1. To improve your understanding of the nature of markets and how they can be broken down into segments and the strategic role of targeting.
2. To familiarize you with the types of secondary data used1 in marketing research for segmentation
Discuss which demographic, geographic, lifestyle (psychographic) and/or behavioral variables appear to be most important for defining market segments for your product category. Provide attributions and full citations of all sources of information that you use.
Specify who your target market(s) will be, and provide a demographic, generational cohort and/or lifestyle profile of your target(s). (For example, you may find useful information from the U.S. Population Census, or sources such as Mediamark Reporter (MRI+), www.geoselector.com, American Demographics, Lifestyle Market Analyst.1) Provide some indication of how often during a year your target typically makes purchases in your product category.
Quantify the size for the overall population and your intended segment(s). Review the information from U.S. Bureau of the Census, Standard and Poor’s Industry Surveys, Sales & Marketing Management Annual Buying Power Index, and any other relevant sources to estimate the present size of the segment(s) and forecast the size and economic well-being of your future target market over the next ten years. Report on any other relevant data about your target. Provide attributions and full citations of all sources of information that you use.
1 Not all of these sources may be available through the Cook Library, but may be available from other University System of Maryland libraries or other local sources.
There are many different variables to consider when defining our products market segment category. Fresh Pies organic menu offers a selection that will meet both current and future consumer wants with regards to healthy eating. The market of our service is focused on a younger population. Our targets are men and women aged 17-35. This age group is based off of our geographic location which is a collegetown. We appeal to all of the students at Towson University which consists of 18,779 undergraduate students and 3,720 graduate students (Towson at a Glance, 2014). Moreover, there are 12,150 females attending Towson University and 10,349 males attending Towson University (Towson at a Glance, 2014)).The city of Towson also provides 14,081 individuals aged 20-34 that fall within our targeted markets (United States Census Bureau, 2012).
We understand that organic foods typically cost more because of the health standards but Fresh Pies actually makes its own ingredients in order to save money buying ingredients from expensive retailers (include NAICS code). Fresh Pies gives it target market the chance to remain healthy while eating delicious foods. Furthermore, Fresh Pies is hard set on meeting the needs and wants of the healthy eater’s lifestyle by building locations near local public gymnasiums (the number of locations will increase with time and success). This way, people who complete their exercise can quickly run into a Fresh Pies location and order food that satisfies their dietary needs. More specifically, Fresh Pies is only looking to open one location in front of the gym with the most membership sign ups (find a number) so our segmented population is larger by default. This also saves our company money on advertising.