Suppose that you are an entrepreneur who recently formed a small business. You understand the need for a marketing strategy. Developing a marketing strategy involves first selecting a target market and then creating and maintaining a marketing mix that will satisfy the selected target market. Market segmentation is the process of breaking down a market into smaller segments, and one common base of market segmentation is demographics. Here are two sets of market demographics for you to consider: 1. City of P-Burg: As of the census of 2000, there were 16,945 people residing in the city of P-Burg. There were 6,592 households out of which 38.0% had children under the age of 18 living with them and 61.1% were married couples living together. The population was spread out with 29.0% under the age of 18, 5.6% from 18 to 24, 28.3% from 25 to 44, 24.0% from 45 to 64, and 13.0% who were 65 years of age or older. The median income for a household was $62,237 and about 2.8% of the population was below the poverty line. 2. City of Bee-G: As of the census of 2000, there were 29,636 people residing in the city of Bee-G. There were 10,266 households out of which 20.2% had children under the age of 18 living with them and 33.2% were married couples living together. The population was spread out with 13.1% under the age of 18, 46.6% from 18 to 24, 19.5% from 25 to 44, 13.2% from 45 to 64, and 7.6% who were 65 years of age or older. The median income for a household was $30,599, and about 25.3% of the population was below the poverty line. ”Household” is defined as one or more persons living in the same house, condominium, or apartment. The people at a single household may or may not be related. “Median income” is defined as the amount that divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. “Poverty line” is the minimum level of income deemed adequate in a particular family size. Assignment Prepare a one to two-page report that discusses the following points: a. What is the definition of a target market? Explain the process known as market segmentation? b. Compare and contrast the markets of P-Burg and Bee-G using the demographic information provided above. c. Select a target market for your small business (it can be within P-Burg, Bee-G, or any other location of your choice). Provide a brief description of a marketing mix (the Four Ps) which you believe could successfully reach your selected target market.
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