market segment

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Topics: Family
5.
*THE IDENTIFIED MARKET SEGMENT(S) SHOULD VICTORIA MUSEUM PURSUE AND THE DERVICE THAT WILL BE OFFERED TO THE MARKET SEGMENT(S): Demographic/ socioeconomic segmentation is a good target for Victoria Children’s
Museum(VCM). demographic/socioeconomic segmentation focuses on gender, age, income, occupation, education, household size, and stage in the family life cycle. In this case we choose local families, which is a good target market that most of the competitors have not offered yet. Most of the museums are now usually focused on the group like children and school groups, which are big groups. Local families offer a big opportunity for people a in small groups and VCM can focus on these principals in order to write a business plan:
How old are they?
What gender are they?
Where do they live?
What is their family structure (number of children, extended family, etc.)?
What is their income?
What do they do for a living?
What is their lifestyle like?
How do they like to spend their spare time?
What motivates them?
What is the size of your target market?
To define this target market, VCM has the strength that they already provided the service for children and some groups before, so they may get a lower risk when they offer more service for local families. Locals families profiles are easily found when researching the market analysis section of the business plan. For instance, Statistic Canada is an excellent place to start the market research because the community profiles offer free information about all Canadian communities, so we can find information such as earnings and work statistics, conveniently presented for easy comparison between the community and the province its located in.
The marketing budget is going to be most effective when it reaches to selected target market. Victoria’s population is about 78,057 people, it is the second largest population of the province, and the number of visitors is about 3,500,000 people in 2008. They

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