Question

Please help... Marketing Management class

For this week, discuss your thought process of how to segment the target consumer for your product or service. State those research steps and reasons why you are targeting the consumers you want to purchase your product or service.

Answer 1

Let us assume that the product I am going to sell is a new smartphone from a popular brand and I want to segment the market for this product. The product has an excellent camera and a good internal storage for media files. The processing speed is excellent and it has an infinity display with a high resolution. The price is very competitive and comes with a 1-year warranty. I need to find the target customers for this.

So first I need to know the demographics where I have to understand the age, race, income, education, and occupation. This gives me a clear picture of who can be our target customers. Our segment should include people who are between 17 to 30 age group. They should be either students or working professionals. The family should have above average income to be able to afford this smartphone.

Next would be to know the lifestyle of these people. Whether the people are willing to spend the money we are asking them to spend. Whether these people prefer buying cheaper smartphones or they are open to spending more and buying high-end smartphones.

Next, I would think about the buying behavior of the segmented customers. I need to know how easy it is to convince them to buy our product. Whether we need to put pressure on them through our marketing campaigns or they will get attracted to our product because we are already a big name in the market. Will the customers refer their friends and talk positively about the product after the purchase.

The customers who all these demands will be our target customers and we can do marketing keep them in mind. These customers are young and they need the features we have in our app. They are from the upper middle class of the society and they can afford to buy the product.