please check the attachments, this assignment is based on the info from a2a file. check the other file for guidance, thank you.
Segment profiling Once you have defined a target market using demographics, psychographics, and behavioral bases and created a target market profile, the next task is to share the “concept” of this hypothetical target market with others. One of the best ways to present a complex mix of qualitative and quantitative information is infographics. USA Today is well known for its daily infographics. Create an infographic of the target market that you identified and developed in 3a. Make sure you include the following things: · The target segment label or name you created for it. · A “stock” photo for a representative member · Key demographic, psychographic, and behavioral bases · Highlights of tendencies, needs, wants, facts, etc., from demographics, psychographics, behavioral bases. · Example quotes or images/photos (i.e., favorite brands, products, activities, etc.) to bring the target market to life. These “target market profiles” are important for positioning and market sizing purposes! Resources You can use a variety of tools to help you create infographics: · Typical Office Suites: i.e., PowerPoint, Word (There are even Infographics Templates for Office) · Online tools like Canva (Links to an external site.)and Piktochart (Links to an external site.). Format · Single page PDF or Image (.jpg, .png) Example The University of Queensland 1 MANAGEMENT 2 MANAGEMENT Segmentation 1.0 Data Analysis While analysing the data we can able to understand the interest and preference of the customers towards different groups. Customers select the product on the basis of price, quality and other related factors. It is the duty of the marketers to use the technique of segmentation for attracting the customers in an effective way. From the data it is clear that most of the customers are interested to use new product and they are not giving more importance to features of the product · Income of the customer matters when they try to purchase premium products · Interest of customers are different and some customers take too much time for selecting a product · Compared to individual customers, young couples are interested to use high quality products 2.0 Segmentation Scheme Apple I-Phone X Psychological Variable Demographic Demographics Psychographic High Materialism Income - $60000 -150,000 Age – GEN X, Y,Z Young Couple and Single Innovators and Thinkers While analysing the table we can understand that young couple and single ones are showing more interest to use Apple i-phones and we can consider them as innovators. Innovators are persons who are successful, smart, and self-assured. They exhibit all three basic drives to differing degrees since they have so many resources. They are the most open to new ideas and technology since they are change leaders. 3.0 Profile Generation Y — the segment of the population born in the 1980s and '90s 3.1 Descriptive Label Generation Y is poised to overtake the Baby Boomer generation as the largest and most lucrative customer group for marketers, a position it has held for decades. The consumer behaviour of Generation Y, on the other hand, is very different from that of the Baby Boomers (Lerner et al 2022). As a result, marketers will need to come up with new and unique strategies to reach this vast demographic. 3.2 Size of Population in US Millennials (ages 23 to 38 in 2019) totaled 72.1 million, whereas Boomers (ages 55 to 73) numbered 71.6 million as of July 1, 2019 (the most recent date for which demographic figures are available). 3.3 Segment Characteristics Values Consumption Habits Achievement Oriented Tech and educated Team worker and Co-operative Confident and social Multi-tasking and socially aware Responsibility Diversity Integrity Honesty Interested to buy online Give more importance to convenience Interested to use tech products While analysing the table we can understand that generation y customers are interested to use tech product and they tried to protect their personal image While analysing the results provided by Pew Research Centre (2020) we can understand that they have a wider range of ethnic and racial backgrounds than older adults. They are less religious, have served in the military less frequently, and are on course to be the most educated generation in American history. References Michael Dimock (2019) Defining generations: Where Millennials end and Generation Z begins; Retrieved date 20/02/2022 https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and-generation-z-begins Mualam, N., & Lerner, O. (2022). Teaching Generation Y: Which Instructional Tools Do Students Prefer in a Traditional Classroom Setting?. Journal of Planning Education and Research, 0739456X211066550. 2