Understanding Your New Target Market
Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Target Segment Identification and Selection
•Define demographics, psychographics, and market segmentation.
•Using the scenario as an example, identify and analyze (at a summary level) 2 potential target segments using demographics and psychographics that may meet the bank’s high-level strategic goals.
•Select 1 segment, and illustrate why this is the best segment to select based on a detailed discussion of needs, wants, and psychographics of that segment and how they align with achieving the bank’s long-term strategic goals.