/strong><\/p>\n<p>The purpose of this assignment is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. This connects to course learning outcomes of constructing market segments of target customers for a product or service.&nbsp;<\/p>\n<p><strong>Assignment Task Overview<\/strong><\/p>\n<p>For this assignment, you will assume the role of a marketing analyst.&nbsp;Your&nbsp;consulting firm has been hired to&nbsp;help with a&nbsp;campaign effort for the client company of your selected product\/service.&nbsp;You will communicate your results in a professional memorandum.&nbsp;<\/p>\n<p>&nbsp;There are three steps to this assignment.&nbsp;Review all three steps before you begin.&nbsp;&nbsp;<\/p>\n<h3><strong>Step 1:&nbsp;Refer to the product\/service you chose for your Value Proposition Assignment.&nbsp;&nbsp;<\/strong><\/h3>\n<ul>\n<li>The product\/service you chose for the Value Proposition Assignment&nbsp;in Week 2&nbsp;will be the subject of&nbsp;this assignment.&nbsp;&nbsp;<\/li>\n<li>Review any feedback you received on your Value Proposition memo.&nbsp;You will be writing a longer, more detailed&nbsp;memo about the same product\/service for this assignment.&nbsp;&nbsp;<\/li>\n<li>Follow the specific instructions outlined in Steps 2 and 3 below.&nbsp;&nbsp;<\/li>\n<\/ul>\n<h3><strong>Step&nbsp;2: Respond to each of the following questions as they relate to your product\/service. Note the research and references requirement.&nbsp;&nbsp;<\/strong><\/h3>\n<ul>\n<li>Your market segmentation memo will have three major sections.&nbsp;&nbsp;<\/li>\n<li>Respond to all the questions in&nbsp;each section.&nbsp;<\/li>\n<li>Your memo also must meet the research and references requirement in Step 3. &nbsp;&nbsp;<\/li>\n<\/ul>\n<h3><strong>I. Market Segment Analysis&nbsp;<\/strong>&nbsp;<\/h3>\n<ol>\n<li>Determine&nbsp;and&nbsp;describe the&nbsp;current&nbsp;primary segment.&nbsp;The client has an interesting question.&nbsp;What target market can be perceived by current messaging for the product\/service?&nbsp;Visit the public website for your company&#8217;s product\/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.&nbsp;&nbsp;<\/li>\n<li>Describe the primary segment you believe your company is targeting for this product\/service.&nbsp;Focus only on this product\/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings).&nbsp;<\/li>\n<li>Describe the primary segment in terms of the&nbsp;behavioral, demographic, and&nbsp;psychographic characteristics for the segment. Give this segment an appropriate name. See, <em>Segmenting and Targeting Markets and Customers<\/em> in Learning Resources.<\/li>\n<li>Classify the primary segment according to one of the VALS types discussed in the <em>Segmenting and Targeting Markets and Customers<\/em> Learning Resource.&nbsp;<\/li>\n<\/ol>\n<h3><strong>II.&nbsp;New Market Segments&nbsp;<\/strong>&nbsp;<\/h3>\n<ol>\n<li>Construct new segments.&nbsp;Your client company is interested in diversifying and building its target customer base for this product\/service in the US market. Who is currently being underserved or overlooked?&nbsp;Who could be better served by being addressed directly? &nbsp;<\/li>\n<li>Construct and describe&nbsp;two new&nbsp;potential segments or subsegments for your company to target for this product\/service for the US market.&nbsp;Describe each new segment in terms of its&nbsp;behavioral, demographic, and&nbsp;psychographic characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the <em>Selecting Target Markets<\/em> Learning Resource. Begin by identifying the customer need for this product\/service.&nbsp;Then, break the market down into subgroups. Develop profiles of target segments.&nbsp;Do some secondary research on your two segments.&nbsp;Note:&nbsp;You&nbsp;will not&nbsp;need to&nbsp;develop a full research plan or conduct primary research for this assignment.&nbsp;<\/li>\n<li>Of the two potential segments or subsegments you have&nbsp;created,&nbsp;which of the two has greater market potential for your company to target?&nbsp;Why?