ate: October 27,2023 ubject: Streaming Platform Paramount Plus is the leading streaming company offering movies, TV Shows, and live sports. With over 40,000 titles to choose from, Paramount Plus boasts the largest library of new releases, classics, and original TV shows in the industry. Sports are also covered live on their website. Paramount Plus allows users to choose to view their content in both HD and 4k Ultra HD for a better viewing experience. While the site is user-friendly, customers also have the option to stream online and offline. Paramount Plus offers different pricing for the viewers. They are also able to utilize a free trial to determine what they use, and they can make their purchase based on their viewing preferences. There is clarity conciseness, and persuasiveness in Paramount Plus's value proposition. Sports coverage, unmatched content, and an unmatched selection of content make it unrivaled in the market. In addition, there are affordable pricing options and excellent viewing experiences. Week 4 New Market Segment 1: The Entertained Families Behavioral Characteristics: Family-oriented clients prioritize activities and entertainment that they can enjoy together as a family. Diverse Content Preferences seek out a variety of content genres that appeal to different family members, including children's programming, family-friendly comedles, and action-adventure films. Value-conscious consumers are mindful of their spending and seek out streaming services that offer affordable pricing plans and a good return on investment. Demographic Characteristics: The preferred age range is whole between the ages of 25 and 49 . They are looking for a mixed gender with a slight female lean. They are looking for people with an average household income and those with a college degree or some college education who are living in suburban and rural areas. Psychographic Characteristics: Streaming is viewed as a way to bond and connect with those who value quality family time. Those who appreciate shared experiences enjoy viewing content that sparks conversations, generates laughter, or creates shared memories. Their diverse family interests make them open to exploring new content genres and recommendations. VALS Type: Mainstreamers are conventional, practical, and family-oriented individuals who value stability, security, and traditional values. They appreciate streaming services that provide a safe space for family entertainment and offer a variety of content options to suit everyone in the household | Market Potential: With its large size and underserved nature, the entertained families segment presents Paramount Plus with significant market potential. A variety of streaming services that appeal to everyone in the household are hard to find for many families. This opportunity can be capitalized on by Paramount Plus's family-friendly offerings, affordable pricing, and variety of content. Which Segment Has Greater Market Potential? There are significant market opportunities for Paramount Plus in the entertained family segment and the mobile streamers segment. Due to its large size and more established streaming habits, the entertained family segment may have slightly greater market potential. The extensive library of content Paramount Plus offers also makes it a valuable target market for families that seek streaming services that meet their diverse needs. The mobile streamers segment should not be overlooked by Paramount Plus. Shore-film content and mobile-optimized streaming services are attractive targets for this rapidly growing segment since they rely increasingly on mobile devices for entertainment. As a leading streaming service provider, Paramount Plus can extend its reach and solidify its position by catering to both segments with tailored marketing and content strategies. Recommendation: My recommendation is that Paramount Plus focuses on targeting the entertainment of families-market segment based on the analysis of the two market segments. Streaming habits and the segment's larger size give it a slightly greater market potential. Moreover, families are a valuable target market for Paramount Plus's comprehensive content library because they are willing to invest in streaming services that suit their diverse needs. Customer Persona for the Entertained Families Segment: Demographics: The preferred demographics for these clients are between the ages of 25 to 49 . They are of mixed genders with a slight leaning towards females. The household income should be of the average median. As far as education they should have a college degree or at least have some college education. Finally, the desired location would be in the suburban and rural areas. Background: Paramount Plus should target families with children and different ages who are looking for entertainment where they can spend quality time together and who have shared experiences and traditions. Needs: Streaming content that appeals to all family members is important to many of these consumers. Pricing plans should also be affordable and suitable for a range of budgets. In addition, the platform needs to be user-friendly so that all age groups can easily navigate it. Goal: Creating meaningful family bonding experiences is the main goal. In addition, families should be able to find entertainment options that everyone will enjoy. Additionally, technology should be incorporated into the platform to enhance family traditions and time together. Challenges: Several challenges come with the new recommendation. The first challenge is finding streaming services that provide content that is suitable for people of all ages. The next challenge is managing and balancing the diverse interests and preferences of all family members. Finally, it is important to balance screen time with other activities and responsibilities. Perceptions: Streaming is an excellent way for families to bond and have fun together. The convenience and accessibility offered by streaming services should be appreciated along with aligning with your family's values and interests. Motivations: Creating lasting family memorles is the main motivation. Family members should also feel connected and belong to one another. Finally, children need educational and enjoyable entertainment. VALS: Mainstreamers Product Changes Needed for the Entertained Families Segment: In addition to children's programming and family-friendly comedies, Paramount Plus should also offer action-adventure films. Additionally, the platform should introduce interactive and educational content that families can enjoy together. The development of parental controls and kid profiles is essential to making children's viewing experience safe and age-aporooriate Furthermore would be beneficial to create family-specific content collections and recommendations. Family-oriented brands and organizations can partner with Paramount Plus to promote its family-friendly nature. Connecting with families and sharing relevant content can also be accomplished on social media platforms. Paramount Plus should create marketing campaigns that highlight its famlly-frlendly aspect. The platform can also offer discounts and special promotions for families. Justification for a Long Marketing Campaign: Market growth for entertained families is high due to its size, stability, and potential for long-term growth. In addition to building brand awareness and loyalty among families, Paramount Plus can also increase customer acquisition and retention by investing in a long-term marketing campaign. Paramount Plus also provides a strong foundation for long-term success in this segment due to its family-friendly nature, making it a great choice for families of any size or background. Answer These Questions using The Info Above 1. The Marketing Message a. Define the Segment. Refer to your Market Segmentation Memo from Week 4. i. Describe the segment you recommended for this client in Week 4. You may refine the segment based on any feedback you have received. Present here the revised or updated segment description. ii. Discuss the purpose of your client's marketing communication with this segment. b. Define the Value Proposition. Refer to the value proposition from your Value Proposition Memo from Week 2. i. Refer to the value proposition you identified for this client in Week 2. Adapt that value proposition to your new segment. You also may refine the value proposition based on any feedback you have received. Present here the new value proposition that you will use to create the message for the new segment. c. Create the message. i. Create and provide here an example message that would be appropriate to resonate with your new market segment for the client's purpose. See the "Integrated Marketing Strategies" learning resource. Use words and/or images. II. The Marketing Communication Tools a. Choose the tools. You have determined the message. Now, you'll consider the marketing communication mix. What are the best marketing communications or promotional tools for this message? i. Consider the promotion tools described in the "Tools of Promotion" learning resource. Begin by identifying for yourself which ones are not appropriate and why. Present two tools you recommend for communicating this message to this target segment. Choose and discuss at least two different tools described in the "Tools of Promotion" learning resource. Your choices must reflect the characteristics of your target segment. ii. For the two promotional tools you recommended in this section, add additional detail. For example, if "events and experiences" was one of your recommendations, provide an example of an event that would be appropriate to communicate the message to your target segment. III. Recommendations (Summary and Conclusion) a. The right message and medium for the segment. What is the message and the medium you recommend to reach this new target consumer segment? i. The segment: Summarize the new segment you created. You are reminding the client of the goal. ii. The message: Present the message appropriate for the segment. Use words and/or images. iii. The promotion tool: Present at least two different promotional tools from the major modes of communication, along with an example for each. | iv. How to integrate the marketing communications? Make some specific recommendations for your client to best integrate the message and the marketing communications you have recommended