Customer segmentation

 

 

You have completed your customer segmentation, determined how you would achieve a competitive advantage, and how you would provide value to each of your market segments.  The store’s owners have been very impressed with your efforts and have taken your advice to heart.  In talking with them they tell your team the reason they started the store in the first place was their love of good food and cooking.  You realize that they look on cooking as art as much as it is providing good tasting food.  They are passionate about food the same way some people are passionate about music or paintings or wine. For example, the store sells 22 different varieties of olives and they spent an hour telling your team about the difference in taste, texture, and when and how to use each one.  It is not just the food, but also the way it is prepared and presented that they get excited about.  They show your team two seemingly identical pans (each over $150.00), but explain one is meant for cooking certain raw vegetables on low heat to retain their nutrients and flavor, while the other is used for high heat cooking with meats to seal in the juices.  The difference lies in the type of metals – each uses three different types, the thickness and type of each metal differs with each pan, as does the order that they are in the pans.  To them the differences were of the utmost importance for proper cooking.  They knew they would never make a lot of money with the store, but wanted a lifestyle business where they could enjoy their interests and also interact with others that feel similarly or want to learn more about gourmet cooking.  They realize that although they are doing what they enjoy, they still need to make money if they are going to keep doing it.  They are now ready to move ahead with your team developing a marketing plan based on your data, information, and suggestions. You have already determined many parts of a marketing plan, but to start writing the plan your group still needs to do the following:1. Write a mission statement that reflects the store’s reason for being and what the store currently does.  You may make any appropriate assumptions you need. Limit to 6 lines of text.  Include as many of the following as you can:a. Customers – List by  segmentb. Products or Servicesc. Markets served – Geographic area or areasd. Technology -e. Concern for Survival, Growth, and Profitability – fast or slow growth, staying independent, prudent use of funds.f. Philosophy – Values like sharing and caring,g. Self-Concept – distinctive abilities that make them differenth. Concern for public image. – how they interact with the communityi. Concern for employees.  2. Write a one sentence vision statement (not more than two lines of text) of what your team sees the store should be like in the future (5-10 years).   3. Based on your mission and vison statements, determine at least two marketing goals for the store. Goals are broad statements of intent. 4. For EACH of the marketing goals in #3 above, determine at least two objectives.  Remember, objectives must be specific, measurable, achievable, realistic, and time based. 5. What are the keys to success for the store?

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