Running head: UNDERSTANDING TARGET MARKETS Understanding Target Markets Stephen Coombe MKT/571 February 8th 2020 1 UNDERSTANDING TARGET MARKETS 2 Understanding Target Markets Introduction Consumers make purchase decisions today based on the availability, accessibility, and ease in understanding information. Information regarding products and services is everywhere right from print media to the internet. Consumers access free information through the internet hence the need to present understandable and meaningful information to support their decision making. The digital video capture device plays a critical role in the design and presentation of comprehensible data that can help consumer decision making. Overview of Demographics The digital video capturing device targets at tech-driven consumers between the ages of 18 and 55 years. These consumers are well aware of the use of the internet to access information and consequently interact with others through social media platforms (Heding, Knudtzen, & Bjerre, 2015). The device is applied in the presentation of information for educational and business purposes. It is therefore targeted at corporate clients who are passionate about advertising their products across various social and print media platforms. These individuals are characterized by their drive towards promoting their products through the provision of critical information that could positively influence consumer decision making. Such firms have wellestablished communication systems as well as appropriate marketing tools and channels to enhance the availability of product information for the benefit of the consumers and users of their products. The device can also be applied by these clients in the presentation of information to various company stakeholders during meetings. The need for comprehensive and appealing UNDERSTANDING TARGET MARKETS 3 video and audios supports a deep understanding of the multiple aspects of business operations promoting knowledge of the business. Another critical target market for the digital video product includes proprietors and managers of learning facilities in the country. The device plays a crucial role in the presentation of learning material in the most appealing manner to capture their attention and aid their understanding of various aspects in their education and training (Tiago & Veríssimo, 2014). In a learning environment that seeks to develop the interest of the learner in multiple aspects of training, the device could support educational facilities in attaining their training objectives. The target market is composed of fun-loving individuals who wish to enhance their communication skills through the adoption of technological advances in the industry. Whether such perspectives are for personal or business use depends on the user of the device. The business owners and targeted individuals are youths and young adults between the ages of 18 and 55 years. Mostly, these individuals have families and have understood the need for effectiveness in communication both in personal and business settings. As such, these individuals seek for unique ways of communication to enhance their communication and interaction with others to boost both private and official interactions (Lin, 2002). Digital video capturing device is a premium product developed to meet the needs of the middle and high-income classes of individuals. The product pricing strategy takes into consideration the disparity in incomes of these classes of individuals. As such, the income ranges of the target market should cater to the primary needs of the individuals as well as the purchasing power to afford luxuries such as the present device (Hun & Yazdanifard, 2014). The category of individuals does not mind spending a fortune on tools that will enhance their quality of communication and lives both in the workplace and in their private interactions with others. The UNDERSTANDING TARGET MARKETS 4 individuals targeted consider special events in their lives, such as birthdays and anniversaries, as days that should be memorable. They are likely to spend significant amounts of money to make such events successful, hence their investment in the digital video capturing device. Psychographic Activities Psychographic analysis of the target market is critical in enhancing the understanding of cognitive consumer attributes such as attitudes, values, and emotions as well as other psychological factors that drive them in making purchasing decisions. This information is obtained from online surveys of consumer reaction to various technological product launches and sales in the market. Browsing data and social media analysis also provides the psychographic The target market for the digital video capturing device engages in product promotion and knowledge sharing activities. They are individuals and corporates with the need to pass crucial information to users for informed decision making. The market for the product is concerned with enhancing the effectiveness of communication and interactions with other people to promote access and comprehension of critical information for knowledge sharing. The target market is interested in the application of the latest technologies to aid communication. The individuals are passionate about the latest communication devices and tools necessary for enhancing information literacy among individuals and stakeholders of companies. Such individuals believe that communication plays a critical role in the modern business world. They think that the dynamic nature of the business environment calls for the need to enhance communication and flow of information to support effective management and decision making. Such individuals place the interest of consumers and individuals who need information at heart. They seek to pass this information to others most conveniently and comprehensively to support their understanding and promote effective communication (Austin & Pinkleton, 2015). The UNDERSTANDING TARGET MARKETS 5 adoption of the latest devices and communication tools appeals to this target market as they seek to acquire more efficient and suitable technologies and tools to enhance the overall efficiency of communication and flow of information from one market segment to the other. The attitude of the target market concerning digital video capturing devices is based on their beliefs, feelings, and behavioral intentions (Hustad & Pessemier, 2011). The consumers in the target market believe that individuals make informed decisions based on the availability of quality information to support their choices. They hold the view that consumers are rational and are likely to choose something depending on the knowledge and information they have regarding the product. The selection of the latest technology in passing information to the target market is, therefore, essential in informing various decisions in the highly dynamic and competitive market. The consumers feel satisfied with the need to enhance communication between parties. Such individuals feel excited about the launch of products that are aimed at promoting dialogue and interactions between individuals, whether for private business purposes. Consumer behavioral intentions dictate their reaction towards the launch and use of the digital video capturing device in the market. The target market for the company’s new product will react positively towards the launch of the product. They are likely to purchase the device and inform others about product use and benefits for effective communication. The consumer can promote the company’s product through word-of-mouth advertising, thus raising product awareness in the market and the consequent revenues generated from product sales. UNDERSTANDING TARGET MARKETS 6 References Austin, E. W., & Pinkleton, B. E. (2015). Strategic public relations management: Planning and managing effective communication campaigns. Routledge. Heding, T., Knudtzen, C. F., & Bjerre, M. (2015). Brand management: Research, theory and practice. Routledge. Hun, T. K., & Yazdanifard, R. (2014). The Impact of Proper Marketing Communication Channels on Consumer’s Behavior and Segmentation Consumers. Asian Journal of Business and Management (ISSN: 2321-2802), 2(02). Hustad, T. P., & Pessemier, E. A. (2011). The development and application of psychographic life style and associated activity and attitude measures. Marketing Classics Press. Lin, C. F. (2002). Segmenting customer brand preference: demographic or psychographic. Journal of Product & Brand Management. Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother? Business horizons, 57(6), 703-708. Content Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: • Research List of Topics o Primary Research Potential Percent Actual Percent 45 30 Comments: At least three areas should have been reviewed and discussed. o Secondary Research o Consumer Analysis x o Customer Profile x o Continuous Consumer Monitoring & Research o Environmental Scanning Ages 18-55 is a very broad target. All of those individuals may use the product/service but the product/service should be targeted to a more focused segment. The customer profile is clear and focused UNDERSTANDING TARGET MARKETS 7 o Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces o Current Opportunities o Potential Future Opportunities o Current Threats o Potential Future Threat Any diagram(s) provided (not required) are in APA format and includes discussion providing insight and clarity. Student develops the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found. 15 The target customer is reviewed including a discussion on the psychographics of the Intel video customers. 10 10 From the discussion the belief is that Intel will continue to meet customer needs by analyzing its demographics and psychographics 70 55 15 The Research section is a minimum of 700 words in length. Writing Guidelines Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. The paper contains minor errors as indicated. 20 19 10 10 100 84 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Assignment Total APA is followed
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