Describe the variables (demographic, psychographic, or behavioral) used to segment the firm’s(TurboTax) target markets

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Consumer Analysis, Market Segmentation, and Market Coverage (TurboTax)

Q7. Describe the variables (demographic, psychographic, or behavioral) used to segment the firm’s(TurboTax) target markets (Ch. 9)

Q8. Explain how the firm(TurboTax) evaluates the attractiveness of each identified market segment. (Ch. 9)

The aim of marketing is to meet and satisfy target customers’ needs and wants better than competitors. Marketers are always looking for emerging customer trends that suggest new marketing opportunities. For example, the emergence of the mobile phone, especially with teens and young adults, has marketers rethinking their practices.

Business organizations do not only sell, they also buy vast quantities of raw materials, manufactured components, plant and equipment supplies, and business services. There are over 6 million businesses with paid employees in the United States alone. To create and capture value, sellers need to understand these organizations’ needs, resources, policies, and buying procedures.

Companies cannot connect with all customers in large, broad, or diverse markets. However, they can divide such markets into groups of consumers or segments with distinct needs and wants. A company then needs to identify which market segments it can serve effectively. This decision requires a keen understanding of consumer behavior and careful strategic thinking. To develop the best marketing plans, managers need to understand what makes each segment unique and different.

Instructions:

 

Each individual assignment must include a title page that has the name of the project topic and the specific questions being addressed, be 2–4 full pages (12-point Times New Roman font, double spaced), and include a separate references page. All content must show direct application to the topic and exclude definitions of terms and general explanations of generic marketing topics.

When completing an assignment for a given module/week, you must view the entire course textbook (all chapters) as a resource for the assignment, meaning it may be necessary to locate assignment-related material in chapters other than those corresponding with the module/week in which the assignment is located. While the effort has been made to ensure that all material necessary for assignment completion is found in the textbook, contact the instructor immediately if information needed to complete the assignment cannot be located in the textbook. The instructor will then provide instructions on locating the required material.

Each of the parts of the Market Management Group Project (MMGP) must follow this format:

  • Discussion of the research
  • Inclusion of corroborating research about the theory      and/or your product
  • Analysis and discussion

Quotes must be minimized and long quotes (40 words or more) avoided. Outside sources to be cited include scholarly marketing journals, practitioner publications, and the course textbook. Assignments must be submitted directly to the Group Discussion Board Forum and contain a Microsoft Word document with the exact same content.

Once the papers are graded and instructor comments are provided, each member will edit his or her paper accordingly.

 

Required Resources

American Psychological Association. Publication manual of the American Psychological Association (Current ed.). Washington, DC: Author.

Kotler, P. T., & Keller, K. L. (2016). Marketing management (Custom 15th ed.). Upper Saddle River, NJ: Pearson, Inc. ISBN: 9780133856460