This document summarizes market research on positioning Best Buy to target the 18-24 year old demographic. It analyzes the target market segmentation including demographics, interests, and potential. The positioning strategy is to become the retail brand of choice by guaranteeing a comeback experience through an energetic and trustworthy brand that understands customer needs.
4. Target Market Segmentation
SIZE 40% of 18-24 enrolled into colleges in 2008 (The Pew Research Center).
INTERESTS
The 18-24 group is three times more likely to communicate
through test messaging than all adults.
One quarter of Americans feel it’s a great way to flirt,
particularly among the 18-24 year old set (Business Wire, 2009).
An average consumer in this segment watch over 273 minutes
of online video per month (BizReport, 2009).
College educated 18-24 year old segment has an discretionary
per capita spend of nearly $13,000 (Business Wire).
Three in 10 people in 18-24 who don’t have a smart phone and
want one (Mobile Marketer, 2009).
POTENTIAL
8. Target Market Segmentation
College Students
Spend 6 hours a day on campus.
Spend time with friends at local coffee shops/sports bar on weekend evenings.
Listen to music primarily on their MP3 players than the radio.
Rarely take more than 6 hours of TV in a week.
Early adopters of new media and technology
70% are aware of digital signage
27% took action based on the last time they saw advertising on digital signage