Option 2: Market Segments
Select two new customer segments for a brand of your choice, and name them. You may create a name based on their characteristics. For example, if you chose a coffee brand, you may have the Serious Sippers as a customer segment and the Dabble Drinkers as the second.
- Distinguish the primary and secondary markets.
- The primary market is normally larger than the secondary market. These customers primarily use the product the most.
- The secondary market can include customers who might use or be interested in the product only occasionally.
- Detail the demographics and psychographics of both market segments.
- Include the basic characteristics of your current and potential customers such as age, gender, income, education, ethnicity and geographic locations. You may use existing data.
- Examine your customers’ lifestyles such as hobbies and other interests. Explain how these lifestyles may affect the purchase decision for this product.
Your paper should meet the following requirements:
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- 3-4 pages in length, not including title and reference pages
- Formatted according to APA Requirements
- Include at least 3 outside sources.