Segmentation and Market Target Essay Example for Free

Segmentation and Market Target Essay To obtain success, and then retain success, organizations need to determine which market segments to focus (Kotler Keller, 2012). Additional consideration is necessary to ensure that the organization can effectively serve this market segment. According to Kotler and Keller (2012), the finest marketing plans identify and embrace segment differentiation by determining the demographic, psychographic, geographic, and behavioral characteristics. For example purposes, this white paper discusses segmentation and target market for â€Å"Your Organization†. Consumer Segmentation Organizations will not benefit from mass marketing, however will gain success through the insight of consumer segmentation. As mentioned above, the four primary segmentation variables are demographic, psychographic, geographic, and behavioral characteristics. For clarification purposes, a brief description of each is shown. Demographic segmentation separates consumers by â€Å"variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class† (Kotler Keller, 2012, p. 216). Psychographic segmentation takes into consideration the consumer values, attitudes, and lifestyles. Geographic segmentation addresses the variables of region, climate, population growth rates and density. Lastly, behavioral segmentation considers price sensitivity, usage, brand loyalty, and attitudes. Examples of â€Å"Your Organization†Ã¢â‚¬â„¢s segmentations is below, using data provided by the organization’s core operating system â€Å"Your Organization Server† (2014), effective for June 1, 2014. Demographic Segmentatio n â€Å"Your Organization† is a community chartered credit union in Richmond, Virginia. The demographic information includes age, income, and gender. When accessing the age brackets for members age 12 or older, management found the primary age bracket of 47 – 65 years old at 41.8%. The chart below provides details on each age bracket. Based on this information, the  credit union needs to determine how to shift the average age of our membership to 33 – 46 years of age to firmly establish a strong future membership base. Gender is the final demographic item the credit union reviews. Each gender is broken down within the age brackets. The credit union was originally formed to serve the Richmond employees of DuPont, leading management to the assumption of a significantly larger male percentage of members. As shown below this assumption was incorrect; thus, additional marketing focus to the female segment is ideal. Currently, the credit union focuses on large  truck, motorcycle, and SUV loan target mailings, leaving the mid-size and minivan opportunities unaddressed. Information was available regarding the occupations of the membership; however, the disorganization of the data lead to inconclusive results. Consequently, the senior management made the decision to disregard the results from this demographic group. Geographic Segmentation â€Å"Your Organization†, as a community charter credit union, faces the challenge of a small geographic area in which to serve consumers. Potential membership must live, work, worship, volunteer, or attend school in the counties of Chesterfield, Hanover, Henrico, and the city of Richmond. In order for management to gain insight into the location of members’ households, the credit union segments the membership by city or county. The geographic information is as follows: City of County Percentage of Membership Chesterfield 43.21% Hanover 14.38% Henrico 10.63% City of Richmond 28.97% Undetermined 2.8% Behavioral Segmentation â€Å"Your Organization† reviews the following behavioral groups, credit driven, fee driven, upscale, middle market, middle income depositor, and low income depositor. These groups are then cross compared with age and income brackets. The chart below provides a visual on â€Å"Your Organization†Ã¢â‚¬â„¢s percentages, along with credit union national averages (Open Solutions Inc., 2011). Age Income 18 – 34 35 – 44 45 – 54 55-64 65+ $125,000+ Credit Driven 10% 10% Upscale 6%, 9% $50,000 $125,000 Middle Market 26%, 24% Middle Income Depositor 17%, 17% Less than $50,000 Fee Driven 19%, 18% Low Income Depositor 22%, 22% â€Å"Your Organization† Credit Union National Averages Based this information the credit union should focus on further targeting the upscale segment and relying less on the fee driven. As regulations continue to change, fee income will potentially decrease. Psychographic Segmentation In regard to the psychographic segmentation, â€Å"Your Organization† has relied on member loyalty throughout the years. However, as economic turbulence continues to impact the organization, per the Vice-President of Marketing (2014), the credit union is seeking to further exploration into psychographic segmentation. According to Kotler Keller (2012), Strategic Business Insight’s (SBI) VALS framework signifies the values and lifestyles of classified Unites States adults using questionnaires to identify the consumer’s motivation and resources. Information from SBI states that with the ongoing evolution of the financial industry, â€Å"consumers are becoming increasing multidimensional† (SBI, 2004). The VALS assessment takes into consideration for channel or interface preferences, trust in institutions, control within the household, and much more to determine financial patterns. The credit union would benefit from conducting research on the psychographic se gmentation of the membership, as no longer demographic and behavioral segmentation is enough. Positioning Statement A positioning statement for â€Å"Your Organization† which supports the current brand and strategies is as follows. â€Å"Your Organization† will assist our community members in reaching their financial goals. We are committed to supporting and serving fellow community members through financial needs, charity events, and volunteering. Our credit union promises to serve our  members through each stage of life. This supports the current psychographic segmentation of brand loyalty, and a willingness to support the membership financially through each stage of life. Conclusion Regardless of the organization, the ability to obtain success, and then retain it is due in part to ability to focus on the correct market segments. However, the organization must ensure that it possesses the resources to this market segment. â€Å"Your Organization† is working to create the highest level of marketing plans by identifying and embracing segment differentiation through demographic, psychographic, geographic, and behavioral characteristics. However, further improvements are necessary to achieve the ultimate tier of success. References â€Å"Your Organization Server†. (2014). Segmentation data. Retrieved from â€Å"Your Organization† on June 1, 2014. Kotler, P., Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Open Solutions Incorporated. (2011). Overview analysis. Retrieved from â€Å"Your Organization† corporate library on June 1, 2014. Strategic Business Insights. (2004, June). Segmentation in the twenty-first century: Financial behavior of the VALS segments. Retrieved from http://www.strategicbusinessinsights.com/cfd/MRsummaries/MR.VI-09.shtml.

