You are preparing to launch your own jewelry retail store in Northridge (keep this in mind as you make your decisions). You realize that you need to first identify the kinds of market segments that exist for jewelry before making final decisions about the kinds of products you will sell and/or rent.
First, conduct research on the kinds of market segments that exist for jewelry in the U.S. Next, review the possible segmenting dimensions (listed in Exhibits 4-8 and 4-9) in the text. Based on your research, select one segmenting dimension from the text to use for the jewelry market (e.g. lifestyles). Write between a paper explaining WHY you decided to use that segmenting dimension.
NOTE: Credible market research sources are those published after 01-01-19.
Next select TWO segments (no more, no less) for the jewelry market using this segmenting dimension (e.g. married and co-habitating) and write a page-to-full page description for each segment about as much of the following as possible:
Who they are (demographics, geographics, psychographics, etc.)
Why/how they purchase jewelry.
How they decide which kinds of jewelry to purchase.
How much they are willing to pay for jewelry.
Discuss the kinds of products you would carry for them (not necessarily the particular brands) and whether or not these will be sold or rented and WHY!
NOTE: Clearly label each section as follows:
Segmenting Dimension Selected, Segment #1, and Segment #2
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