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Answered Same Day Apr 30, 2020

Solution

Abr Writing answered on May 07 2020
143 Votes
Part 1- Segment the Market
1. Target Market Analysis
For any item to be effective, it is highly important to examine the target market as well as comprehend the marketplace in order to sell the offered service or product (Kotler, 2012). The consumers of VIT café could be divided into three distinct groups i.e. early-adopters, younger generation and cost-conscious café customers.
1. Early-adopters
The foremost of consumers of VIT café would be early-adopters. The key reason behind this is the actuality that such consumers would be ready to seek out risks linked with trying any new café they have never visited before. This sector of consumers would differ significantly in age nevertheless would share high interest towards café products and experience. As a result, these consumers could be easily accessed by way of adverts in print media directed towards café lovers, fun lovers as well as quality products consumers. Additionally, other fraction of the customers would be attracted through consumers protection reports that frequently offer positive ratings for the offered items.
1. Cost-conscious-new-scooter-customers
Taking into consideration the actuality that the products made available by VIT café would be rationally priced and suitable for all consumer groups, the sales among cost-conscious buyers is expected as being high. This sector of consumers requires highest value for money and also, don’t prefer spending a lot.
1. The Younger Generation
The younger generation generally prefers spending time in cafes. In the same way, the VIT café is projected to make high sales among this specific sector since it is likely to provide them superior experience and good quality food products.
Further, the below section would continue with the segmentation of the above stated target marketplace.
Part 2- Identify the Market
Market segmentation implies towards a marketing approach, which involves dividing a
oad target market into customer groups, which hold common preferences and wants and after that devising and implementing strategies for tactically targeting them (Kerin et. al., 2011). Additionally, the market segmentation strategies might be executed for recognizing the target customers and provide supporting data for positioning for effectively accomplishing marketing plan objectives and goals (Kerin et. al., 2011). Kering et. al. (2011) state that corporations might develop product differentiation strategies or undifferentiated approach, considering the particular product traits grounded upon the demands and needs of the target segment. Further, the below sections put forward the marketplace segmentation for VIT café’s target marketplace.
As mentioned before, the target marketplace for VIT café would involve early-adopters, younger generation and cost-conscious cafe customers. Early-adopters of VIT café would usually be consumers falling between the age group of 15-30 years. Additionally, the VIT café might not be the first preference for all of them but they may still visit it as part of growing trend amongst youngsters. Furthermore, the younger generation group would target youths between the age group of 14 to 24 years; who are athletically or academically active; fit into middle class families and don’t get much pocket money or have high earnings to afford expensive food products. Finally, the cost-conscious consumer group would be autonomous of age but would involve consumers belonging to below middle class who have an average salary and could not afford spending high amount.
    Market...
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