Segmenting and profiling a market is done in order to create a product that best suits the needs of the desired consumer. Market segmentation is useful as it separates the total market into different segments allowing a company to create a product specific to the consumer’s needs. Profiling the market then allows the marketer to define the certain characteristics of the target market helping the product to cater better specifically to their needs. Sources of information that could be used to segment and profile the market include industry sources, using qualitative and quantitative research, priori research, by making assumptions and using research to support them as well as existing research data.
The school aged snack food market could be segmented into a variety of ways to create products that suit the needs of both the children and parents. Ways of possible segmentation include psychographic, demographic, geographic and product related benefits. Sources of information that could be used to segment and profile the market include using priori research, where segments are assumed at the beginning of the research and information is used to confirm them. Existing research data based on the consumers demographics, psychographics and geographic location can make it easier for marketers to profile their market, as they don’t need to go perform the research themselves. In the case there is not enough research provided, primary research can then be conducted in the form of qualitative and quantitative to gain further information based on figures and detailed answers on specific questions for example what foods children prefer to have for lunch.
The best possible way this market could be segmented is based on produ...
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... development of the product; consumers are looking for convenience due to their increasingly busy and time poor lifestyles. Positioning this product by highlighting the idea of convenience will likely influence the consumer to purchase the product and want to try it. Developing a product to reflect health benefits will also position the snack food more favourably in the parent’s eyes. There are many food products on the market that do not necessarily cater to children’s health, there for by positioning this product in the consumer’s minds of reflecting health will allow the product to have greater success with in the market place. The quality of the product is another determining factor on its success; the company needs to ensure they keep up with the competitor’s standards so that the quality is positioned equally as favourable compared to the competitors.
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