Detailed Market Segmentation Report for Savoy Bar - MKTG 1102 Analysis

This assignment provides a comprehensive market segmentation analysis of the Savoy Bar, focusing on its target market within Vancouver. The report details the geographic, demographic, psychographic, and behavioral characteristics of Savoy Bar's customer base. The geographic analysis highlights the bar's focus on the Vancouver population, leveraging the city's vibrant nightlife through music programs and festivals. The demographic segmentation identifies the primary target as individuals aged 18-30, catering to different income levels with a variety of shots. Psychographically, the bar targets beer enthusiasts, offering a selection of imported beers. Behaviorally, the bar caters to millennials, utilizing social media for quick decision-making and information dissemination. The report then explores how this understanding of market segmentation influences key sales and marketing decisions, such as emphasizing music festivals to gain a competitive advantage, tailoring sales approaches to the millennial demographic's purchasing power, building expertise in beer offerings, and maintaining aggressive marketing strategies to retain customer interest. The report concludes that effective market segmentation enables the implementation of better sales and marketing strategies to attract different customer segments successfully.

Management 0
Title: Management
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Management 1
Contents
Introduction.................................................................................................................................................2
Market Segmentation of Savoy Bar.............................................................................................................2
Geographic Segmentation.......................................................................................................................2
Demographic Segmentation....................................................................................................................2
Psychographic Segmentation..................................................................................................................2
Behavioral Segmentation........................................................................................................................2
Sales & Marketing Decisions......................................................................................................................2
References...................................................................................................................................................4

Management 2
Introduction
Market segmentation can be defined as the marketing concept that divides the market into smaller
sections on the basis of customer needs, demands, tastes, and preferences. The market segmentation helps
the managers to formulate distinctive strategies that help in effectively targeting particular customer
segments, as all segments are completely distinctive from each other. In this assignment, market
segmentation has been done of the organization “Savoy Bar”.
Market Segmentation of Savoy Bar
Geographic Segmentation
The organization Savoy Bar’s main target segment is the population of Vancouver. The
organization geographically targets customers on the basis of the values that the majority of the
Vancouver population believes in. Vancouver is known for happening nightlife, it is due to this reason
that the organization attracts customers through various music programs and festivals (Martin, 2011).
Demographic Segmentation
The organization Savoy Bar's main target customer demographically are people from the age of
18 to 30 years old. This is a vast customer section that belongs to different income groups. It is due to this
reason that the organization offers three different kinds of shots, which are premium shots, classic shots,
and bar shots (Camilleri, 2017). All these different shots fulfill the needs and demands of the target
customers, according to their income groups.
Psychographic Segmentation
According to the psychographic segmentation, the main focus of the organization is on targeting
customers who have an interest in beer. As the organization offers different types of imported beer, for
the customer segments who are beer lovers.
Behavioral Segmentation
The target customer of the organization Savoy Bar mainly includes population belonging to the
millennial group. The process of decision-making of this group is very quick and according to the posts
that are shared by the organization on its social media account. It is due to this reason that the
organization keep posting various different images and the latest information about the bar on the social
media platform (Wells et al., 2010).

Management 3
Sales & Marketing Decisions
Some of the sales and marketing decisions that the organization Savoy Bar has to make are –
 Due to the increasing trends of great music places in the city, it is important that the organization
should focus on attaining a competitive advantage by highlighting the different music festivals
that they plan to organize in the future.
 The majority of the customer segment that the organization is targeting is millennial. Also, many
of them belong to low-income groups. It is due to this reason that the organization needs to build
sales approaches that focus on fulfilling the needs and demands of this customer segment,
according to their purchasing power.
 The other decision that the organization needs to make is to build expertise in beers and make it
more prominent to the customers. This is a huge competitive advantage that the organization can
attain, by building sales approaches around it.
 The organization needs to ensure that its marketing approaches are aggressive as this will help
them in attaining, maintaining, and keeping the interest of the customers in the organization
(Gomez et al., 2018).
Conclusion
With this, it can be concluded that with the approach of market segmentation, the organization
will be able to implement better sales and marketing strategies. All these different strategies will help in
successfully attracting different customer segments effectively.

Management 4
References
Camilleri, M. (2017). Market Segmentation, Targeting, and Positioning. Tourism, Hospitality & Event
Management, 4(1), 69-83.
Gomez, A., Loar, R., & England Kramer, A. (2018). The impact of market segmentation and social
marketing on uptake of preventive programmes: the example of voluntary medical male
circumcision. A literature review. Gates Open Research, 2(1), 68.
Martin, G. (2011). The Importance Of Marketing Segmentation. American Journal Of Business
Education (AJBE), 4(6), 15.
Wells, V., Chang, S., Oliveira-Castro, J., & Pallister, J. (2010). Market Segmentation From a Behavioral
Perspective. Journal Of Organizational Behavior Management, 30(2), 176-198.