MNM3709/103/1/2024
MNM3701 ASSIGNMENT 2 2024
ADDENDUM A – ASSESSMENT 02
Assessment Units
Semester Due date Contribution
number covered
1 02 4–6 4 April 2024 25%
ASSESSMENT QUESTIONS
QUESTION 1
1.1. Bases of Market Segmentation (10)
Geographic: One practical example of geographic segmentation for 1st for Women
could be targeting different insurance products to urban and rural areas. For urban
areas, the company could focus on offering car insurance with benefits tailored to
city driving, while for rural areas, they could offer agricultural insurance with
coverage specific to farming needs.
Demographic: 1st for Women could segment the market based on age, offering
different insurance packages for young female drivers, middle-aged women with
families, and elderly women. For example, they could offer discounted car insurance
for young drivers, comprehensive family insurance for middle-aged women, and
retirement planning services for elderly women.
Psychographic: The company could segment based on lifestyle and values. For
example, they could target environmentally conscious women with insurance
products that promote eco-friendly practices, such as hybrid car insurance or home
insurance with coverage for sustainable upgrades.
Behavioral: 1st for Women could segment based on usage occasions. For instance,
they could offer travel insurance for frequent travelers, event insurance for women
who frequently host gatherings, and health insurance with wellness benefits for
those who prioritize a healthy lifestyle.
Benefit Sought: The company could segment based on the specific benefits
customers seek. For example, they could offer accident forgiveness as a benefit for
1
MNM3701 ASSIGNMENT 2 2024
ADDENDUM A – ASSESSMENT 02
Assessment Units
Semester Due date Contribution
number covered
1 02 4–6 4 April 2024 25%
ASSESSMENT QUESTIONS
QUESTION 1
1.1. Bases of Market Segmentation (10)
Geographic: One practical example of geographic segmentation for 1st for Women
could be targeting different insurance products to urban and rural areas. For urban
areas, the company could focus on offering car insurance with benefits tailored to
city driving, while for rural areas, they could offer agricultural insurance with
coverage specific to farming needs.
Demographic: 1st for Women could segment the market based on age, offering
different insurance packages for young female drivers, middle-aged women with
families, and elderly women. For example, they could offer discounted car insurance
for young drivers, comprehensive family insurance for middle-aged women, and
retirement planning services for elderly women.
Psychographic: The company could segment based on lifestyle and values. For
example, they could target environmentally conscious women with insurance
products that promote eco-friendly practices, such as hybrid car insurance or home
insurance with coverage for sustainable upgrades.
Behavioral: 1st for Women could segment based on usage occasions. For instance,
they could offer travel insurance for frequent travelers, event insurance for women
who frequently host gatherings, and health insurance with wellness benefits for
those who prioritize a healthy lifestyle.
Benefit Sought: The company could segment based on the specific benefits
customers seek. For example, they could offer accident forgiveness as a benefit for
1
