Tutorial Exercise Five: Segmentation and Target Markets DUE DATE: in Tutorial #6, Week 8
Name: ___Kristina Koffman______ Student ID: _300333972_______
Assignment Product Category: ______Ice cream____ Brand /Company: ___Tip Top______ 1. Using appropriate segmentation bases e.g. demographics, geographic, lifestyle, ethnicity, values, opinions and interests (and any others you may wish to use) describe the current target market(s) of your company; (2%)
Target market: families/children Describe the (or one major) current target market of your company/brand /product on the bases of these segmentation tools | Company: Tip Top | Brand/ Product: | Demographics | Age: Tip Top’s target market is mainly children. This can be seen by how they designed their layout design for each product. Most of their product is very colorful and action packed, which appeals to most children. They also priced their products where even a young children could even spare the expense.Income: Tip Top’s broaden themselves by targeting families of all incomes with its reasonable prices. An average family in New Zealand in 2014 is earning apromixately $80,000 a year, which means ice cream loving families can afford a sweet treat once in awhile such as the brand Tip Top.According to a post on Dominin Post, it confirms that ice cream accounts for $1 of every $44 spent on food within New Zealand households. | Geographic | -Tip top is based in New zealand, where it is known thatNew Zealanders are among the highest per capita consumers of ice cream in the world. This could be due to the summery vibe New Zealand gives off. | Lifestyle | Family size: Depending on family sizes will effect their lifestyle. Larger families mean higher spending cost, therfore to save money some families flock towards deals or familly sized meals/treats. Tip Top brand associates with families whether they are small or large. | Values | Traditional family values: Values within a family can range from treat others as you want to be treated to the simple rule of sharing nicely. With that Tip top’s offers 1.6 and 2 liters tubs of ice cream, which is more than enough a large or small family. A family would want to enjoy a sweet yet affordable treat that the whole family can share. With so many flavours of ice cream, Tip Top can definetly have something for the whole family to enjoy. | Opinions | Tip Top gains a favourable opinion of themselves due to successfully fulfilling the wants of consumers. | Interests | | Other(s)
(please specify) | |
2. Using a Market Development approach, i.e. the company wishes to market the same products to new markets, in one paragraph of 100 words or less (about 8 lines), describe at least one new target market segment your company should pursue. (4%)
Make sure you consider whether the size of your chosen target market is large enough to be of benefit to your company and how your company can offer value to the new target market.
New Target Market
Fast food Market.
A wonderfull new market that Tip Top can indugle in is the fast food market. The company Tip Top may benefit from supplying their product to fast food chains, who will in turn offer the product to their customers. This would be a new way for consumers to access their favourite summery treat, while eating their delicious meal. It may even be possible to incorperate their product in with that of these fast food chains in an effort to create an entire new product and split the profit. Overall, there is potential profit for Tip Top if they consider expanding themselves to the fast food market.
New Target Market
Fast food Market.
A wonderfull new market that Tip Top can indugle in is the fast food market. The company Tip Top may benefit from supplying their product to fast food chains, who will in turn offer the product to their customers. This would be a new way for consumers to access their favourite summery treat, while eating their delicious meal. It may even be possible to incorperate their product in with that of these fast food chains in an effort to create an entire new product and split the profit. Overall, there is potential profit for Tip Top if they consider expanding themselves to the fast food market.
Tutorial Exercise two – Macro Environmental Analysis 5%. Hand in Tutorial Week _______.
