Market Plan

marketing plan 2

1. Briefly list three ways that the student population at gbc can be segmented.

Geographic segmentation separates a market into different geographical boundaries which can impact the marketing mix of product, price, promotion and channel to market. Example residential students vs international students.

Demographic segmentation separates a market by demographic indicators including gender, age, household type, education level and income. Example people who live on their own vs people who live with their parents.

Psychographic segmentation separates a market by lifestyle as well as values and beliefs. Example people who actually study and do their homework vs people who just don't.

2. Which method have you used to segment your target market? Why?

The better choice would be the demographic segment. This is because there are many people who go to college who live on their own (away from their parents/caretakers). These young adults are starting to leave their homes, where the live freely as their parents provide, and live on their own or with other students using a limited amount of cash. These people could benefit from a financial literacy program.

3. Identify the target market that you have selected and briefly explain why you chose that segment.

I chose the people who live away from their parents as they go to college. These people are learning what it's like to live while using the limited money the possess. So a financial literacy class is just what they need to learn how to earn, make, manage, and invest money without running out. discuss how the segment/ target market you have chosen differs from others.

People who start to live on their own are the ones that start to realize they need knowledge on how to manage their own money. Others who commute from home don't need to worry to much about earning, managing and investing their money because their parents still take care of them.

5. How can this difference be leveraged to optimize...