Marketing Research and Segmentation Problem Paper

Marketing and Segmentation Problem - Research Paper Example Therefore, it can be mentioned in a nutshell that the hospital caters to the general people with a wide range of medical facilities. Research A research on the consumers in the area surrounding the hospital would be carried out with the help of Value and Lifestyles (VALS2) and Potential Rating Index by Zip Market (PRIZM). VALS2 This tool for lifestyle analysis makes an endeavor to contour consumers by categorizing into three diverse orientation groups and they are principle oriented, action oriented and status oriented. Each of the categories is believed to be supported by two dimensions and they are resources as well as self-orientation. The orientation groups are then again sub-grouped into eight diverse lifestyle segments. These mentioned lifestyle segments are known as actualizers, fulfilleds or survivors, achievers, believers, experiencers, strivers, makers and strugglers. The medical facility or rather the hospital is assumed to be located in the United States (US) where the po pulation has been learnt to be alienated into three main consumer kinds as previously mentioned. The principle oriented individuals are the ones whose selection for services is presided over by their respective beliefs rather than their requirement for support from other individuals. The selections of the status oriented individuals are supposed to be guided by the support, action along with the views of the other individuals. The action oriented individuals are measured to be those who get stimulated by a desire for physical or even social form of activity, risk bearing and variety (Indira Gandhi National Open University, 2012). The believers and the fulfilleds have been stated to fall under the category of principle oriented individuals. The actualizers, achievers, strivers and strugglers are learnt to belong to the category of status oriented individuals. Lastly, the experiencers and the makers are clubbed in the category of action oriented individuals or segments. Therefore, the application of this particular model would effectively aid in segmenting the market for the needed kind of service (Indira Gandhi National Open University, 2012). PRIZM The other tool for assessing the lifestyle of the individuals for the intended service is the PRIZM. The intention of this mentioned tool is recognized to be the assessment of the geographic regions along with associating them with the consumption pattern. This form of assessment is supposed to be founded on the assertion that lifestyle as well as consumption remains principally guided by the demographic rudiments. An imperative step with regard to this form of assessment is the ascertainment of the proper base definition in order to appropriately match up with the accurate household base (Scarborough Research, 2012). Market Segmentation The target segment or rather the kind of individuals targeted for the medical facility or the hospital would be the principle oriented individuals and the status oriented individual s. The initial category of individuals are learnt to be quite well educated individuals who are either engaged with professional occupations or are retired. This implies that the age group can be ascertained from middle to higher that is from 40 to above 65 years of age. This particular segment would be the appropriate choice as the target patients for the intended medical facility owing to their age group. The individuals belonging