Market Segmentation Memo- MRKT 310

Description

Market Segmentation Memo 
Assignment Task Overview
For this assignment, you will assume the role of a marketing analyst. Your consulting firm has been hired to help with a campaign effort for the client company of your selected product/service. You will communicate your results in a professional memorandum. 
There are three steps to this assignment. Review all three steps before you begin.  
Step 1: Refer to the product/service you chose for your Value Proposition Assignment.  

PRODUCT: APPLE TV+  

Step 2: Respond to each of the following questions as they relate to your product/service. Note the research and reference requirements.  

Your market segmentation memo will have three major sections.  
Respond to all the questions in each section. 
Your memo also must meet the research and references requirement in Step 3. 

I. Market Segment Analysis  

Determine and describe the current primary segment. The client has an interesting question. What target market can be perceived by the current messaging for the product/service? Visit the public website for your company’s product/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.  
Describe the primary segment you believe your company is targeting for this product/service. Focus only on this product/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings). 
Describe the primary segment in terms of the behavioral, demographic, and psychographic characteristics for the segment. Give this segment an appropriate name. See, Segmenting and Targeting Markets and Customers in Learning Resources.
Classify the primary segment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource. 

II. New Market Segments  

Construct new segments. Your client company is interested in diversifying and building its target customer base for this product/service in the US market. Who is currently being underserved or overlooked? Who could be better served by being addressed directly? 
Construct and describe two new potential segments or subsegments for your company to target for this product/service for the US market. Describe each new segment in terms of its behavioral, demographic, and psychographic characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the Selecting Target Markets Learning Resource. Begin by identifying the customer need for this product/service. Then, break the market down into subgroups. Develop profiles of target segments. Do some secondary research on your two segments. Note: You will not need to develop a full research plan or conduct primary research for this assignment. 
Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?  
Classify your new segment or subsegment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource.   

III. Recommendation  

Present the best new segment or subsegment. What is the new segment or subsegment you recommend your company target for its product/service?  
Create a simple customer persona to present your new segment and illustrate that segment in a table with the following fields and information relevant to the product/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations] [VALS type] See customer persona example here: 3 Examples of a Customer Persona – Simplicable
Any product changes needed by this segment or subsegment? Are any product/service changes required to serve the segment you have identified? If so, what are they? 
How attractive/valuable is this segment or subsegment? Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company? Or, should the campaign be one of more limited duration? Why?  

Step 3: Format your submission to comply with these requirements.  
Communicate your case analysis results in a Microsoft Word document formatted as a professional memorandum. Your memo will be longer than a typical one-page memo. It is reasonable to expect this assignment to be about five pages in length, single-spaced. 

Here is a sample professional memo.
Here is a tutorial on writing a professional memo: memo (umgc.edu) 

Address your memo to Vice President of Marketing Tiffany Morrow. Assume Ms. Morrow is your boss at a fictional consulting firm called “Destiny Marketing.” The memo is from you, and your role is a marketing analyst at Destiny Marketing. This memo is regarding the company, which is your client, and the client’s product/service. Your memo will communicate to Ms. Morrow your analysis. All questions in Step 2 must be included in your memo. A memo does not have a cover page.TO: Julie Moore, Head of Marketing Strategy
FROM: NAME, Market Research Assistant
DATE: March 28, 2023
SUBJECT: Value Proposition for Apple TV+
This memo serves as Apple TV+’s value proposition. We offer consumers exclusive
content and a seamless user interface for the best viewing experience.
Apple TV+ provides engaging, high-quality content. Our platform also features original
and diverse content. Several awards have been given to our shows, including Golden
Globes and Emmys.
It is easy to access our content through Apple TV+, which provides a convenient and
enjoyable streaming experience across multiple devices, making our content accessible
to a broader audience.
We have also incorporated measures like end-to-end encryption and user permission
settings to protect against cyberattacks and ensure privacy.
Ultimately, Apple TV+ is the ultimate streaming service for consumers, with excellent
content, a great user experience, and arguably the best value proposition in the highly
competitive streaming industry.
“Back of the Napkin”
Premium
Quality
Competitive
Pricing
APPLE
TV+
Diversity
Exclusive
Access
Reference
Ternay, G. de. (2023, March 10). Apple Value Proposition in a Nutshell. FourWeekMBA.
Retrieved March 22, 2023, from https://fourweekmba.com/apple-value-proposition/
PROFESSORS NOTES:
Hi Zydhell,
Good job on your first written assignment for the Value Proposition
Memo.
You have appropriately explained and captured the value proposition
for a product in order to align with the creating communications. For
delivering value for the customer while demonstrating your unique
selling position needed to be better explained (e.g., pricing, bundle
deals, access on different platforms)
Your memo considered the internal and external environment for the
company, but I did not see any mention in detail of the competition to
further demonstrate the unique selling position. You communicated
your value proposition as well as including at the bottom of your
memo, “back of the napkin image” to illustrate your value
proposition.
Your memo did not illustrate how your product solves the problem for
the consumer.
You prepared the memo in the required APA format with the required
number of references.

Purchase answer to see full
attachment

We offer the bestcustom writing paper services. We have done this question before, we can also do it for you.

Why Choose Us

  • 100% non-plagiarized Papers
  • 24/7 /365 Service Available
  • Affordable Prices
  • Any Paper, Urgency, and Subject
  • Will complete your papers in 6 hours
  • On-time Delivery
  • Money-back and Privacy guarantees
  • Unlimited Amendments upon request
  • Satisfaction guarantee

How it Works

  • Click on the “Place Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
  • Fill in your paper’s requirements in the "PAPER DETAILS" section.
  • Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
  • Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
  • From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.