Prizm Business Management Assignment Help With Solution
Marketing Segmentation, Targeting and Positioning –Using Prizm Lifestyle Marketing Analysis System to better develop a Target Market Plan for 2 new stores
For the project, you will write a full 4 page, double-spaced Business Management Project Report, written in Calibri 11-point font, 1 inch margins. See the attached Case on pages 3-5 of this document.
Write it in an official Management Report format with the following Major Report Headings:
Report Heading Titles of Business Management Project:
1. State Key Management Issues to be Solved (customer segmentation/targeting and retail store location using Prizm)
2. Background of the Problem – Issues uncovered and Research of answers to Assigned Questions
3. Research Found, and Discuss Key Findings. Use Peer-Reviewed & Other Sources
4. Detailed Recommendations to Management with Next Steps
As part of this paper, you will research, find, and cite at least 2 peer-reviewed management or marketing journal articles from the list that I provide, 2 reputable websites, and 2 reputable business magazine articles or research studies that have current material pertaining to the selected subject. No more than three internet sources may be used.
MGMT1120 Business Management Project #2 Idea and Format-
Marketing Segmentation, Targeting and Positioning –
Using Prizm Lifestyle Marketing Analysis System to better develop a Target Market Plan for 2 new stores
BACKGROUND INFORMATION AND WEBSITES TO REVIEW – Read carefully the full set of instructions.
Consider yourself a relatively recent graduate in Management, with varied education and experience in management. You see a major opportunity to be an entrepreneur with 2 of your friends to open a retail store in a nearby community. You have heard that a very good retail location is a key determinate of your future retail success, i.e. Location, Location, Location. See pages 170-171 in textbook.
However, a successful location is driven by correctly:
(1) IDENTIFYING SEGMENTS OF POTENTIAL CUSTOMERS,
(2) figuring out WHERE THEY LIVE,
(3) figuring out HOW TO DESCRIBE THEIR DEMOGRAPHICS AND LIFESTYLES,
(4) HOW TO TARGET THEM WITH ADVERTISING, and then
(5) POSITIONING YOUR PRODUCT (YOUR STORE) as having important/different ways to meet customer needs.
After knowing who your best customers are and how to identify them, only then you will know where to locate your store near where they live. Find sources of information by Goggling “Marketing Segmentation, Targeting and Positioning”. In your background section of your report, explain what is meant by these three concepts and why they are important for marketing and why they are important for locating and promoting your store to certain target audiences. Include what you learn from the following videos.
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A. What are the main concepts of consumer Segmenting, Targeting and Positioning?
Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a very few key segments.
B. What are some Successful Strategies for Small Business to identify target markets?
Target Marketing is one of the Successful Strategies for Small Business. With target marketing you go beyond the typical geographic and demographic segmentation of markets. You add Prizm Lifestyle (psychographics) with geographic and demographics to make for a very power marketing cocktail.
C. How did Barry, Ray, Jill and a business user help Best Buy segment and target their customers in each of their store’s Retail Trading Areas?
D. Review the following material: Chapter 11-Marketing-Consumer Behavior (pages 170-171) and Chapter 12- Pricing, Distribution, and Promotion (pages 189, 194).
MGMT 1120 Project Steps for using the Prizm Lifestyle Cluster Market Segmentation Process
1. Choose two of the four products or services listed below and write up a 4 page double-spaced paper on the demographics and lifestyle descriptions of what you find, determine which types of customer segments you would select. Which of the two Zip codes are best for your 2 stores and Why? Tell what part of town you would select best suited for your store and why.
2.Choose two of the following retail concepts. Suppose you are marketing the following lines of products and you are trying to find and develop the right dealers or stores as customers in the following markets:
a.a sporting goods accessories line of products aimed at consumers who love canoeing, backpacking and mountain biking in the Canton, GA area, OR
b.a “dive-shop” product accessories line to consumers who love boating, scuba, and snorkeling in the Woodstock, GA area, OR
c.a line of bridal gowns and bridal accessories aimed at consumer segments most likely to buy these items in the Kennesaw, GA area.
d.a Financial Planning Service specializing in retirement planning to middle age families in the Dallas, GA area.
