My business idea is Golden Athletic Wear for young adults (essay attached for your reading)
Evaluating different market segments helps to identify which one is most likely to be willing and able to purchase your product or service. In some cases, there may be several market segments that could potentially want your product or service. However, not all market segments will provide the same value to your business. As all businesses have limited resources, the initial focus should be on identifying the market segment with the highest value to your business.Apple is a good example of being very focused on a select segment of the market. Apple’s product marketing team could make cheaper, less feature-rich, and lower profit products to reach a broader market share. However, Apple is comfortable with a smaller portion of the market that is willing and able to pay the premium price for their higher-end range of products. Several years ago Apple tried to make a cheaper iPhone, 5C, which was a failure. Understanding the highest value market segment can focus resources, minimize waste, and reduce potential failure. Students will assess the markets related to their business idea and analyze the landscape of potential markets. Students may use the worksheets attached below to this assignment to help guide their analysis, but these are not the required deliverables for the assignment. The assignment requires the following:Assignment requirements:
A. Identify three market segments that would relate to your product or service including their characteristics and why these markets matter.
B. Using some of the criteria listed on the Beachhead Market Selection Worksheet, write a review for each market segment and their characteristics for potentially being a market segment.
C. Rank the three market segments and provide critical analysis of why the reason for the ranking of the market segment in this order.
D. Use at least three sources of reliable data or information to support your claim. Please use the Lynn library resources to find reliable resources.
E. Use the APA template (Links to an external site.) and complete using APA 7 rules. Although there are no page minimums, thoroughness and details are very important.