Identify three consumer segments targeted by marketers of a product category of your choice, such as motor vehicles, home appliances, etc. Based on information available online and in marketing literature, write a report describing the psychographics of the three segments.
In your report, also describe the marketing strategies that have been used successfully to target the three consumer segments. Analyze the strategies to elucidate how they map to the psychographics of the three segments and discuss why you think these strategies have succeeded.
The key in this is to really know your audience in order to segment three different populations. You need to understand how your segment thinks, what interests them, how and where they shop, and how to attract them to your product. I will provide an example to illustrate how this is achieved:
Assume your company makes lawnmowers. There are several versions of the mower - a utilitarian, cheap version, a high end version with all the bells and whistles, and a commercial grade model. As you can each, each of the models is geared towards a specific segment of the population. The company can't just create one universal marketing plan to sell the mowers to all consumer - if this would happen, the message would get lost. It is therefore very important to tailor your marketing mix towards each consumer group.
In essence, there are 5 pillars of marketing, which consists of your marketing mix, which is essentially your marketing strategy. Having 5 pillars is more comprehensive then the traditional 4-P views, since the 5th P as "people" which is very important - it is used to segment and target your market.
Let's first go over the 5-Ps:
Product: You your product, and explain the key features and benefits
Place: where you will sell the products (high end retailers? online? mass ...
The solution identifies three customer segments targeted by marketers in a certain product category. The marketing strategies are described.