Target Market Analysis For Lake Health wellness center. The target is age of 23-

Question

Target Market Analysis For Lake Health wellness center. The target is age of 23-30's. Looking for a healthy fitness(wellness) center rather than regular gym. The lake health membership will be more expensive due to medical fitness by specfic trained doctors..

Target Market Segments

Give a good summary of the market segments that your client is serving. Are there defined segments for the market? Are there any segments that are not being served or under-served? Is this a niche opportunity? Are the segments that you are targeting growth areas or have they been abandoned by the competition? Don’t forget that psychographics can be as important (if not more important) than demographics.

This is a relatively short section but getting it right is one of the most important things you can do in order to provide a good solution. Students often use these segments as a cornerstone of their presentation.

SEGMENTATION BASES. You may not use all of the below but you should seriously consider all of these segmentation bases. This is the traditional presentation of the target market. It is the starting point for creating your buyer personas. Only present the bases that are relevant to your clients.

Demographics

In this section, describe the demographics of your customer. Who is your customer in terms of income, occupation(s), gender, and age? Do these variables impact behavior? What are the specific and relevant demographic variables that describe your target customer? How much does your typical customer spend online?

Geo-demographics

In this section, describe the geo-demographics of your customer base. Are there areas of the country/world where these customers are more likely to exist (i.e., Northeast U.S. suburbanites)? Are there geographic areas that are more responsive to your marketing efforts than others?

Psychographics

In this section describe the psychographics of your customers. What are your customers’ favorite activities, interests, and opinions (AIO)? Can you construct a “typical” psychological profile or profiles of your customer? What online communities do your customers belong to and how frequently do they visit them? What online magazines and newsletters do they subscribe to? What are their favorite portal sites?

Usage and Usage Rate

In this section, discuss how often your customer uses your product or service. How often can they be expected to use your product or service? Are there different usage rate segments? Are there other possible uses for your product or service?

Explanation / Answer

People are resorting to more and more fitness oriented lifestyle in their daily life in order to avoid any health issues. Therefore, there is a great opportunity for a health and wellness set up to prosper in their business. However, the key to success in any business is based on the target market segment chosen for its marketing and sales activities. Hence, there is a need to understand the different aspects segmentation bases in the health and wellness industry before allocating the resources of the business. Target market segmentation can be done based on the following aspects:

Demographics - Demographics is an important aspect of consumer base. The young and teenage fitness enthusiasts would be more inclined towards joining the traditional gym wherein they could find a comparable peer group for developing their physique. However, Lake wellness center is more than a gym wherein it is aimed at providing a guideline towards a healthy lifestyle. Therefore, it would be more lucrative for a middle aged person or someone who has a steady income source, since it the pricing would be premium as well for its services. So office goers with considerable source of income and intention of leading a healthy life should be the prime targets of lake wellness center.

Geo-demographics - The center should be located in places wherein there is a high concentration of office blocks and bachelor office going population reside in the nearby area. Therefore, bachelors who have considerable income as well as want to lead a healthy lifestyle in a fast paced working environment should be the prime target consumers for Lake wellness center.

Psychographics - The environment within the center should provide a sophisticated, professional feel to the users. It should not be like a traditional gym wherein people are engrossed in building muscular body. Therefore, there should be various elements of diet plan, physicians and other firness advise providers who can be relied upon. The target customer base is an informed one and therefore, they should be provided with logical advice.

Usage Rate - The usage rate and adoption indicators are improtant to understand the effectiveness of the marketing as well as segmentation inititives. It should be tracked frequently in order to understand the success of the business and the segmentation process.  

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