Market Profile : Kids Snacks Essay
Snack Break”Segment the Market
Segmenting and profiling a market is done in order to create a product that best suits the needs of the desired consumer. Market segmentation is useful as it separates the total market into different segments allowing a company to create a product specific to the consumer’s needs. Profiling the market then allows the marketer to define the certain characteristics of the target market helping the product to cater better specifically to their needs. Sources of information that could be used to segment and profile the market include industry sources, using qualitative and quantitative research, priori research, by making assumptions and using research to support them as well as existing research data.
The school aged snack food market could be segmented into a variety of ways to create products that suit the needs of both the children and parents. Ways of possible segmentation include psychographic, demographic, geographic and product related benefits. Sources of information that could be used to segment and profile the market include using priori research, where segments are assumed at the beginning of the research and information is used to confirm them. Existing research data based on the consumers demographics, psychographics and geographic location can make it easier for marketers to profile their market, as they don’t need to go perform the research themselves. In the case there is not enough…