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final marketing project paper

Segmentation when it comes to market segmentation our

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Segmentation When it comes to market segmentation, our group wanted to make it so that we were able to sort our potential buyers into groups that have common needs and will respond similarly to a marketing action. This allows us to identify the segments on which we should focus our efforts on, and develop specific marketing programs to reach these segments. We first found out that most of the people that use Reddi-wip products were women. We found that women are 8% more likely than the general population to use Reddi-wip. We also wanted to find out who the users of Reddi-wip are based on an educational level. We discovered that the highest users of Reddi-wip had a post-graduate education level. We also realized that people who graduated college, or just attended, had a high percentage rate when it came to using Reddi-wip. People who did not attend college or graduate from high school had the lowest percentage when it came to using Reddi- wip. The next thing we looked at when it came to creating market segments was age. Our group figured out that the highest users of Reddi-wip were between the age of 45 and 65 years old. These people were 15% more likely to use Reddi-wip than the rest of the general population. We also realized that the lowest percentage of users were between the ages of 18-34, and also
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people that were over the age of 65. After looking at the percentages of Reddi-wip users based on age, we wanted to see the percentages of users based on race. We discovered that white people had the highest usage percentage, which was 11% more likely to use than the general population. We also found that black/African American people had the lowest usage percentage, and Asian people, along with American Indian’s, did not have a very high usage percentage as well. After looking up information on Reddi-wip, we decided to look up information on Reddi- wip’s main competitor Cool Whip. We found that household’s that bring in lower incomes prefer to buy Cool whip, whereas household’s that bring in higher incomes prefer Reddi-wip. Also, unlike the Northwest Region of the U.S where Reddi-wip has the highest usage percentage, the region where Cool Whip is used the most is the Midwest Region, which is a Region where Reddi-wip has a lower usage percentage. From information such as this, we decided it would be best to stay away from certain target markets where Cool Whip is preferred. After making these discoveries, we decided that the target market we should focus our marketing program on should be white women, between the age of 55-64, that have a post graduate education level, and currently live in the Northwest Region of the United States. Target Market The Target Market that we plan to appeal to is White women, ages fifty-five to sixty-four with a post-graduate education. When choosing our target market we used five different sets of criteria: Market size, Expected growth, Competitive position, Cost of reaching the segment, and compatibility with the organizations objectives and resources. While examining the target size we concluded that the baby boomers range in age from
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Segmentation When it comes to market segmentation our group...

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