Segmentation.
Ford Mustang should segment the consumer market based on factors such as income, age, and psychographic characteristics. In as much as there are members of the older generation who love luxury vehicles, in most cases the modern luxury brands such as Ford Mustang Shelby GT500 appeal more to the youths without families and those who are earning a steady income as well as those who prefer a lifestyle adorned in luxury. Therefore, for this brand, the most recommended target group are the youth of 26-38 years with an income of $ 70,000 to allow the purchase the car comfortably and those with the habit of purchasing luxury brands.
Target Markets
Consumer segment
Ford Mustang should focus on consumers of age 26- 38 years old with an income of over $70,000 annually who are individualistic thus are more likely to purchase luxury brands.
Personas
Mary Lakewood
Occupational characteristics
Job specification- Marketing Manager
Organization- ABC Company.
Role- Serves as one of the decision-makers in the organization, content creating, creative director.
Demographic characteristics
Age- 37 years
Gender- Female
Income- $ 120,000/ yr.
Education- Master’s degree
Marital status- Married with no children
Goals and Challenges
- Minimizing time spent online
- Developing content for the company’s website
- Optimizing social media resources
Values
Time-saving, appropriate presentation, and quality output.
David Jackson
Occupational characteristics
Job specification- Gym instructor and owner
Organization- Work smart Gym
Role- gym instructor, fitness coach
Demographic characteristics
Age- 26 years
Gender-Male
Income- $ 90,000/ yr.
Education- Degree
Marital status- Single
Goals and Challenges
- Fitness and a healthy lifestyle
- Maintaining standard body weight and size
- Social media marketing for business expansion
Values
Keeping fit, looking sharp, and maintaining a healthy diet.
Although the two personas have different ages, lifestyle, and personality, they would both benefit by purchasing Ford Mustang GT500. For Mary, she can use as her vehicle to go to work. She has a good job and is capable of comfortably purchasing the car either through the company or her finances. David need the Ford Mustang GT500 as a personal vehicle as well as a marketing device to promote his gymnasium. Customers would be more attracted to come to his gym after seeing his lifestyle on social media.