Auto Target Market Assignment PDF

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Summary

market segmentation in marketing course exercise. that's it!...

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AUTO TARGET MARKET ASSIGNMENT Name:

Student Number:

The Target Market Segment Research the typical customer who purchases a Rolls Royce car. What are some of the characteristics of that market segment? Describe the characteristics and the corresponding segmentation strategies. Note that a segmentation strategy can be listed more than once or have more than one associated target market characteristic.

Segmentation Strategy

Target Market Characteristic

Example: Demographic - Income

Example: Typical income listed here

Demographic - Gender

Male

Demographic - Age

40 - 70

Demographic - Income

Above 1,000,000 $ / year

Demographic - Occupation

Company President / CEO

Psychographic - Activites and Interest

Play golf / Luxury Items

Psychographic - Lifestyle

Rich and luxurious

Creating the Persona Based on your research of the target market and the information you listed, develop a buyer persona (a fictional representation of your customer based on real data) of that target market. Buyer Persona Name: Mark Job:

Founder of an international prestigious jewelry firm

Lifestyle and Background (lifestyle, family, daily/weekly schedule)

Important Identifiers (demeanor, values, personality)

Communication and Tech (How does the persona communicate? media, social media, radio, email, etc.)

Product Values (What does this person value in a car purchase?)

Common Objections (Why wouldn’t they purchase a car?)

Fun Facts (What else should we know about your persona?)

Mark is a 48 years old successful businessman. He has started as jewelry designer and now owns one of the most prestigious jewelry firms. Married with 2 kids and tend to have a hectic working week. At weekends, mark loves to play golf and meet other company presidents, CEOs, and celebrities at his local golf club. He adores completeness and pays attention to the finest details. As a jewelry designer, he always looks for uniqueness, and that what makes his company one of the best for the last 10 years. Mark likes luxury and to be treated as an elite member.

Mark uses his email quite often for business-related activities. He also uses his mobile and laptop for phone calls and video conferencing. Mark doesn't have free time to check social media and other traditional media sources. Instead, his personal assistant provides a brief each morning of headlines, stocks, trends and important news.

Uniqueness, luxury, elite ride. Mark doesn't look for horsepower or acceleration records. He wants to stand out from the crowd, feel rich, be treated like a millionaire, and turn people's heads once in his Rolls Royce special ride.

If the "spirit of ecstasy" becomes available to everyone, Mark wouldn't feel the same about the product since he looks for distinction and uniqueness. If the prices fall or Rolls Royce makes an economy car, it won't remain the elite car. Hence mark will leave the club.

He likes limited editions products, and as a numismatic he has a corner in his mansion for rare coins, banknotes and other objects. He once sent his private jet all the way to Dubai to get the rare 723 Umayyad Gold Dinar (an Islamic coin valued at $4.8 million at 2011)....