Brand Management: Market Segmentation, Target Market, and Competitive Analysis

Running head: BRAND MANAGEMENT
BRAND MANAGEMENT
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1BRAND MANAGEMENT
Market segmentation
Market segmentation is an important aspect for any developing business as depending on
the selection of the audience, targeting the audience and production positioning is determined. In
case this photo, video and music editing application, the market segmentation should be properly
determined as it is a new brand and hence the risk should be minimized in the initial market
assessment. According to Wedel and Kamakura (2012), the three basic tricks should be
implemented to decide the market segmentation such as customer’s needs, wants and demands.
Hence, to be able to do that, segmentation should be carried out according to the demographics,
behavior, geographic and psychographic segmentation. While the demographic segmentations
decides the target population depending on the sex, age, family size, occupation, income and race
and nationality of the customer, behavioral segmentation used young, old or mature behavior to
decide the kind of market they will be targeting (McDonald and Dunbar 2012). In case of INBIZ,
the behavioral market segmentation will be used as the prime function of the application is
segmented within one age group of the society that uses such mobile application more than any
other age group.
Target Market
For any successful business, it is important to select a target group to which the products
will be provided as the demand for the product is higher in that segment. Therefore selection of
potential target group for the business determines the target strategy of the organization and
determines the success of the product as well (Harms and Schiele 2012). Hence for the INBIZ
application, the younger generation, specially the one having interest in music and arts will be
targeted as through this application their passion for good music and good art or photography