Profile the Market

PROFILE THE MARKET
Running Head: PROFILE THE MARKET 0

Running Head: PROFILE THE MARKET 1
Table of Contents
Part 1: Evaluation............................................................................................................................3
1. Market Segmentation...............................................................................................................3
Criteria of market segmentation..................................................................................................3
2. Demographics criteria..............................................................................................................3
3. The psychographic behavior of target audience......................................................................4
Part 2: Case Study............................................................................................................................4
1 Specific market segmentation...................................................................................................4
2. The marketing mix for the YIT market...................................................................................5
3. Five consumer characteristics.................................................................................................5
4. Benefits for the Australian Tourist Commission in targeting marketing strategies....................5
5. The product conveyed under the ‘Brand Australia’ campaign...............................................6
Part 3: Project Task..........................................................................................................................6
Task A:.............................................................................................................................................6
Market segmentation report.........................................................................................................6
Target market...............................................................................................................................6
Target Audience...........................................................................................................................7
Market segments..........................................................................................................................7
Demographic variables............................................................................................................7
Geographic variables...............................................................................................................7

Running Head: PROFILE THE MARKET 2
Psychographic variables..........................................................................................................8
Behavioristic variable..............................................................................................................8
Market positioning strategy.............................................................................................................8
Identify the target market.............................................................................................................8
Target audience............................................................................................................................8
Segment into market segments....................................................................................................9
Demographic............................................................................................................................9
Geographic...............................................................................................................................9
Psychographic..........................................................................................................................9
Behavioristic............................................................................................................................9
Task B:.............................................................................................................................................9
Geographic segmentation............................................................................................................9
Identify available positioning strategies and choose a strategy to meet marketing requirements
and consumer profile.................................................................................................................10
Write the plan containing several options, in accordance with organizational requirements....10
Specify timelines and allow to make appropriate adjustments based on feedback...................10
Part 4: Observation checklist.........................................................................................................11
References......................................................................................................................................12

Running Head: PROFILE THE MARKET 3
Part 1: Evaluation
1. Market Segmentation
Group of consumers based on segmentation of market criteria are relevant for the
organization. This segmentation is based on demographic, geographic, behavioral, and
psychographic variables. All segments of the market are useful and relevant to the organization
(Ponting, 2014).
Criteria of market segmentation
 The geographic segmentation of the market
This is the first group of market segmentation that is based on geographical variables
(Gill, 2016). This divides the market into units of geographical units like states, nation, cities,
states, or even neighborhoods. Sources for market research in geographic segmentation are
primary and qualitative research (Markgraf, 2018).
 Demographic segmentation of the market
This segmentation is about people. This segmentation of market criteria based on
population: gender, age, and size of family, etc. (Bhasin, 2019). These variables are the most
popular base for consumer segmentation of the market. Sources for market research in
demographic segmentation are secondary and quantitative research (Bhat, 2019).
2. Demographics criteria
Criteria of demographics is necessary for a business to identify the customers.
Demographic segmentation decides exactly about service mixes and product that are necessary
for packaging, pricing, place, and promotion (Clark, 2015).
 Residence
 Age ranges
 Status of family
 Power of purchasing
 Means of transportation