&nbsp;&nbsp;<\/li>\n<li>Classify your new segment or subsegment according to one of the VALS types discussed in the <em>Segmenting and Targeting Markets and Customers<\/em> Learning Resource. &nbsp;&nbsp;<\/li>\n<\/ol>\n<h3><strong>III.&nbsp;Recommendation&nbsp;<\/strong>&nbsp;<\/h3>\n<ol>\n<li>Present&nbsp;the&nbsp;best new segment or subsegment.&nbsp;What is the new segment or subsegment you recommend your company target for its product\/service?&nbsp;&nbsp;<\/li>\n<li>Create a simple customer persona to present your new segment and illustrate that segment in a table with the following fields&nbsp;and information relevant to the product\/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations]&nbsp;[VALS type]&nbsp;See&nbsp;customer persona&nbsp;example here:&nbsp;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/simplicable.com\/new\/customer-persona\">3 Examples of a Customer Persona &#8211; Simplicable<\/a>&nbsp;<\/li>\n<li>Any product changes needed by this segment or subsegment? Are any product\/service changes required to serve the segment you have identified?&nbsp;If so, what are they?&nbsp;<\/li>\n<li>How attractive\/valuable is this segment or subsegment?&nbsp;Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company?&nbsp;Or,&nbsp;should the campaign be one of more limited duration? Why?&nbsp; &nbsp;<\/li>\n<\/ol>\n<h3><strong>Step&nbsp;3: Format your submission to comply with these requirements.<\/strong> &nbsp;<\/h3>\n<p>Communicate your case analysis results in a Microsoft Word document formatted as a professional memorandum. Your memo will be longer than a typical one-page memo.&nbsp;It is reasonable to&nbsp;expect this assignment to be&nbsp;about&nbsp;five&nbsp;pages in length, single-spaced.&nbsp;<\/p>\n<ul>\n<li>Here is a sample <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/owl.purdue.edu\/owl\/subject_specific_writing\/professional_technical_writing\/memos\/sample_memo.html\">professional memo<\/a>.<\/li>\n<li>Here is a tutorial on writing a professional memo:&nbsp;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/ewc.umgc.edu\/ewc\/web\/memo.html?_ga=2.123262859.1451404533.1621946932-1893088972.1614020327\"><u>memo (umgc.edu)<\/u><\/a> &nbsp;<\/li>\n<\/ul>\n<p>Address your memo to Vice President of Marketing Tiffany Morrow. Assume Ms. Morrow is your boss at a fictional consulting firm called &#8220;Destiny Marketing.&#8221; The memo is from you, and your role is a marketing analyst at Destiny Marketing. This memo is regarding the company, which is your client, and the client&#8217;s product\/service. Your memo will communicate to Ms. Morrow your analysis. All questions in Step 2 must be included in your memo. A memo does not have a cover page.&nbsp; &nbsp;&nbsp;<\/p>\n<h3><strong>Research and References Requirement<\/strong>&nbsp;<\/h3>\n<ul>\n<li>All statements of fact within the memo must be supported by a credible source, and that source must be cited using APA in-text citations. See, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sites.umgc.edu\/library\/libhow\/credibility.cfm\"><u>Is My Source Credible?<\/u><\/a><\/li>\n<li>Include a list of your sources in APA format. The reference list is required and should appear at the end of the memo.&nbsp; The references will be on a separate page following your final comments from your analysis.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp;Purpose The purpose of this assignment is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. This connects to course learning outcomes of constructing market segments of target customers for a product or service.&nbsp; Assignment Task Overview For this assignment, you will assume the role of a marketing analyst.&nbsp;Your&nbsp;consulting firm [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[194],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/35373"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=35373"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/35373\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=35373"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=35373"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=35373"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=35373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}