Print Сite this

Charleston Target Market Analysis

Introduction

Segmentation is one of the principal marketing strategies commonly applied in practice. After identifying the target audience and breaking down the 5 P’s of the marketing mix within Charleston’s scope, it is crucial to segment the target market along demographic and psychographic dimensions. In other words, to successfully implement a marketing plan, it is necessary to study the target audience in terms of age, gender, income, marital status, level of education, lifestyle, hobbies, racial composition, income. This paper’s objective is to analyze the demographic and psychographic segments of the Charleston target market in detail and examine competing forms of entertainment.

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

Demographics

As part of a successful marketing plan, it is essential to understand the key facts about it. Demographics information, such as age, gender, income, marital status, explains “who your buyer is” (Meredith, 2019, para. 3). According to the latest statistics, the Charleston population is 5,259, with 76% of white residents, 13% African American, 8% Latino, and 8% of other races (Suburban Stats, 2020, table 1). The gender breakdown of the city is almost equal, with 2,570 and 2,689 male and female populations, respectively (Suburban Stats, 2020, table 2). A recent survey, conducted in May 2020, showed that 30% of male respondents were avid fans of Minor League Baseball as of May 2020, while the value of this indicator was only 14% for females (Gough, 2020). In respect of the Charleston market audience, it means that roughly half of its population is most likely already are the fans of the MLB.

Looking further into Charleston’s demographics, it is important to access such factors as the age and household status of the residents. Statistics show that the median age of the male and female population is 35 and 36, respectively (Suburban Stats, 2020, table 4). Out of the total 2011 occupied homes in Charleston, the majority (1,289) are family-led homes (Suburban Stats, 2020, table 5). The median household income in Charleston in 2017 was about $ 70,708 (Data USA, 2017). These numbers are a crucial factor for the current research since baseball is and will always be viewed as a family game, and the household fan base is already strongly present in Charleston.

Unfortunately, several recent pieces of research show that the overall population in WV is decreasing. Namely, Jefferson County, where Charleston is located, gains “less than 1 percent, or fewer than 500 people” (Crum, 2019, para. 4). However, the presence of an expansion team will immensely benefit the city since it will create additional job positions to support the team, provide new revenue inflow, and better the demographic situation.

Psychographics

If the demographics analysis can help the marketers understand who the buyer is, creating the target audience’s psychographic profile will explain why the buyer commits to making a purchase. The psychographic analysis breaks down the target population, among others, by income, social class, lifestyle, beliefs, and media preference, or, in other words, everything that is linked to consumer purchase choices. Considering that approximately 667 out of the total town population are children and students 5–24 years old, it is safe to say that most of them are already involved in sports or are sports fans (Suburban Stats, 2020, table 5). Thus, it should be relatively easy to target this segment of the population.

Being quite a small town, consumers in Charleston prefer to buy local and support family-owned businesses. Therefore, establishing good relationships with local businesses and aligning the potential common goals may be beneficial to the marketing plan. Besides, due to its size, the number of sporting events the city can offer its residents is quite limited. Thus, the presence of a new Carolina League expansion team in the city will attract the critical psychographic segment, young families with children.

Entertainment Competitors

When preparing an extensive marketing plan, it is vital to examine the circle of potential competitors. Charles town was home to the Charles Town Cannons, a Valley Baseball League team, from 2013–2015; however, after three years, it moved to Purcellville, VA (Charles Town Cannons, n. d.). Several other sports are popular among the residents of the city. Washington High School is home to boys’ and girls’ basketball teams. Golf and horse races are among the most popular sports events in Charles Town. According to the recent news, on May 14, 2020, “$ 4,330,203 was wagered on the nine-race program” (“Record wagering welcomes,” 2020). These data show the spendings of the residents of the city on a sporting event and should be taken into consideration when developing a marketing plan to host an expansion baseball team.

Get your
100% original paper
on any topic

done in as little as
3 hours
Learn More

Conclusion

After looking into the demographics and psychographics of a segment group, it is easy to see why both analyses are needed to reach the target audience effectively. The demographics provide dry facts and an overall outline of the target group. Psychographics is a behavioral study of the target audience, focusing on lifestyles, personality traits, interests, hobbies. Therefore, these data give more insight and help understand the group’s motives and behavior as consumers.

References

Charles Town Cannons. (n. d.). Web.

Crum, T. (2019). Census shows some growth in WV, but the state’s population is shrinking. Charleston Gazette-Mail. Web.

Data USA. (2017). Charles Town, WV. Web.

Gough, C. (2020). MLB interest in the U. S. as of 2020, by gender. Web.

Meredith, A. (2019). How to use psychographics in your marketing: A beginner’s guide [Blog post]. Web.

Record wagering welcomes return of Charles Town races. (2020). Web.

We will write a custom
essays
specifically
for you!
Get your first paper with
15% OFF
Learn More

Suburban Stats. (2020). Current Charles Town, West Virginia population, demographics and stats in 2020, 2019. Web.

Cite this paper

Select style

Reference

StudyCorgi. (2022, March 14). Charleston Target Market Analysis. Retrieved from https://studycorgi.com/charleston-target-market-analysis/

Reference

StudyCorgi. (2022, March 14). Charleston Target Market Analysis. https://studycorgi.com/charleston-target-market-analysis/

Work Cited

"Charleston Target Market Analysis." StudyCorgi, 14 Mar. 2022, studycorgi.com/charleston-target-market-analysis/.

* Hyperlink the URL after pasting it to your document

1. StudyCorgi. "Charleston Target Market Analysis." March 14, 2022. https://studycorgi.com/charleston-target-market-analysis/.


Bibliography


StudyCorgi. "Charleston Target Market Analysis." March 14, 2022. https://studycorgi.com/charleston-target-market-analysis/.

References

StudyCorgi. 2022. "Charleston Target Market Analysis." March 14, 2022. https://studycorgi.com/charleston-target-market-analysis/.

References

StudyCorgi. (2022) 'Charleston Target Market Analysis'. 14 March.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.