please check the attached file for instructions, at the bottom there are tips and tricks to help you in writing the memo.
Segmentation exercise Spend a little time analyzing the data provided in the Excel spreadsheet (make some graphs, count frequencies, etc.) and use your insight to help create a simple segmentation scheme based on the bases identified below. Choose the segment with the most “customers” and write a short segment profile based on information about that segment. Deliverable · Memo to Me (Add Appendix if Needed) Exploration (1) 1 Paragraph + 3 Bullets Explore the data and make some general observations. · Make three (3) observations about the data. Simple Segmentation (2) 1 Table + 1 Short Paragraph Explaining your Scheme Create a segmentation scheme and describe the segment bases. Should include a least the following: · One or more psychological variables. i.e., High or Low Materialism · Demographic: Two demographic variables. i.e., Age Cohort and Income · Demographics: FLC · Psychographic: PRIZM or VALS (Choose one) Preset · Pacific NW · MBA Students Profile (2) Descriptive Label + Estimate + Segment Bases/Characteristics and Consumption Habits Choose the segments with the largest number of people (ideally > 1) you created as a result of your segmentation scheme. · Create a descriptive label for your segment. · Estimate the size of the population (in the US) and explain your approach. Things to think about: · Review the clustering of the brands for the segment you selected – do you see if there are commonalities? Does it provide you insight into the segment? · Do some research on the segment base: i.e., What does the Pew Research group say about Gen X, Millennial, etc.? What are the lifestyles of Single I today? Etc. Roll these ideas into your segment profile. Resources Real Data Data590.xlsx A3 Tips and Tricks - Starting Out If you are starting out A3 and are having difficulties getting a handle on all that data, the first step is to do exploratory data analysis. You can try the following: 1. Use "Sort" in Excel (or Sheets) by column and get a count of individual segment bases (each column is a segment base). 2. Once you have a general sense of the distribution and range of each base, try using "Pivot" tables in Excel to look for relationships between two or more segment bases. Look for the ones with the greatest frequency/count and maybe target those for your segment variables. For example, if I was going to use PRIZM for my psychographic typology, and the most frequent count was for "Young Digerati," - I would perhaps choose that as one of the segments bases, I choose for creating my segment profile: PRIZM - Young Digerati. 3. If you have access to more sophisticated tools like SPSS or Tableau, you can use it to quickly generate tables and crosstabs to gain insight into the data. What you will want to do after exploring the data is to create a simple table of a segment that you can find in the data. For example, Category Criteria Group Psychographic PRIZM Young Digerati Demographic Age Cohort Gen Y Demographic Income $100,000-$149,999 Demographic FLC Single I Psychological NFC High NFC ... Based on the requirements I outlined for you (# of Psychographic, demographic, psychological, etc), choose the criteria (column) and the specific "group" -- to help describe a segment. There must be a least a few customers that fit these criteria for you to do further analysis. This is the first task. You can simply describe the target market at the highest level (using the above example): The [YOUR DESCRIPTIVE LABEL HERE] is a Gen Y Young Digerati with an annual income of $100,000-$149,999, single, with a high need for cognition, etc. etc. This is usually the starting point for describing a target market. We generally assign a descriptive label at this point (Young Digerati is an example of a descriptive label but we are using it as part of our segment base) so come up with something new. A3 Tips and Tricks – “Profile” Research and Persona Creation The next step after creating the top-level description (see the last post) is to conduct research on each of the individual groups you identified and make some notes of common traits, behaviors, and characteristics of each grouping. · For example, if you chose PRIZM Young Digerati – read the profile