TASK 2 - Naming Segments Introduction: Often, firms will use a descriptive name (a.k.a. "customer profile" or "brand persona") to label market segments. This practice is particularly used to identify target segments. For example, a bank refers to their typical customer as BETTY CHARLESTOWN. Furthermore, the bank's managers use the 'Betty Charlestown test' in their marketing mix decision-making processes... e.g., "Would Betty Charlestown want this new product?" or "What's the best way to advertise to Betty Charlestown?" Your objective in this task is to explore if/how establishing segment profiles is a constructive exercise by seeing what kind of assumptions/insights might could be determined about "Betty Charlestown using just her name and a couple of background notes. Accordingly, see if you can answer the questions in the table below. Background Notes: Betty tends to be an older name. Charlestown is a suburb located on the outer limits of a major city and would be considered to be lower to middle social class with a higher proportion of families. Ref. Characteristic of Interest Postulation Relevant Base(s) of No. (i.e., your educated guess about Segmentation? 'Betty's' "situation" relative to the given characteristic) 1 Is the bank's typical customer (i.e., "Betty Charlestown") male or female? 2 In what age group is 'Betty' most likely be? 3 Where - in the context of a city's overall geographical area or distribution of population) - is 'Betty' most likely to live? 4 What is the average level of education for this customer? What type(s) of occupations would this customer most likely have? 6 What is Betty's' likely income range? 7 Is 'Betty' likely to need sophisticated banking products or basic banking products? Did you have any new ideas/assumptions about 'Betty' not captured above, or did the exercise generate other questions about 'Betty' that might be interesting to answer? If so, share in the space below. 5 In the space below, discuss whether (and why or why not) this process of naming segments and constructing segment profiles useful to a product development team