Individual Data Memo Essay Example | Topics and Well Written Essays - 1250 words

Individual Data Memo - Essay Example This memo will go into detail on how to develop a marketing plan that would be reliable to use throughout the various platforms of media that will focus on a particular market segment in order to increase Kudler Fine Foods’ customer base. To determine the importance of demographic and psychographic information for a company, it would be necessary to conduct an environmental analysis with reference to the age, education, and disposable income of the people residing in Kudler Fine Foods' geographical area will be conducted. The information derived from the environmental analysis will serve as the starting point of a marketing strategy that focuses on a subculture of the population that have similar socioeconomic status (Hawkins, Mothersbaugh, & Best, 2007) to afford the quality of food Kudler Fine Foods offers. The importance of determining the demographics of the population of the target market can be best illustrated with our experience in Encinitas. While Kudler Fine Foods ha s achieved relative success in Encinitas, data found in their demographics shows that would be ill advised to open a location, or spend advertising money 30 miles south in the city of Chula Vista as what the data will show below. Encinitas (2010) Persons between the ages of 18 and 65: 38.8% (Appx.) Bachelor’s degree or higher: 54.3% Per capita income: $48,226 Chula Vista (2010) Persons between the ages of 18 and 65: 45.1% (Appx.) Bachelors degree or higher: 26.4% Per capita income: $24,646 ("Quick Facts", 2012). The above demographic data reveals that while Chula Vista has a larger population between the ages of 18-65, they are less educated and earn wages far below the median income of those living in Encinitas. This tells marketers that they have less disposable income to spend or afford the premium offerings and prices of Kudler Fine Foods line of products. In short, there may be more potential customer in Chula Vista but only few of them can actually afford our products. Psychographic Information This demographic data may be important but is insufficient for Kudler Fine Food to develop an IMC plan that will be effective in marketing our products across a multitude of media formats. To be able to develop an effective IMC, it would necessitate to determine their related lifestyles. This would require a psychographic analysis (in addition to demographic analysis) in regard to what Solomon calls the three variables of activities, interests, and opinions (AIO’s). â€Å"Thus, Kudler Fine Foods can â€Å"boil down† a person’s lifestyle by discovering how he spends his time, what he finds interesting and important, how he views himself and the world around him† (Solomon, 2009, p. 240), and identify a general lifestyle segmentation that Kudler Fine Foods can target accordingly. Psychographic analysis of the market can be done through Kudler Fine Foods’ website where it can conduct direct surveys of current and potential cus tomers for comparison to determine their AIO’s. For example, Kudler's marketers can ask on a scale of one to five, how important are sporting events to you, (activities); how important is your family’s health, (interests); the quality of a product is more important than its price, (opinions). This will allow Kudler Fine Foods to narrow geographic areas and be able to