What is segmentation? Identify the segmentation criteria that will impact your target market selection. Identify your target market.
a. Segmentation Criteria
b. Target Market Selection
The above info needs to be at least a 400 word description. Our product is a Hybrid SUV, we named the Millennium. The overview is below, to give you information on our company and product.
Simple Motor Car (SMC) Company is in business to produce automobiles that cater to consumers that want economical, reliable, and fuel efficient transportation. To achieve this end, SMC produces automobiles using the latest in hybrid engine technology and lightweight materials, while eliminating power consuming accessories. This methodology enables SMC Company to build automobiles that achieve twice the energy efficiency of our closest competitor without sacrificing safety and style. SMC Company is committed to providing smart, safe transportation that is friendly to the environment and your wallet.
SMC Company is headquartered in Gary, Indiana with additional manufacturing plants in Cleveland, Ohio and Galveston, Texas. We recently open up our first two international manufacturing plants in Dasseldorf, Germany and Melbourne, Australia. SMC Company has partnerships with parts suppliers and design firms in many different countries making us a truly global company. Our partnership with automobile design companies such as Porsche, Ferrari, and Daimler-Benz assures us of cutting edge automobile designs. Our partnerships with firms including Toyota and Honda provide us with the latest in hybrid engine technology. By leveraging these partnerships, SMC has been able to capture a niche market of consumers without directly competing with our partners. This has resulted in a profitable and long lasting relationship for all.
The SMC Millennium
SMC's new SUV will be named the Millennium.
The company's SUV is primarily designed for those who are conscious of the running cost on fuel and need a vehicle that is very economical in terms of fuel efficiency and running costs.
There are generally three bases for customer segmentation:
1) Customer based segmentation: This segmentation is primarily done on the basis of various characteristics such as geographical location of people, demographic characteristics, Psychographic variables such as personality and life style differences, attitude towards risk taking, etc. Buyer readiness is another variable which is used in such types of segmentation.
As far as geographical location is concerned, the company has to identify via market surveys whether people in rural areas are more cost conscious about fuel savings or people in urban areas are. This can be done by asking questions in the survey such as average miles traveled per day for work, average spending on fuel per month, percentage of earnings spent on travelling, etc. This will ...
The market segmentation for a hybrid SUV is provided in this 671 word solution, including three bases for customer segmentation.