MKT205 Creating demographics and psychographic

MKT205 Creating demographics and psychographic

Module Two Milestone: Develop a Persona for Your Target Market (Part 1)

Now that you have reviewed the requirements for your project, you’re ready to begin working on the first milestone. The goal of the Module Two Milestone is to develop a persona for the target market of a new product from Chocolate Bliss. You will create the persona by completing the parts of the milestone listed below.
 Part 1: Select a new product for Chocolate Bliss to launch and then research the characteristics of its target market.
 Part 2: Begin developing a persona for the target market by summarizing its demographic characteristics.
 Part 3: Complete the development of a persona by summarizing its psychographic characteristics and choosing a name. Then download your completed worksheet.
The product you select and the persona you develop for this milestone will form the basis of your remaining marketing plan components for the project.
SELECT A PRODUCT
Use the writing template in this section to choose the new product Chocolate Bliss will launch.
As you read in the scenario for your course project, Chocolate Bliss is launching a new product, and you have been selected to be on the team that will develop a marketing plan for it:
Your product is: -gourmet truffles with fruit, herb, and flower extract infusions
Research the Target Market
Use the research resources in this section to find information about the target market for the new Chocolate Bliss product.
To develop a persona, you first need to identify the target market and describe its characteristics. As you’ve learned, a target market is the select group of people you choose to sell to. But figuring out exactly who these customers are involves a lot of detective work. That’s why research is necessary.
In your research, you will be looking for the following information:
 Target Market: Find out who the typical users of your chosen product are. You can do this by identifying the target market of a similar product and then making any necessary adjustments for your particular product.
 Demographic Characteristics: Demographic characteristics refer to personal traits, such as the ages, income levels, ethnicities, and family sizes of your target market.
 Psychographic Characteristics: Psychographic characteristics are related to the attitudes, values, lifestyles, and opinions of your target market.

All of this information is essential for crafting the persona of your target market in the final two parts of this milestone. This is why you will use the writing templates that appear later on this page to take notes while you conduct your research.
RESEARCH RESOURCES
Conducting market research requires you to know where to look for the information you need. While you should use the Shapiro Library to conduct the majority of your research, you may also use other reliable internet sources. The following two resources can help you get started identifying the target market for your product and its demographic and psychographic characteristics.
Esri’s Tapestry Segmentation
Esri’s Tapestry Segmentation is an online tool that provides descriptions of different segments of American consumers. You can use this resource to gather demographic and psychographic characteristics of groups such as GenX urban dwellers or Hometown single householders. Choose a Segment ID and Name to view a PDF with information on a particular market segment within a LifeMode. Looking at the demographic sections, review the age, race/ethnicity, and income and employment areas.
Mintel Academic
Shapiro Library’s subscription to Mintel Academic offers market research reports covering U.S. and international marketplaces. These reports combine data and analysis of the competitive landscape, as well as market share and consumer profiles. Within Mintel, go to the demographics section and choose one variable, such as age (e.g., Gen Z or Seniors) or interest (e.g., Babies & Children), and review the reports listed to select one that may be relevant. You can also narrow your search by including additional categories, like food or health and nutrition, if you would like. Review any of the reports that include your chosen variable(s) and look for the consumer sections that may discuss drivers and psychographic characteristics. The Databooks in the Mintel reports can provide detailed numbers on consumers.
Whichever sources you use to conduct your research, make sure to complete the templates in the next section to take notes about the target customers for your product. You will use these notes to develop your target market persona on the following pages of the webtext.
Use the writing templates in this section to take notes about the target market for the new Chocolate Bliss product.
Once you’ve located information about your target market, you will need to take detailed notes—and that’s what the writing templates in this section are for. In the spirit of academic research and marketing professionalism, it is also important to cite the sources you use for your research. These references will be included with the worksheet you download in Part 3 of this milestone.
Define the Target Market
As you use the writing template below to define the target market for the new Chocolate Bliss product, keep in mind that target markets are usually defined by a brief description. Examples of target markets include “executives needing month-long accommodations,” “Millennials who enjoy cafe culture,” or “middle-aged women with adult children.”
Based on your research, identify the target market for the new Chocolate Bliss product.

1. Define the target market for your chosen product with a broad description, such as “middle-aged women with school-aged children” or “30-something athletes.”

