MKT 571 Week 3

$5.00

Write a paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and rational for why you believe the company’s target market(s) were selected.

Required Elements:

  • No more than 2100 words
  • Include demographic, psychographic, geographic, and behavioral characteristics for the selected company’s target market.
  • Appropriate segmentation criteria.
  • A positioning statement for the company with careful consideration of their brand and strategy
  • Paper is consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

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Description

MKT 571 Week 3,

Introduction

Burger King is an international chain of burger fast food restaurants, established in 1953, with its headquarters located in Miami, Florida, United States. Burger King’s is a segmentation of an industry that serves burgers globally. The company has over 12,000 franchises in over 75 countries. The majority percent of the restaurants are privately owned and operated. Globally, the organization has an estimated 40 subsidiaries; these subsidiaries oversee the operations of the franchise and its financial obligations. The company’s brand manages and owns trademarks, domain names and copyrights. In addition, these subsidiaries offer marketing services to their parent company. Because of a new restructuring plan, Burger King has decided to re-franchise its locations that are corporate owned to private owners. This will enable the firm to have a one hundred percent franchised operation before the end of 2013. This initiative, which was initiated in 2012, divested the company’s corporate locations in various locations including Canada, Spain, Florida and Germany. This strategy provided the company a profit of sixty eight million US dollars by the end of the third quarter of 2013 (Taylor, Kate, 2013). As a franchise for burgers, Burger King’s items include the famous Whopper, the company’s signature product, fries, milk shakes and a variety of sandwiches.

Burger King’s brand equality relates to its customers and is always remodeling its marketing strategies because of the fierce competition especially from its rival McDonald’s. Burger King’s segmentation within the fast-food industry and its target markets will be explained and illustrated in this paper. Burger King market segmentation of its products is based on psychographic, behavioral, and demographic characteristics. For example, the company targets families, children, students and professionals. This target audience is the backbone to Burger King’s profit margins, sustainability and expansion.

 

Market Segmentation

Burger King has typically been a choice for the young adult market, in particular young males. The restaurant’s menu is tailored and marketed to a market segment that considered different. Burger King’s objective is to guarantee the position of “choice of teens and young men” (Will Dylan, 2007). This policy enabled Burger King to market various products and merchandise them and concentrate and target each behavior of the consumer groups. With the focus on the different group of people, which includes age, income level, region and life style, Burger King applied its segmentation program, based on the consumer market, by having three approaches, psychographic, behavior, and demographic segmentations. The company, based on these approaches, was able to link its market needs to its organizational marketing program, which includes multiple market segments and multiple products. This led to a compatibility with the organization’s resources, goals and objectives.

 

Psychographic Segmentation

The psychographic segmentation includes motives, personality,

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