Assignment Instructions and Background
Marketing: The Four Bases of Market Segmentation
McGraw-Hill is developing a new writing assignment learning experience as part of their platform to provide just-in-time support for students to hone their writing skills and conceptual understanding. This Fall 2019 semester, our class is participating in a project with McGraw-Hill to develop and train artificial intelligence (AI) to instantly score and provide feedback on short answer responses. We will contribute to a portion the data collection process that helps the technology learn to score as instructors do.
The following assignment is required for this course and is worth 2 points if you write a good answer. It is due on 11/25/19.
Here is the question:
You recently graduated from Empire State University with a degree in Marketing. You loved your time at Empire State and have made numerous friendships with faculty members, current students, and community members. Because of this, you want to remain in your college town and achieve your dream of opening your own coffee shop, The Daily Grind. Before you can open your business, you know that you need to divide the market into segments to develop customer profiles in order for you to determine which segment of the market you want to target. You have decided to focus on a handful of variables that represent all four market segmentation bases (demographic, geographic, psychographic, behavioral).
In one or more fully formed paragraphs, identify and explain at least one variable within each base of market segmentation that should be used to segment the market to create a customer profile of patrons appropriate for The Daily Grind.