Researching the Market Assignment Example | Topics and Well Written Essays - 750 words

Researching the Market - Assignment Example The product success depends on the correct identification of the target market and, so an awareness campaign was useful in letting consumers know that the product exists in the market. The product was sampled to various consumers and the feedback we collected from consumers was helpful in identifying the target market for the new product. This segmentation divides the market of the product into groups through the year depending on the occasions that the consumer chooses to embrace. On these occasions, the consumer will consume the product more than the other regular times and so production of the product will have to cater for these occasions. Consumers are bound to identify the various benefits of the new product depending on its features or characteristics and use it for those benefits. We therefore, have to take advantage of the benefits identified by the consumer. This means dividing the market into different geographical regions like cities, countries, population densities and the like. This will enable us have a larger market area and also be at a position to bust sales by catering for the individual consumer needs in the various geographical areas. According to (Reid and Bajanic, 2009) these are age, gender, level of income and the amount of education. The target market usually always has similar such characteristics like the same age group and the same level of Education. It is fundamental to know the demographics of the target market because by understanding the target market’s demographic we will be able to create a unique and compelling selling point and also be able to package and present the product in a manner that will entice the target market. The demographic for the target market is likely to be a group of both male and female who are between the ages of 25 to 40 years. The target market’s is also likely to have a college degree and earn approximately $25,000 to $35,000 per year. The target market for the novel product is most