Target Market Analysis: A Comprehensive Study of a Niche Market - Essay Sample

Introduction

Market analysis is the study carried out to determine the type of market, what it is attracted to, what the prevailing rates are, the demand-supply curve analysis, and the level of competition in the given niche. Analysis can be done in an existing target market to find out the gender, age, wants and needs of the given group, the level of education of the market or the consumers, the market cultures among other prevailing areas of study. This paper presents a target market analysis carried out with the focus on the food snatcher product of the pet store and providing the information on demographic, geographic, and psychographic details of the target market.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Food Snatcher Market Segments

The Food Snatcher targets three market segments i.e., the rich parents (income level) with young children aged 7-17years (age segment) situated around Savannah, Georgia (geographical). Most of the wealthy parents generally like teaching their young children to be dependable through getting them pets. As a result, it is assumed that most of the parents with young children around Savanah are likely to acquire the food snatchers for their children to feed their pets.

It is also important to note that most of the children aged 7-17 years generally love playing with pets. Therefore, regardless of their economic status, they would persuade their parents to buy them the food snatchers. Even though the children between 7 and 8 are likely to demand their pets, those who are beyond ten years can feed and clean the pets with little or no supervision. Therefore, they would be the best market sources for food snatchers.

Demographic Segments

The Level of Income

The income levels for various families in Savannah Georgia dictate not only the willingness to own a pet but also the population of such pets owned by each family, thus influencing the food snatchers market. The increased income raises the readiness and willingness to buy the pets. For instance, the wealthy families around Savannah tend to own more pets, including cats and dogs, than the families with relatively low income in the same area. Thus, the food snatcher mostly targets the wealthy families around Savannah, Georgia, who are willing to pay.

The Age Segments

Since the ownership of the pets around Savannah, Georgia, is majorly left for the young children aged between 7 to 17 years, they would form the main market target for the food snatchers. Regardless of the family's economic background, such children would persuade their parents to purchase the feed snatchers. Such children are highly responsible for the feeding as well as the general care for pets.

Geographical Segments

The food snatchers majorly focus around Savannah, Georgia, because the other market factors, such as customers, income levels, and other demographic factors like age and employment status, favor the sales of such products. Owing also to the fact that the area is centrally located, the neighboring states and regions are likely to access the information on the Food Snatchers, thus increasing their willingness to purchase. The target market is also comprised of the wealthy who may be willing and ready to acquire the Feed snatchers.

Psychographic Information

Psychographics describes the characteristics of humans on psychological qualities. These involve; values, attitudes, personality, interests, opinions, and lifestyles. Individual lifestyles with their pets are what the majority of marketers in the US use to engage their customers. Through this, a pet store or marketer can know their customers' attachment, attitude, and relationship with their pets, concluding their analysis. Segmentation of the target market also enables the sellers to create an emotional connection with the pet owners by consulting them about their feeling about their pets (Applebaum et al., 2020). Many pet owners bond with their animals, just like in the case of human beings, and, in some families, dog pets are valued and given priority over family members.

Conclusion

The pet store's food snatcher products provide information on demographic, geographic, and psychographic details of the target market. When selling to pet owners, a good amount of emphasis has been put on the category of the demographic populations such as age, gender, and income, as well as the geographic factors of rural and urban areas. Millennials and baby boomers are becoming the largest category of pet owners across the United States. Psychographic (attitudinal) information help marketers recognize differences in pet owners' behavior, thoughts, and value for pets. The application of psychographic analysis in connection with demographics and geographic information provides detailed information about the target market.

References

Applebaum, J. W., Peek, C. W., & Zsembik, B. A. (2020). Examining US pet ownership using the General Social Survey. The Social Science Journal, 1-10. Retrieved from https://www.tandfonline.com/doi/abs/10.1080/03623319.2020.1728507

Hueter, G. J., & Quandt, S. C. (2019). US Patent No. 10,290,039. Washington, DC: US Patent and Trademark Office. Retrieved from https://patents.google.com/patent/US10290039B2/en

Price, L. G. (2017). US Patent No. 9,646,288. Washington, DC: US Patent and Trademark Office. Retrieved from https://patents.google.com/patent/US9646288B2/en