You can select another nearby town to consider for your store, but make sure the town has at least 2-3 zip codes for you to analyze. Also, ask yourself, is the town large enough to support the store and are the lifestyle clusters and demographics in favor of your type of store.
3.Look up a couple of the Zip codes in the town’s Target Market/Trading Area and discover what Prizm clusters are living in those zip codes. Look up the Zip Codes for either Dallas, Acworth, Kennesaw, Woodstock or Cartersville. There should be two main Zip Codes for each town. If you don’t know your area’s ZIP Code, you can look up ZIP Codes using the USPS web page ZIP look-up. Or www.zipmap.net
4.Go to the Prizm – “You are Where You Live” – In Prizm Web link, and enter the Zip Codes on website.
Prizm works on the assumption that persons in similar stages of their family life cycle or socio-economic scale tend to live somewhat together, ie, in certain types of neighborhoods. Prizm assigns a lifestyle category to each of 110 million households in the US. So Prizm assigns 1 of 66 Lifestyle cluster descriptions to each household in the US. Read the description of their methodology on the website.
Using the Zip Code lookup icon on the website look up a couple of the Zip codes in your town and discover what Prizm clusters are living in those zip codes. After the next page loads, click on each of the Prizm clusters on the left to discover the predominant lifestyles found in the Zip Codes for that town.
5.What are the characteristics of your key target segments in your town, ie “Country Squires, Fast Track Families or Upward Bound”? Which of the two Zip codes are best for each of your 2 stores and Why?
6.NOT Required for this project. In addition, you can use the demographic descriptions in Prizm to study other databases to estimate how many Households or #’s population are in your trading area that fit the Prizm demographic descriptions, ie age ranges, income ranges, home value ranges, presence of kids, etc.
What exactly is “You Are Where You Live”?
“You Are Where You Live” is an abbreviated version of Nielsen’s signature lifestyle segmentation system, PRIZM, and is offered over the Internet for both promotional and recreational purposes. The aggregated information provided is based predominantly on Census data and supported by Nielsen-driven survey data. The information should be interpreted as a general characterization of the population and its lifestyles, not as an exact analysis. At the heart of the PRIZM system is the adage “birds of a feather, flock together.”
Just for Fun: Look up Zips 90210- Melrose Place, 25661-Hatfield and McCoys, 31406-Tybee, 30009 Alpharetta
How do businesses use PRIZM?
To put the country’s marketplace into perspective: today, there are more than 305+ million people living in more than 110+ million households located in over 200,000 neighborhoods, or Census block groups, across the country. Companies use this information to break through the country’s crowded marketscape and understand, locate and reach their customers better. They use it to determine what type of advertising to create and where it should appear, where to put new stores, what kind of products to put in their stores, etc.
How did a Large National Home Services company use Prizm?
The Home Services company provided Prizm the addresses and Zip Codes, not names, of their 1,000,000 customers from the 43 states and 137 TV marketing in our service area. The Prizm Analysis Team ran the customer database through their demographic clustering system and discovered that the vast majority of our customers fell into only 10-12 demographic clusters out of 66 Lifestyle clusters in the USA. This narrowed our market from 110 million households to the 13-14 million they most desired. Those 10-12 clusters represented home owners, 35-54, most with kids at home, with middle to upper income levels.
Therefore, the company targeted TV advertising to the types of TV channels and TV shows watched by persons in those demographics (CNN, Weather Channel, Fox, ESPN, Lifestyle, etc.). It targeted radio advertising by the type of radio station and radio formats listed to by the target audience (Drive Time News, Sports Talk, Top 40, Country, etc.) Additionally, the company targeted billboard advertising and Direct Mail to the sections of town where the target audience lives.
Those clusters were generally Money & Brains, Winners Circle, Executive Suite, Movers & Shakers, New Empty Nesters, Home Sweet Home, Big Fish/Small Pond, Pools & Patios, Upward Bound, Beltway Boomers, Kids & Cul-de-Sacs, and Fast Track Families.
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