from the PRIZM ALL file I provided. It will give you a sense of lifestyle, media consumption, behaviors, and preferences. · Since I specified Gen Y, it may make sense to go to Pew Research Center and look up information Gen Y; you may also want to go to Mintel to look up the consumption habits of that specific group. · Do some research on High NFC people, Single people today, and people that make $100,000-$149,000, etc. Once you have completed research on ALL of the groups you selected, take a step back and look at your notes. Blend all of the information you have together to create a Persona. Think of the persona as a character description you would write for a novel or a movie. How would you describe them, how they act, how they think, how they behave? This is the heart of the target market profile. Your profile description would read like something like this: Brandon Digerati (this is the label I created - not very creative but just to give you an example) is a young executive living in the Pacific Northwest. He is currently seeking his MBA at a local university. He aspires to... Brandon drives a BMW 3-series, visits Starbucks at least once a day including weekends, and frequents local microbrewery with friends and colleagues. ... And so forth. ToExcel CustIDNFCHUSVBASCEMVSCSICPSVALS2TapestryPRIZMFLCAGECOHORTGenderLatinxYNLatinXEthnicityEthnicityMINCOMEEMPLOYINDUSTRYOCCUPATIONBrand 1Item 1Brand 2Item 2 Brand 3 Item 3 Brand 4 Item 4 Brand 5 Item 5 Brand 6Item 6 Brand 7 Item 7 Brand 8 Item 8 Brand 9 Item 9 Brand 10 Item 10Brand 11Item 11Brand 12Item 12Brand 13Item 13Brand 14Item 14Brand 15Item 15Brand 16Item 16Brand 17Item 17Brand 18Item 18Brand 19Item 19Brand 20 Item 20 customer013.433.804.004.004.003.755.00Thinkers1B- Professional Pride04- Young DigeratiFull Nest IIIGeneration Y/MillenialMaleNone of theseAsian$150,000 or morePRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsProfessional, scientific or technical servicesManagement, professional, and relatedAppleIphone LenovoIntel Core i5 based laptopLundbergOrganic short grain brown rice AttaDeep multi-grain Costco 2% kirkland organic milkCostco Kirklandbrown eggsNetflix streaming serviceAmazonPrime membershipNike Running ShoesDovesoapAcura MDX AWD technology and entertainment packageTelsaModel 3LG 70" 4K TVSamsungRefrigerator DanonPlain yogurt Cascade dishwasherAlllaundery detergent Lee jeans AmazonFire Stick 4KMicrosoft Xbox one customer023.144.004.201.832.602.754.50Innovators1D- Savvy Suburbanites29- White Picket FencesChildless CoupleGeneration XFemaleNone of theseWhite$150,000 or morePRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsProfessional, scientific or technical servicesManagement, professional, and relatedApple Iphone XISPWave Dell XPS 13 laptop Apple Airpods ProAsus 168B+ 2 Travel Moniters Dell43" Ultra HD 4K 2 work/home monitersKeurig K-CaféCoffee MakerAeron Chair by Herman millerDesk Chair Target, Walmart and Fred MeyerGrocery Pick Up services Ray Ban Glasses PhillipsSonicare Diamond Clean Smart 9500Kitchenaid Multidoor Refrigerator Samsungwasher and dryer with app/wirelessLego Creator/Expert/Architect series and all modularsZipsnip Glass cutters CRL Revolution XTglass sawGlastar G14 Diamond grinderglass grinder Nordic Track RowerAmazon prime membershipSamsung QLED TV customer033.431.003.401.002.803.754.50Innovators11B- Young and Restless22- Middleburg ManagersYoung CoupleGeneration Y/MillenialMaleNone of theseWhite$150,000 or morePRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsFinance or insuranceServiceApple Iphone X Frontier FIOSHonda2016 Honda CR-V EX-L Costco Fuelamazon prime membershipApple Macbook ProLA FitnessGym Membership Lems Mesa Coastal ShoeSmasung 65" Q90 OLED TVNetflixstreaming service Theragun G3 Phillips Sonicare FlexCare Whitening Edition toothbrushCrest 3D whitening toothpaste Perch Hoyt SectionalForest GreenBeats Studio 3 headphones Cutler Nutrition supplementationNeutrogenaRainbathWilcox Family Farms Omega 3 free range eggs Great NotionBig PapayaMountain Hardwear Super/DS stretchdown hooded down jacket customer043.292.403.601.833.403.254.00Innovators2D- Enterprising Professionals34- Young and InfluentialYoung CoupleGeneration Y/MillenialMaleNone of theseWhite$100,000 to $149,999PRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsManufacturingSales