Free Report Example on Maximizing Product Sales & Market Share: Target Demographics

Introduction

To maximize the sales and market share of the product, the company should focus on the target population's key demographic characteristics. Some of the characteristics that the product should target include, first, the young population. These can be achieved by producing a product that meets the interests of the young population who are perceived to be the largest consumers or users of mobile products. Secondly, the product should also target people in all income levels. These will be achieved by ensuring that the product's price is fair to all consumers or buyers regardless of their economic status. Thirdly, the product should also meet the needs of people from different races and ethnicities to increase demand for the products (Christial & Ard, 2016). In this case, determining the demographic characteristics of the target market is essential since it will be easy to identify and focus on potential buyers' needs and interests.

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Geographic Location of the Target Market

The geographical location of target market will be located in urban settings, particularly due to various reasons such as first, the population size is higher in urban areas; therefore, the number of potential customers is also expected to be high. Secondly, people in the urban setting usually have interests and needs that are in line with the type of product that is being offered by the company. Determining the geographical location is perceived to be essential; since it will enable the company to focus on specific interests and needs that will increase product sales.

Psychographic Characteristics of the Target Market

The targeted market is defined by several key psychographic characteristics, such as first, the potential buyers' spending habits. Young people tend to have good spending habits, particularly in terms of living on a budget, researching a certain product before buying it, and finding solid reasons to spend money wisely. Secondly, buying habits. The target population should have a good buying habit that is mainly portrayed by a lack of dissatisfaction towards the product, thus increasing the sales of the product (Alebaki & Iakovidou, 2011). Thirdly the hobbies of the target population. This mainly refers to what the targeted population likes doing or engaging in during their free time. Therefore, the company will achieve high sales in the market if its products and services are in line with the population's hobbies. The psychographic characteristics will affect the marketing strategy since they usually demand the implementation of a marketing strategy that is in line with the targeted market's psychographic characteristics. For instance, in this case, the company should focus on using the service marketing strategy, which complements the existing psychographic characteristics.

The Behavior Characteristics

The commonly shared characteristics in the target market include, first, the purchasing behavior, which refers to how customers usually act differently, particularly in their decision-making process. In the targeted market, the consumers have similar purchasing behavior in terms of the customer's role or function in the buying process and their perception of the decision process. Secondly, the benefits being sought by the target market. As the potential customers research the product, their habits can show valuable insight into the features and benefits that are most applicable and meaningful to them. Thirdly, usage, this behavior is very helpful in terms of giving predictive indicators of customer loyalty to the product. Determining the target market's behavior characteristics is important since it will be the company to determine the common needs and interests of the consumers or buyers.

Recommendation for the Global Marketing

Based on my assessment of the target market and the company's need to gain a huge market share, I propose that the new product should be marketed globally. Joining the global market usually has several key benefits; for instance, the company will allow a larger population to access and experience the product, resulting in increased sales and business growth (Johansson, 2009). Marketing the product globally will also enable the company to regain its initial market competitiveness.

References

Alebaki, M., & Iakovidou, O. (2011). Market segmentation in wine tourism: a comparison of approaches. Tourismos, 6(1). http://www.agreri.gr/sites/default/files/Alebaki_Iakovidou_2011.pdf

Christial, J., & Ard, A. (2016). The influence of demographic characteristics on service quality perceptions. Journal of Marketing Management, 4(2), 57-62. http://jmm-net.com/journals/jmm/Vol_4_No_2_December_2016/5.pdf

Johansson, J. K. (2009). Global marketing: foreign entry, local marketing, & global management. Boston: McGraw-Hill Irwin. http://repository.fue.edu.eg/xmlui/bitstream/handle/123456789/4281/3040.pdf?sequence=1&isAllowed=y