Week 3: AssignmentCreate the Value: Market Segmentation Analysis and a Value PropositionYour company has decided to explore the possibility of…

Week 3: AssignmentCreate the Value: Market Segmentation Analysis and a Value PropositionYour company has decided to explore the possibility of developing a new retailbrand aimed at a specific target market. Please prepare a report that would form thebasis of a planning discussion with your senior marketing managers. The term retailbrand refers to a retail store concept, as opposed to a manufacturer’s product orservice brand – the retail company is the brand – like Target, GAP or Victoria’sSecret.Your report should include a detailed analysis of a potential market segment and adescription of the proposed value proposition. Your report should be about 1,000–1,250 words and include a minimum of three references. Please use the APA formatfor your paper and references. Please include the following sections:1. Brief Description of the proposed retail brand concept2. Potential Market SegmentIdentify the characteristics of your potential target market. The figure from theWeek 2 lecture is helpful – you may also include other variables that you considerrelevant. You also need to estimate the size of your target market and the revenuepotential.Major Segmentation Variables for Consumer MarketsGeographic regionPacific Mountain, West North Central,West South Central, East North Central,East South Central, South Atlantic,Middle Atlantic, New EnglandCity or metro sizeUnder 5,000; 5,000–20,000; 20,000–50,000; 50,000–100,000; 100,000–250,000; 250,000–500,000; 500,000–1,000,000; 1,000,000–4,000,000;4,000,000 or overDensityUrban, suburban, ruralClimateNorthern, southernDemographic ageUnder 6, 6–11, 12–19, 20–34, 35–49,50–64, 64+Family size1–2, 3–4, 5+Family life cycleYoung, single; young, married, nochildren; young, married, youngestchild under 6; young; married,youngest child 6 or over; older,married, with children; older, married,no children under 18; older, single;otherGenderMale, femaleIncomeUnder $10,000; $10,000–$15,000;$15,000–$20,000; $20,000–$30,000;$30,000–$50,000; $50,000–$100,000;$100,000 and overOccupationProfessional and technical workers;managers, officials, and proprietors;clerical salespeople; craftspeople;forepersons; operatives; farmers;retired people; students; homemakers;unemployed peopleEducationGrade school or less; some high school;high school graduate; some college;college graduateReligionCatholic, Protestant, Jewish, Muslim,Hindu, otherRaceWhite, Black, Asian, HispanicGenerationBaby boomers, Generation XersNationalityNorth American, South American,British, French, German, Italian,JapaneseSocial classLower lowers, upper lowers, workingclass, middle class, upper middles,lower uppers, upper uppersPsychographic lifestyleCulture-oriented, sports-oriented,outdoor-orientedPersonalityCompulsive, gregarious, authoritarian,ambitiousBehavioral occasionsRegular occasion, special occasionBenefitsQuality, service, economy, speedUser statusNonuser, ex-user, potential user, firsttime user, regular userUsage rateLight user, medium user, heavy userLoyalty statusNone, medium, strong, absoluteReadiness stageUnaware, aware, informed interested,desirous, intending to buyAttitude towardproductEnthusiastic, positive, indifferent,negative, hostile3. The Value PropositionDescribe the bundle of benefits/features that are offered to the target customer.Features are what the company offers and benefits are what the customer derivesfrom these features.Functional Benefits – What basic features are offered?Emotional Benefits – What features are offered that make the customer feelgood?Self-Expressive Benefits – What features are offered that help reflect andcommunicate the customer’s values to everyone in the social environment?4. Conclusions Grading RubricOutlineDescriptionPointsDescription20/20 Brief Description of the Retail Brand ConceptPotential Mkt SegmentIdentify the characteristics of your potential target20/20 market; estimate the size of your target market and therevenue potential.Value Proposition20/ 20Describe the bundle of benefits and features (Functionalbenefits; Emotional benefits; Self-expressive benefits)Conclusion