Week 3: Assignment Create the Value: Market Segmentation Analysis and a Value Proposition Your company, a major retailer (e.g, Target, PetSmart, Walmart, etc), has decided to explore the possibility of developing a new retail store brand aimed at a specific target market. This new retail store would be a chain of stores that would fall under the corporate umbrella of, as an example, Target. You select the major retailer for whom you work and identify this retailer in your paper. As a marketing manager for your company, you will prepare a presentation to your company's senior marketing management team. This report would provide insight that would form the basis of a future planning discussion with this team of senior managers. As an example of a retail store that you might propose, what if Target created an off-shoot company that specialized in pet services for dogs (veterinary care, pet foods, pet training) and called it Pooches! In this example, Pooches would fall under Target's corporate umbrella, but would be an entirely separate retail store chain. Your Task: Determine which major retail chain for which you are working. You can choose any major retail chain that you feel makes sense for the parent company of your retail offshoot store chain that you will propose. In your role as a marketing manager for this major retail chain, prepare a report that would form the basis of a planning discussion with your senior marketing team of managers about this retail store chain that you are proposing. Your report should include a detailed analysis of a potential market segment and a description of the proposed value proposition. Be sure to discuss the financial opportunities that support your rationale for the kind of retail store chain that you would propose. Research will be paramount here. If the senior marketing management team does not learn about the growth opportunities, revenue projections, and likelihood of profit, they will quickly show you the door. Your report should be about 1,000-1,250 words and include a minimum of three (3) scholarly references. Please use the APA format for your paper and references. Information on APA format, including the APA running HEADER atop each page, may be found at http://owl.english.purdue.edu. Please include the following sections. 1. Description of the proposed retail store brand concept that you are proposing that shares information important to the senior marketing management team and that would be instrumental to their decision to support your proposal. 2. Potential Market Segment Identify the characteristics of your potential target market in the United States. The figure from the Week 2 Lecture is helpfulyou may include other relevant variables. Estimate the size of your target market and the revenue potential. Yes, you need to do research! Cite your sources. The list below contains information from which you might draw your target market description that should include demographics characteristics, geography, and any other appropriate segmentation variables. Your target market should be described in one descriptive paragraph. Major Segmentation Variables for Consumer Markets Geographic region Pacific Mountain, West North Central, West South Central, East North Central, East South Central, South Atlantic, Middle Atlantic, New England City or metro size Under 5,000; 5,000-20,000; 20,000-50,000; 50,000-100,000; 100,000-250,000; 250,000-500,000; 500,000-1,000,000; 1,000,000-4,000,000; 4,000,000 or over Density Urban, suburban, rural Climate Northern, southern Demographic age Under 6, 6-11, 12-19, 20-34, 35-49, 50-64, 64+ Family size 1-2, 3-4, 5+ Family life cycle Young, single; young, married, no children; young, married, youngest child under 6; young, married, youngest child 6 or over; older, married, with children; older, married, no children under 18; older, single; other Gender Male, female Income Under $10,000; $10,000-$15,000; $15,000- $20,000; $20,000-$30,000; $30,000- $50,000; $50,000-$100,000; $100,000 and over Occupation Professional and technical workers; managers, officials, and proprietors; clerical salespeople; craftspeople; forepersons; operatives; farmers; retired people; students; homemakers; unemployed people Education Grade school or less; some high school; high school graduate; some college; college graduate Religion Catholic, Protestant, Jewish, Muslim, Hindu, Buddhist, other Race White, Black, Asian, Hispanic, other Generation Baby boomers, Generation Xers, other Nationality North American, South American, British, French, German, Italian, Japanese, other Social class Lower lowers, upper lowers, working class, middle class, upper middles, lower uppers, upper uppers Psychographic lifestyle Culture oriented, sports oriented, outdoor oriented Personality Compulsive, gregarious, authoritarian, ambitious Behavioral occasions Regular occasion, special occasion Benefits Quality, service, economy, speed User status Nonuser, ex-user, potential user, first-time user, regular user Usage rate Light user, medium user, heavy user Loyalty status None, medium, strong, absolute Readiness stage Unaware, aware, informed interested, desirous, intending to buy Attitude toward product Enthusiastic, positive, indifferent, negative, hostile 3. The Value Proposition Describe the bundle of benefits and features that are offered to the target customer. Features are what the company offers and benefits are what the customer derives from these features. Functional benefits: What basic product features are offered? Emotional benefits: What features are offered that make the customer feel good? Self-expressive benefits: What features are offered that help reflect and communicate the customer's values to everyone in the social environment? 4. Conclusions This will be your wrap-up that includes the key \"takeaways\" that you wish the senior marketing management team to 'take away' from your proposal to create the retail store chain under the parent company's corporate umbrella. It should include important facts or concepts on which you want these executives to reflect after they leave their meeting with you, including the financial opportunities. If the senior marketing management team does not see the revenue/profitability picture in your presentation and your wrap-up, plan on being shown the door