and officeApple Iphone XHuluStreaming service Apple Airpods Nike Nike Free Tennis shoes Acura 1998 Acura Cl MSIGS65 LaptopNetflix streaming serviceYoutube Streaming service Riot Games League of legends Microsoft Xbox one PEScienceVegan Protein Puma Sweatpants Mighty pawDog leash Amazon Prime membershipChipotle Bowl Reddit NBACostco membershipYeti20 oz Tumblers Samsung TVPortland Trail Blazersn/a customer053.142.603.802.334.203.755.00Experiencers13A- International Marketplace31- Connected BohemiansYoung CoupleGeneration Y/MillenialMaleNone of theseWhite$60,000 to $69,999PRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsProfessional, scientific or technical servicesSales and officeApple Iphone X Honda 2016 Black honda civic ex Apple Macbook pro Optifreecontact solution Microsoft Xbox one Netflix Streaming service Amazon prime subscriptionHulu streaming service ESPN streaming service Apple Airpods 24 hour fitness membership Hydroflask waterbottle Trader joes Grocery shopping Costco gas and groceries United airlines flights Chase bank checking account and credit cards Gmail primary email account Instant pot pressure cooker casper queen sized mattress spotify music streaming service customer063.143.603.602.002.803.754.00Innovators3B- Metro Renters31- Connected BohemiansSingle IGeneration Y/MillenialFemaleNone of theseWhite$60,000 to $69,999Local GOVERNMENT employee (city, county, etc.)Professional, scientific or technical servicesGovernmentNetflix Streaming service Apple Iphone Google Gmail, chrome, maps Dell Laptop Comcast xfinity cable Tervis Tumbler Hydroflask water bottle Columbia down jacket Cole Hann Oxfords Adobe InDesign Fitbit Slim Alta HRMazdaMazda 3Delta Airlines flights Bose Noise cancelling headphones Hilton hotel rooms Keen hiking boots REI Day packer backpack Adidas Sambas Tillamook French vanilla yogurt Lotte unsweetened green tea customer073.142.404.203.173.604.003.50Experiencers6A- Green Acres44- Country StrongFull Nest IIGeneration ZFemaleNone of theseWhite$10,000 to $19,999PRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsEducational servicesManagement, professional, and relatedApple Iphone 8sNike nike pro spandex shorts Breg Polar care Kodiak cold therapy unitToyota 2006 Toyota corolla SEnetflix streaming service Apple 2014 Apple MacBook Air Nike 2018 Nike light purple Air Force Shoes Instagram social media Rubiks cube game NFL Walter Payton home jersey Listerine Essential care toothpaste Dove soap TRESemme Botanique Nourish and replenish shampoo and conditioner KC Masterpiece Origin BBQ sauce 40oz Aleve Arthritis 220 mg Pain reliever andfever reducer caplets , 100 count Starbucks Venti Peppermint mocha VIZIO40" Class LED D-series 1080p smart HDTVGoogle Gmail Wells Fargo Online Banking Amazon prime subcription customer083.144.604.205.003.203.002.75Survivors8C- Bright Young Professionals25- Up-and-ComersSingle IIGeneration Y/MillenialFemaleYesAmerican Indian or Alaska NativePRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsHealth care or social assistanceServiceApple Iphone XApple Macbook Air Jeep Wrangler Unlimited Ford FusionOakley Pink Aviator sunglasses- Breast cancer edition Harley davidsonn/aFolgers coffeeNinja FoodiTitos VodkaAmazon Amazon prime Skin MedicaHa5Skin MedicaLyteraPaul Mitchell Skinny serumEltaMDSunscreenJane IredaleCosmeticsDialBody washDoTerra Essential oilsNetflix Streaming service n/aBlue Light blocking screen protector n/aBlue light blocking glasses customer093.142.203.002.503.802.504.50Innovators3B- Metro Renters31- Connected BohemiansYoung CoupleGeneration Y/MillenialMaleNone of theseWhite$100,000 to $149,999PRIVATE-FOR-PROFIT company, business or individual, for wages, salary or commissionsHealth care or social assistanceManagement, professional, and relatedXfinityInternet serviceKenmoregas range and ovenMicrosoftXbox OneSamsungS8Toyota1998 4runnerSpotifyMusic appAmazonAmazon primeTillamookIce CreamNetflixMovie streamingSony SpeakerKeurig Coffee MakerHulu Streaming serviceSharpie MarkersYeti mugHydroflask water bottle Brita water pitcherFranz9 grain breadDockers Khaki jeans Marvel socks Disney+Streaming service customer103.142.404.003.173.603.255.00Achievers8B- Emerald City22- Middleburg ManagersFull Nest IGeneration Y/MillenialFemaleYesLatinoOtherMexican American$100,000 to $149