Week 3: Assignment Create the Value: Market Segmentation Analysis and a Value Proposition Your company has decided to explore the possibility of developing a new retail brand aimed at a specific target market. Please prepare a report that would form the basis of a planning discussion with your senior marketing managers. The term retail brand refers to a retail store concept, as opposed to a manufacturer's product or service brand - the retail company is the brand - like Target, GAP or Victoria's Secret. Your report should include a detailed analysis of a potential market segment and a description of the proposed value proposition. Your report should be about 1,000- 1,250 words and include a minimum of three references. Please use the APA format for your paper and references. Please include the following sections: 1. Brief Description of the proposed retail brand concept 2. Potential Market Segment Identify the characteristics of your potential target market. The figure from the Week 2 lecture is helpful - you may also include other variables that you consider relevant. You also need to estimate the size of your target market and the revenue potential. 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, other Race White, Black, Asian, Hispanic Generation Baby boomers, Generation Xers Nationality North American, South American, British, French, German, Italian, Japanese 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, firsttime 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/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 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 Grading Rubric Outline Description Points Description 20/20 Brief Description of the Retail Brand Concept Potential Mkt Segment Identify the characteristics of your potential target 20/20 market; estimate the size of your target market and the revenue potential. Value Proposition 20/ 20 Describe the bundle of benefits and features (Functional benefits; Emotional benefits; Self-expressive benefits) Conclusion 10/10 APA format/References 20/20 and Inline cites Editing, spelling, 10/10 grammar Total 100 Clear conclusions and summary Proper APA format, 1inch margins, 12 point font, title page, headings used. Written at a graduate level, more than 5 error results in 0 points. Notes to student