Target Market Analysis Essay
Cryptographic segmentation is based on lifestyle and values. There were several factors to consider in developing a target market or markets for Goldbricks Restaurant (Goldbricks). Some of these factors were: The tastes and habits of prospective customers. That is, are the potential customers oriented toward a healthy lifestyle and lately eating in particular?
The financial and educational demographics of prospective customers The concentration of these prospective customers in large enough numbers in a given geographic area so that they could provide a critical mass of prospective customers for Goldbricks’ unique cuisine Although the owners of Goldbricks do not believe that education, in and Of itself, should be a requirement for the target market, statistical studies have established that there is a positive correlation between educational levels and income.
Furthermore, there is a positive correlation between average education levels and a greater interest in more healthful, natural, and/or organic foods. We anticipate that there will be a demand for our cuisine from many who are educated and have a great interest in healthy eating, but who do not fit into the higher income category. This demographic may come to Goldbricks once in a while but because they lack the means and the same level of discretionary income as those with higher incomes, they will not become our core customers but will become part of our secondary’ target arrest.
The primary factor that comes into play here is that those with both education and higher incomes not only are more knowledgeable and more motivated with regard to healthy lifestyles, but also have the financial means. This demographic would become our core of patrons, our primary target market. So when the owners of Goldbricks looked for potential locations for their restaurant, they looked for places that had a demographic combination of higher education and higher incomes and a reasonably large population room which to draw customers, so they could be more confident that their restaurant enterprise could be a success.
Management has determined three excellent potential sites in Maryland and Virginia. In Maryland, we have decided that our ideal general location would be within the triangle that comes to a point in downtown Bethesda, Montgomery County, Maryland (a Washington, D. C. Suburb). This area is bordered by National Institutes of Health on the north, Wisconsin Avenue on the east, and Old Georgetown Road on the west.
It is surrounded by a high income residential area, near a ere upscale commercial area, and there are many other restaurants nearby.
In Virginia, we have determined that our first choice for a site for Goldbricks WOUld be in Tyson Corner, an upscale shopping area. We believe that the best location there would be in the Tyson Two section.