Business & Finance – Marketing Maryland Zoo Marketing Plan Assignment
June 28, 2023
Target Marketing Segmentation for Maryland Zoo
- What is marketing segmentation?
Target marketing segmentation is how organizations and businesses categorize their potential customers into categories based on different segmentation variables (Sullivan, 2019). This is done to ensure that the organization understands the characteristics of customers that are more valuable to the organization or business and develop an effective marketing plan. Organizations segment their markets differently, but the overarching segments are behavioral, geographic, psychographic, and demographic segmentations. Business & Finance – Marketing Maryland Zoo Marketing Plan Assignment
- Why would the Maryland Zoo want to segment its target market?
Market segmentation benefits Maryland Zoo in many ways (Marylandzoo, 2023). Firstly, it will help the zoo identify segments that align with its products and services and align its product portfolio to the segments. Product customization is only possible through market segmentation (Sullivan, 2019). Secondly, identifying the segments that align with the organization will help the zoo to provide desired products and meet the consumers’ needs, enhancing their loyalty and attracting more sales. Similarly, through segmentation, the zoo will know where most of its customers are and then design their marketing strategies targeting the identified customers. Market segmentation will also help the zoo management understand the market better by accruing accurate and relevant data on the market and developing consumer insights (Sullivan, 2019). Market segmentation has also become indispensable to upholding competitive benefits and developing business intellect. It can give the zoo a more profound understanding of the market and help them know the customers segment with superior profit potential.
- Consumer market segmentation is typically based on four factors: geographic, demographics, psychographic, and behavioral bases. What segmentation variables and breakdowns would you recommend to Maryland Zoo for marketing membership sales? Be specific and support your recommendations with evidence-based research.
Organizations segment their markets differently, but the overarching segments are behavioral, geographic, psychographic, and demographic segmentations. Each segment has its specific variables or characteristics that any organization must understand to attract the members of the segment (Sullivan, 2019). For Maryland Zoo, the following variables and breakdown of the segments will help it achieve its sales targets.
Demographic: In this segment, I recommend focusing on household size. Using different types of ads and promotions will reach parents and young ones between the ages of 25-45 and 3-12, respectively (Locust et al.). The medium household income of the region is $75,000 annually, and the average income is about $108,945. Therefore, many households have money to spend on leisure.
Geographic: Concerning geography, I recommend focusing on the region. The zoo should focus its marketing strategy on residents within a radius of 20 miles. This will capture areas with zip codes 21230, 21022, 21204, 21210, 21239, 21285, 21139, 21209, 21212, 21252, and 21286 (Locust et al.). This will reduce marketing costs while increasing the return on investment on marketing costs incurred. Marketing should begin in late winter to attract potential customers to the zoo during summer and spring outdoor activities.
Psychographic: Concerning this segment, I will propose that the zoo focuses on the lifestyle of the potential customers. The zoo should study and investigate the social and online behaviors of the people in the targeted areas (Locust et al.). This can be done by using big data to understand the activities, time, duration, and other daily activities in which the segments are involved. Understanding the daily activities of the potential consumers will help the zoo plan on which the zoo provides the type of products and services. Business & Finance – Marketing Maryland Zoo Marketing Plan Assignment
Behavioral: The zoo should focus on the usage rate in this segment. According to Kerin and Hartley (2019), “Usage rate is the quantity consumed or patronage – store visits – during a specific period” (Kerin & Hartley, 2019, p. 252). Customers with high usage rates can frequently be offered discounts to increase their loyalty to the zoo and increase sales.
Kerin, R. A., & Hartley, S. W. (2019). Marketing. New York, NY: McGraw-Hill Education.
Locust Point Demographics. (n.d.). Retrieved from https://www.point2homes.com/US/Neighborhood/MD/Baltimore-City/Locust-PointDemographics.html
Sullivan, D. (2019). Market Segmentation – 4 easy steps to apply a market segmentation strategy for maximum ROI. Breakthrough Marketing Pros. Retrieved July 11, 2023, from: https://www.breakthroughpros.com/post/market-segmentation-4-easy-steps-to-apply-a-market-segmentation-strategy-for-maximum-roi
Maryland zoo. (2023). Maryland Zoo. Retrieved July 11, 2023, from https://www.marylandzoo.org/
June 28, 2023
SWOT Analysis and Environmental Scanning
SWOT analysis is an abbreviation of the organization’s internal factors, including strengths and weaknesses, and external factors, including opportunities and threats (Kerin & Hartley, 2019). Conducting a SWOT analysis is the initial stage of developing a strategic marketing plan in the organization. The following is Maryland Zoo SWOT analysis based on available data. Business & Finance – Marketing Maryland Zoo Marketing Plan Assignment
|STRENGTHS: Strengths are internal organizational factors that give it competitive advantages over competitors (Kerin & Hartley, 2019). Some of the strengths that Maryland Zoo enjoys include the following bulleted below:||WEAKNESSES: Weaknesses are things associated with an organization that is perceived as disadvantages compared to competitors (Kerin & Hartley, 2019). Things that make the organization vulnerable to competitors. Some of the weaknesses synonymous with Maryland Zoo include the following bulleted below:|
|· The Association of Zoos and Aquariums (AZA) accredited the Zoo. Data indicates that less than 10% of the Zoos are AZA accredited.
· The Zoo offers affordable fees for its services
· The Zoo has a membership program with significant benefits.
· It is strategically located in one of the most populated Maryland cities.
· The Zoo is designed to accommodate people with different forms of disabilities.
· The Zoo has designed educational programs offered to members and visitors.
· It has implemented programs that are meant to protect and save wildlife.
|OPPORTUNITIES: Opportunities offer organizations external possibilities and prospects for future development (Kerin & Hartley, 2019). Some of the opportunities that are identifiable with Maryland Zoo include the following bulleted below:||THREATS: Threats are external issues that limit the prospect of the organization. Given the emotive nature of threats, organizations cannot take them lightly (Kerin & Hartley, 2019). Some of the threats that are synonymous with Maryland Zoo include the following listed below:|
||· The zoo experience pushovers from animal rights activists
· Many people are not willing to spend their discretionary money on visiting zoos
· The Zoo faces competition from other fun activities offered in D.C. and Maryland.
· Many potential consumers need to be more interested in the same products offered by the Zoo.
· Many people choose not to visit zoos because they can watch animals in documentaries on channels such as Neo-Geography.
· Ticket sales are affected by the increased precipitation in Baltimore.
Organizations are required to interpret threats in the organizations. Therefore, they must do environmental scanning to get information on the outside events that affect the organization (Kerin & Hartley, 2019). Organizations focus on five main factors when conducting an environmental scan: technological, social, economic, competitiveness, and regulatory. Environmental scan of Maryland Zoo reveals the following:
||• Technological advancements have made it possible for people to view animals through other sources.
• Virtual reality has reduced the number and the need for people to go to zoos to watch animals, limiting income for the Zoo.
|• AZA-accredited zoos are constantly evolving, and standards are continuously being raised (FAQS. (N.D.).|
About AZA Accreditation. (n.d.). Retrieved from https://www.aza.org/: https://www.aza.org/what-is-accreditation
FAQS. (N.D.). Retrieved from https://www.aza.org/accred-https://www.aza.org/accred-faqfaq
Kerin, R. A., & Hartley, S. W. (2019). Marketing (14th Ed.)
http://www.marylandzoo.org/publications. Business & Finance – Marketing Maryland Zoo Marketing Plan Assignment