MKT500 Assignment 1

MKT500 Assignment 1 - MARKET SEGMENTATION 1 Assignment #1...

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MARKET SEGMENTATION 1 Assignment #1 Market Segmentation and Product Positioning Harold Alfaro Linda Davidson Dai Nguyen Karen Schlottach Marketing 500-Marketing Management Dr. Ali Dastmalchi October 27, 2010
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Identify the marketing segment for the product and explain why this segment was selected. The marketing segment best suited to the Silly Bandz product at this time is the demographic segment. The sub-components implemented within this product marketing segment include: gender, age, and income (Iacobucci, 2010). The consumer base includes both genders, toddlers through teens, and all income brackets due to Silly Bandz economical pricing. Additional segments such as geographic or behavioral can be employed in the future once more data are available on consumer preferences. The sub-components implemented within this product marketing segment comprise gender, age, and income. Gender is widely used in consumer marketing. Examples include clothing, magazines, toiletries, and cosmetics. Both genders are included in this segment because the product is enjoyed by male and females. Consumer needs and wants change with age. BCP Imports can design, package, and promote products differently to meet various age groups’ desires. An example of age segmentation is the marketing of toothpaste (contrast children’s and adult’s toothpaste). Finally, income is used by companies target affluent consumers with luxury goods and convenience services. By contrast, many companies focus on consumers with relatively low incomes. Silly Bandz are affordable for all, therefore all income levels, are included in this assessment. Discuss the target market and why these customers will be targeted. The target market is children aged 3 to 17 years and young adults aged 18 to 22 years. Additionally, the target market includes teachers, coaches, et cetera. Teachers can hand out Silly Bandz as prizes for jobs well done instead of the old-fashioned gold star. Coaches and sports teams can give Silly Bandz for those who want to identify with a particular sport or team. These consumers were targeted for numerous reasons. First, Silly Bandz are currently a major fad among children (Bhargave, 2010). As any parent, aunt, uncle, or 2
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MARKET SEGMENTATION 3 grandparent knows, once one child has the latest hot toy your children want it too. Silly Bandz are the must-have accessory for children of all ages and young adults as well. The “bandz” are so popular among school age children they were deemed a distraction in schools, thus forcing schools to impose Silly Bandz bans. Banning Silly Bandz in schools only increased their popularity (Rochman, 2010). Silly Bandz affordability is another reason to target this consumer market. Currently, a 12-pack of Silly Bandz sells for $3 while a 24-pack sells for $5. These packs can be found in toy stores, drug stores, gas stations, and department stores such as Target among others. Quiznos even offers them in their kid’s meal. In the current economy people will
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This note was uploaded on 05/01/2011 for the course MKT 500 taught by Professor N/a during the Spring '11 term at Strayer.

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MKT500 Assignment 1 - MARKET SEGMENTATION 1 Assignment #1...

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