What are the benefits of segmenting and targeting markets?

Instructions:In Module 1, we learned about various ways of segmenting a market to better identify prospective buyers for products and services, and the importance of selecting a target market.

  1. For this assignment, assume that you are hired as a marketing consultant to a company that manufactures and sells the product that you utilized for this week’s discussion about the 4 P’s of Marketing.
  2. For an upcoming meeting, you have been asked to help managers better understand market segmentation and selecting a target market.
  3. In preparation for your meeting, prepare a PowerPoint presentation which covers the following concepts:
    1. Explain to the managers what we mean by market segmentation and target market.
    2. What are the benefits of segmenting and targeting markets?
    3. Describe the various ways (bases) that markets can be segemented for consumer products and services. In your discussion, be sure to not only list these, but also discuss how these are relevant for your chosen product or service.
    4. Explain how, once you have identified marketing segments, you can select one or more target markets.
    5. **OPTIONAL EXTRA CREDIT** (10 additional points) Add information about Buyer Personas:
      • Search the Internet to learn about Buyer Personas.
      • In your presentation, explain what is a Buyer Persona, why the company might want to create one.
      • Copy/paste a sample Buyer Persona from the Internet into your presentation
      • Be sure to cite all sources using APA format

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