Identify Demographic Characteristics
As you conduct your research, use the following template to take notes on your target market’s demographic characteristics. You may use complete sentences or bulleted lists for your research notes. This research will be used to develop the demographic characteristics of the specific persona you create on the next page.
Based on your research, describe the demographic characteristics of the target market for the new Chocolate Bliss product.

2. List the following demographic characteristics for the target market: age, gender, occupation, level of education, income level, marital status, and number and age range of children.

Identify Psychographic Characteristics
Along with your target market’s demographic characteristics, you’ll also be collecting information about their attitudes, values, and preferences. Consider these qualities as you use the following template to take notes on your target market’s psychographic characteristics. This research will be used to help you develop your persona’s psychographic characteristics on the next page. You may use complete sentences or bulleted lists for your research notes.
Based on your research, describe the psychographic characteristics of the target market for the new Chocolate Bliss product.

3. List the following psychographic characteristics for the target market: hobbies and interests, wants, current product-related buying behavior, goals, product-related preferences, shopping preferences, and lifestyle.

Create Your Reference Page
As you conduct your research throughout the course, you will build a reference page citing the sources you use. When conducting your target market research, you may have found useful information from Esri’s Tapestry Segmentation tool, Mintel Academic’s market research reports, or Shapiro Library’s resources. You can add the sources you used to complete this milestone in the template below to create your reference page. Be sure to use the APA Style Guide to format your references. Note that your references will be properly formatted using a hanging indent when you download your work later in the chapter.
Use this template to record the sources you used to conduct your research on the target market for the new Chocolate Bliss product.

4. List your research sources using APA Style.

Now that you have selected your product and researched your target market, it’s time to develop your persona. On the next page, you’ll narrow down your description of the target market from a group to an individual who represents that group.
Objective: Begin developing a persona for your target market by summarizing demographic characteristics.
Now that you’ve selected your product and researched your target market, you’re ready to use your notes to develop a persona for your target market.
A persona is one representative member of a target market. For example, if your target market is “athletes in their thirties,” then a plausible persona could be a 34-year-old woman from the Chicago area who plays club soccer. The age, gender, and location of this persona are all demographic characteristics, which are the focus of the templates on this page. Note that you will specify the name and age of the persona at the very end of this milestone on the next page.
Create a Demographic Profile for the Persona
You have learned how marketers use both demographics and psychographics to develop a comprehensive understanding of a target market. Demographics are used to segment buyers by personal characteristics, such as their ages, income levels, ethnicities, and family sizes. Using the following templates, you will apply your knowledge to create a demographic profile for the persona of the target market of the new Chocolate Bliss product.
5. Unlike the notes you made while researching your target market, your responses to the templates on this page will be part of the worksheet you submit to your instructor. So make sure to use complete sentences for each writing template.
LOCATION:
MARITAL STATUS AND FAMILY:
OCCUPATION AND INCOME:
EDUCATION LEVEL:

Objective: Complete the Module Two Milestone by summarizing your persona’s psychographic characteristics, naming your persona, and downloading your worksheet.
On this page, you will complete your Module Two Milestone by developing a profile of the persona’s psychographic characteristics. You will also give the persona a name and age. Your work on the Module Two Milestone will then become the framework for your final project.
Now that you’ve completed the demographic profile for your target market persona, you’re ready to identify their psychographic characteristics. For example, if the persona is a 34-year-old woman from the Chicago area who plays club soccer, her interest in soccer and membership in an organized league would be considered psychographic characteristics.
Create a Psychographic Profile for the Persona
6. As you recall from earlier, psychographics relate to the attitudes, values, lifestyles, and opinions of your persona. Use the following templates to create one-sentence summaries of your persona’s psychographic characteristics based on your target market research.
HOBBIES AND INTERESTS:
WANTS AND PREFERENCES:
PERSONAL AND PROFESSIONAL GOALS:
SHOPPING HABITS AND PREFERENCES
LIFESTYLE RELATED HABITS AND PREFERENCES:

Add a Name and Age
Your persona is starting to take shape. Give your persona even more depth by selecting their name and age.
Add an Optional Image
Marketers often use an image to represent their persona. After you download your worksheet, you may add an image that represents your persona below the Persona heading. The addition of an image is optional. Review the Shapiro Library Copyright Guide for information on citing images you find on the internet.

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