You must have a minimum of TWO segments for Yoga.Fit
Your analysis should include:
1. A narrative description of each of the segments. You are required to give each a name. For example, if I were segmenting older consumers for a pet product I might have Empty Nesters or Little Old Lady Cat Lovers. This narrative is usually a oneparagraph summary of the segments profile.
2. How you are segmenting the groups (demographics, psychographic, geographic or other criteria) including the characteristics of your target segments. Be VERY specific and use no less than four demographic and four psychographic variables for each of your segments.
You may use any combination of text, charts and graphs you wish to accomplish parts 1 and 2. However, be sure that it is clear what, and who, comprise your segments.
NOTE: Segmentation is discussed extensively in Module 4. Do NOT attempt this assignment until you have completed all of Module 4.
Segmentation example
NOTE: This example is written for a product called Staycation.com. It is an online vacation planner for consumers taking their vacations at home. This is a common phenomenon in the current economy.
You are required to have TWO segments. This example has four. The chart is only an example you may set yours up differently.
Childless Couples (Young Adventurers)
The Young Adventurers group is comprised of young adult couples who are mostly just starting out on their own. Young couples are typically known to have financial hardships (even without children) for various reasons. These reasons might include young people being typically employed in entry-level positions with corresponding salaries. On top of this, some may have bills and debt from various sources such as vehicles and student loans. They may neither possess the finances nor the large amounts of vacation time from their jobs to take a conventional vacation.
Demographics for Young Adventurers Age:
Relationship status:
Professional Status:
Children: Income Level: Education:
19-30
Living together or newlyweds
Entry-level professional work
None
Entry to mid-level income
College or advanced technical/trade school
Psychographics for Young Adventurers
Entertainment and socially oriented (restaurants, bars, clubs and activities and important) Money Conscious (on a budget)
Adventure Seeking
Tree-Huggers (Environmentally conscious)
Single Parents (Jugglers)
Jugglers have it pretty rough. They have to balance the time between caring for their loved ones and providing for them. Throughout the year, Jugglers do not have a lot of time to bond with their children because they are essentially doing the work of two parents, even though there is only one of them. At the end of the day, Jugglers can be wound to the limit. Taking the time to connect with members of a Juggler family can be of great benefit when it comes to avoiding dysfunction. Familial bonding creates memories that show that there is more to life than the programmed rat-race existence that the Juggler family members may be used to.
Demographics for Jugglers Age:
Relationship status: Professional Status: Children:
Income Level: Education:
MKT301 Fall 2017
21-40
Divorced or Unmarried
Steadily employed
One or more
Upper Low to Mid-level income
College, some college or technical/trade school
Psychographics for Jugglers
Money Conscious (On a budget)
Overworked (Need to take time to decompress)
Family oriented
Children are their primary concern
Dual Parents (Tag-teamers)
Tag-teamers do not have it quite as bad as Jugglers, but that doesnt necessarily meanthey have it easy. Some families may have started out young. That means the kind of work available for the young parents may often be blue-collar jobs (mid-level-paying jobs that do not require a college degree or any specialized training). In other families, only one of the parents may be employed, in which case the other parent also becomes one more mouth to feed in the family. While juggling the time between caring for their children and providing for them is not as big an issue in most Tag-teamer households, it is still important for family members to socialize and have fun together, especially while children are young.
Demographics for Tag-teamers
Age:
Relationship status: Professional Status: Children:
Income Level: Education:
23-40
Married or Common-law couples Steadily employed
One or more
Mid-level income
Trade school or college
Psychographics for Tag-teamers
Family oriented
Money Conscious (On a Budget)
Overworked (Need to take time to decompress) Strong sense of responsibility
Children are a priority
Close ties to grandparents and other extended family
Older Couples (Empty-Nesters)
Of all the target couples, Empty-Nesters probably enjoy the most freedom. This group is composed of older adults who either never had children, or no longer have children under their care. Given the proper financial resources, Empty-Nesters can pick up and leave just about any time they like. The only thing that stands in between Empty-Nesters and a
MKT301 Fall 15 2017
Marketing Plan Guide
good time is money. A lot of times, getting the kids out of the house frees up all kinds of finances. However, there are other cases when people really have to milk the budget. They may have personal financial situations. They might be living off of pension funds, or due to an inability to work, relying on Social Security, disability, or some other form of supplemental income.
Demographics for Empty-Nesters
Age:
Relationship status: Professional Status: Children:
Income Level:
50 and over
Married
Employed, disabled, or retired
Grown and out of the house
Mid-Low to upper-mid income (may vary considerably)
Psychographics for Empty-Nesters Money Conscious (On a Budget) Adventure Seeking
Lots of free time
SUMMARY CHART
Young Adventurers
Jugglers
Tag-teamers
Empty- Nesters
Age:
19-25
21-35
23-40
50 and over
Relationship status:
Living together or Newlyweds
Divorced or Unmarried
Married or Common-law couples
Married
Professional Status:
Entry-level work
Steadily employed
Steadily employed
Employed, disabled, or retired
Children:
None
One or more
One or more
Grown and out of the house
Income Level:
Low to Mid- level income
Low to Mid- level income
Low to Mid- level income
Low to mid- level income
Psychographics
Family oriented
Money Conscious
Family oriented
Money Conscious
Money Conscious
Overworked
Money Conscious
Adventure Seeking
Adventure Seeking
Tree-Huggers
Overworked
Tree-Huggers
Strong sense of responsibility
Tree-Huggers