Market Analysis and Segmentation

Running head: MARKET ANALYSIS AND SEGMENTATION
Market Analysis and Segmentation
Name of the Student:
Name of the University:
Author Note:

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MARKET ANALYSIS AND SEGMENTATION
Market segmentation is one of the key aspects to consider while marketing a product
as it divides the market in a number of groups to have a better understanding of the target
audience. Identifying the specific buyer group is advantageous for the product sale and better
designing. The breaking up of the market into different heterogeneous segments allows the
company to better identify needs and preference of the consumers. The three customer
segments within which my product (smartphone) resides are:
Profession: the identified buyer group is based on the professional backgrounds of students,
bankers and lawyers. Their dependency on smartphone supported apps has doubled the sale
of products over the last year. Medical personnel are also dependent on my product to
maintain a swifter operation of their professional works like meeting, accessing data and
performing other professional procedures.
Personality and Psychological Factors: my product has identified the group of customers
who have shown a high level of dependency on technology and internet for their daily
activities and information. Therefore my product is aimed for the group of users who have
shown traits of introverted nature, emotional instability and high dependency on mobile
phone apps for their daily communication with colleagues, family members and friends.
Instant gratification that my product provides is essential for sale.
Age group: as per statistics the users of smartphones are generally aged between 12 to 29
year old comprising almost 94% of the total population worldwide (Chung et al.,2016). In
U.S alone it has 18.5 million users aged between 12 to 17 (Güçdemir & Selim, 2015). The
product that I am selling therefore will be responsible for targeting the teenagers and young
professionals with an inclination towards technologically evolved smartphones.
The consumer segment that will be targeted for the promotion of my brand will be the
profession segment. The education variable has been a huge factor for integrating

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MARKET ANALYSIS AND SEGMENTATION
smartphones in daily lives. A huge group of students depend on apps for accessing text books
and classnotes and therefore developing marketing strategy and advertising principles
designed on the profession of these customers will help for better product customization.
Smartphone has influenced people behavior and impacted on their daily professional life and
is therefore a potential criteria to improve sales.
Target Market of Product
Demographic: this includes age, gender, ethnicity and cultural background and my market
segment has identified the users are dependent on frequent consumption of data, and camera.
The age group between 12 to 22 uses data for educational purposes while professionals use
for daily newspaper, accelerating the sale of products (De Keyser et al., 2015). Product is
popular from early teen to middle aged population due to apps like maps, job search and
health tracker my product provides.
Geographic: product sale is in 61 countries where customers have better living conditions
and has access to marketing and advertising where they can know in-depth about the
technological superiority of my product (Bilgihan, 2016). Customer behavior can be
predicted because of their qualification level and comfortable living conditions. The product
has identified a market where socio-economic circumstances enable consumers to upgrade
with the usage of technology. It has highest range of customers in U.K.
Behavioral: divided into occasion, benefits, status, loyalty, readiness and attitude, the
customers of my chosen market have an enthusiastic attitude towards the product because of
the multi-faceted advantages. Due to the brand image, my product has gained a loyal
customer base who depend on the brand for their daily usage. The facilities have improved
their awareness and interest towards the product generated by advertising and marketing.