Your Marketing Research class has been charged with increasing enrollment at Rasmussen College. There are several markets worthy of targeting, including those in the military, minorities, millennials, and baby boomers.
For your initial post, select two markets for the College and answer the following questions:
Targeting includes selecting market segments with the greatest profit potential (number of potential buyers is growing, heavy usage, reachable etc.) Considerations The number of customers is growing and so is their spending. The intensity of existing competition in the segment is manageable. The target market is reachable and the cost is affordable. The level of customers’ satisfaction with competitive offerings. Forecasted growth Potential profitability…what are the net costs involved? Any barriers to entering the market?
Here are some market segments:Banks -owners of small and med-sized business Break down the market into: trusts services, cash management services, commercial loans, and retirement services. Education market segments include (online and face-to-face class; undergraduate and graduate classes).
Market segments for this assignment the include military, minorities, millennials, and baby boomers
- How would each of these markets increase enrollment?
- Which steps in the marketing research process would you use to get started?