Marketing Essay Example: Target Markets for Specific Products

Published: 2022-10-21
Marketing Essay Example: Target Markets for Specific Products
Type of paper:  Report
Categories: Marketing
Pages: 3
Wordcount: 589 words
5 min read

Ideally, target markets are always determined by market segmentation. Through this, it would be easy to determine different groups of customers and understand those who may share similar characteristics. When similar characteristics are shared among various people, the preferences of customers and product needs. A market segment has to be accessible, identifiable, stable, as well as establish the unique needs of customers. In this paper, potential market segments will be identified for different products based on differences in demographic, psychographic, and behavioral factors.

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Segmentation variables associated with:

A high-end automatic espresso maker for the home

The demand for espresso maker is strong in the Western European nations such as Germany, France, and Italy since they are the largest coffee consumer (Dibb et al. 260). Other European countries that are expected to exhibit a high demand for coffee products are Ukraine and Russia. Vendors tend to focus on product innovations, which are based on the needs of customers in the contemporary world.

Soft drinks

Cold beverages like sodas, juice, energy drinks, water, and milk-based, would be considered in this market segmentation. Eight market segments can be identified. The segments include the really thirsty consumers, those who are on the go, customers who need a boost, variety seekers, health focus, hold the sugar, as well as just feel like it (Dolnicar et al., 430). The really thirsty segment of consumers' realization functional benefit from their beverage consumption. As such, these people would be attracted to simple beverages like water and juice to quench their thirst. Variety seekers always have limited product loyalty and consume different types of beverages. These people are both brand switchers and heavy users of the soft drinks. As such, the product range will be increased through the introduction of varieties and a range of flavors.

SAT/ACT Tutoring Services

For these services, demographic segmentation will be used to establish the number of individuals with similar characteristics like age, gender, income, occupation and educational background. For instance, the target market for SAT/ACT Tutoring services may be people between the ages of 14 and 21. Other variables that would be considered include performance, quality, and customer service. In most cases, different grades of the same services and products to the market segments (Dolnicar et al. 433). In the segmentation of these services, income is a vital variable. In essence, the income status of various individuals and families may determine whether they can afford the tutoring services or not.

Industry/ product of choice

There is a broad consumer base for technology-related services and products. Apple Inc. will need to determine the potential consumers of the company products across different regions. Through this, it would be efficient to consider the needs and preferences of new customers in the market. As new technologies come into force, the preferences of different people tend to change. For example, individuals might move from one type of product to another (Dibb et al. 265). The choice of products may also change due to the benefits that they bring forth. Through market segmentation, the market comprising of customers is divided into groups and segments. The consumers need to respond similarly to the marketing strategies incorporated by an organization. The traits shared by individuals may dictate the interests and needs of such persons.

Works Cited

Dibb, Sally, and Lyndon Simkin. "Market segmentation and segment strategy." Markefing theory: A student text, Sage, Los Angeles (2016): 251-279.

Dolnicar, Sara, and Friedrich Leisch. "Using segment level stability to select target segments in data-driven market segmentation studies." Marketing Letters 28.3 (2017): 423-436.

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