The Gay Science,by Friedrich Nietzsche :: The Gay Science, Friedrich Nietzsche

1) Nietzsche could have written The Gay Science differently. What justifies the style of composition he chose? More importantly, is his style of writing effective? What relation do you see between the style of his writing and the content of thought it expresses? Nietzsche's style of writing was a deliberate stylistic choice meant to hide the meaning of his work and philosophy from those who would not be able to understand it, and through there misunderstanding would abuse it. This writing style was also meant to help support and give meaning to Nietzsche's arguments on the nature of language and how language is, at its root a metaphor describing an object that is disconnected from us. Nietzsche's work broke down language to its metaphorical roots and explored the nature of how our language is disconnected from the objective reality around us. Nietzsche uses the metaphorical roots of our language to show that words and language our fundamentally disconnected because of the subjective nature of language. Nietzsche shows these metaphorical roots by showing how simple words and phrases that we use in our everyday life are really disconnected or at least removed by the barrier of language. Language is a serious of metaphor's all describing ho w an object subjectively appears to the individual. No language can describe what it is like to "be" that object, nor properly describe what it is that makes the object what it is. All language can do is provide a vehicle through which man can communicate what he is subjectively experiencing and relate it via a metaphor to another individual who will only get a idea of what is being described rather than an actual concrete description. 2) In sections 124, 343, and 377, Nietzsche claims that, following the death of God, human beings find themselves "in the horizon of the infinite," on the "open sea," and "homeless." What are the consequences of the death of God? With reference to section 347, discuss the ambiguity of this new found freedom. How might it terrify some people and empower others? The consequences for the death of god are far reaching and and many in Nietzsche's work. Christianity sparked the death of God as most of us know him through the actions of Martin Luther. Luther's desire to give the common man the ability to understand and read the bible brought a end to the churches monopoly on morality and brought the "divine" to the common man making the common man "divine".

Communication Process Essay

1. Briefly describe the misunderstanding, including the setting and the people involved. At my recent job that I was working a situation came about, I was helping my director file some bills with personal information. Well she did not make it clear that each bill went into a certain folder, which made my job a lot difficult and ending up me having to do the whole process over again, when I had to do another project that my other Director had told me to finish up within that day. 2. Complete the following table with information from your described misunderstanding. |Question |Answer | |Who was the sender? |My Director | |Who was the receiver? |Myself | |What was the message? |File these documents | |What channel was used to send the message? |Sound and light waves | |What was the misunderstanding? |How to file the documents | |How could you have avoided the misunderstanding? |It could have been avoided if my director would have told me the correct | | |way to file them instead of me trying to figure out how to file the | | |documents. 3. The perception model in Ch. 2 of Communicating in the Workplace shows that prior knowledge and experiences combine with your psychological state to shape your subjective reality. What was your perception going into the situation? How did your perception of the misunderstanding affect the communication process? My perception of the situation was that there really was not correct way into filing the documents, all she wanted was for them to be filed. It affected the misunderstanding and how the communication process went through my mind was that she should have told me how to correctly do it the proper way, instead of just telling me to finish filing. I just thought that she wanted them out of the way and into the filing cabinet. 4. After reflecting on your misunderstanding and analyzing it with what you have learned this week, what did you learn about the communication process? I have learned that there are a lot of ways in communicating and that when someone tells another person to do something, then that person is listening and taking in information differently, to ask questions when told to do something if you do not understand what that person is wanting from you. The reason why I say this is because not every person is going to be the same, as it stated in the example of the model in Ch. 2 of Communicating in the Workplace, A hog could be a pig but really the person was referring to a motorcycle. For another instance when someone is telling another person to do something, that person receives the message but might take it another way because of how that person encodes the information, that is why it is important to respond back to the person and making a clear understanding of what that person is wanting. I would not want to risk someone else’s life it I did not understand the information correctly because that will affect my job on the line as well. Reference Cheesebro, T., O’Connor, L., & Rios, F. (2010). Communicating in the workplace. Upper Saddle River, NJ: Prentice Hall.

The Influence of Athletic Competition on Psychological...

Literature review and Research Questions Research has illustrated that athletic competition has a strong influence on psychological development, impacting an individual’s formation in areas such as self-esteem, body image and overall well-being (Anshel, 2000; Findlay Bowker, 2007; Haugen, Safvenbom Ommundsen, 201; Peden, Stiles, Vandehey Diekhoff, 2008). A large sector of this research has specifically analyzed the outcomes of negative experiences within athletics, especially those high in stress and therefore resulting in potentially detrimental consequences for athletes. A major source of stress within athletics is due to potential and veritable athletic injuries due to overuse, during-game accidents and other competition/training related afflictions (Hanson, McCullagh Tonymon, 1992). Approximately 3-5 million injuries occur due to athletics each year (Smith, Smoll Ptacek, 1990), and the prevalence of such injuries suggests that the trauma experienced could pose a signi ficant threat to athletes, both physically and psychologically, a phenomenon that warrants further investigation. For the past 30 years or so, research has evaluated the manner with which people handle stressful situations, which include athletic injury, and across the literature it has been consistently and reliably found that people vary in the manner with which they express well-being across stressful life events (Carver, Scheier Weintraub,1989; DeLongis Holtzman, 2005; Smith, Smoll Show MoreRelatedEmotional Intelligence and Athletic Performance1744 Words   |  7 Pagesthat psychological skills play a role in athletic performance (Rogerson Hrycaiko, 2002; Smith et al., 1995). 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