Discussion Companies use different resources to learn more about the specific ma
ID: 387918 • Letter: D
Question
Discussion Companies use different resources to learn more about the specific market segments they plan to target. Using the resources in this module, search for information using a zip code of your choice. Some options to consider include Beverly Hills 90210, Las Vegas 89101, Miami Beach 33139, or Manchester, NH, 03101. First, enter your chosen zip code to access information about that area. Review the information provided about the area. In your initial post, describe the attributes of the segments in your area and what strategies marketers should use if they were trying to reach someone in this area.
Explanation / Answer
We are going provide information about the market segment i.e. "Las Vegas 89101":
Geographical attributes:This location includes Total land area of 5.4 square meter.It does not include any water area.Population density of this area is 7,706 people / squaremile and there are 18,353 total no. of houses in this area.
Demographic attributes of the segments in this area:
Total Population of this area is 41,255 with 23,892 males i.e 58% of total population and17365 females i.e 42% of total population.
Ethnicity: It includes the maximum no. of people from Hispanic race, then on second position there are White people ,then black people and rest of the population includes asian ,American Indians, Hawaiian and others .
Average Gross Income of this area= $29,698 and People of 25 years of age and more have highest level of education in this area.
Psychographic attributes:This market segment t is heterogeneous. It has population with all the range of people productive and young who are financially secure and young people who are dependent on their parents and some financially secure and some insecure single mothers. These people have different hobbies and are engage in various activities such as swimming, shopping, eating and like amusement parks, gambling, rides, movie shows for the entertainment purpose. Parents also like traveling with their children.
Strategies that marketers should use to reach someone in this area:
With differentiated market strategy - As we know this market is very heterogeneous in nature, so marketers can differentiate one segment of this population from other consumer segment on basis of some common attributes and can focus on them with the differentiated market strategy.Under this strategy , Marketer want to provide different types of products to each different customers segments. This is a costly strategy because marketer has to cover a large part of this population.For that it need extreme efforts by the marketing team.
Niche market strategy:Under this marketer can target one or a few segments of the customers population. The main objective of this strategy is to high penetration.If Marketer wants to place luxury products can use this strategy for the particular segment of market.