MRK 1103 Marketing consumer behavior

Running head: MARKETING CONSUMER BEHAVIOR
Marketing consumer behavior
Name of student
Name of University
Author note

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MARKETING CONSUMER BEHAVIOR
Table of Contents
Segmentation and Targeting............................................................................................................3
Target market segments...............................................................................................................3
Description of the business best target customer.........................................................................4
References........................................................................................................................................5

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MARKETING CONSUMER BEHAVIOR
Segmentation and Targeting
Target market segments
The marketing segmentation and targeting are effective ways or strategies defined by
Canon brand to target specific groups of customers and segment them based on their needs,
preferences ad other factors. It is a good aprpaoch to position the brand in the competitive
marketplace, furthermore target specific market segments by dividing the targeted markets into
multiple groups according to their needs, demands and preferences. This will help Canon brand’s
management to determine the attributes of target market groups and segment those according to
the geographic differences demographic, psychographic and behavioral (Canon.com.au 2018).
During the past, Canon brand faced a major decline in sales revenue, because of which, the
demographic segmentation has been done according to the level of income, occupation, lifecycle
of an individual. It has allowed for targeting the children, especially the individuals aged
between 14 to 18 years, due to which, the specific niche market provides an opportunity to
enhance the volumes of sales. The targeted market has been categorized by birthday gifts for
those individuals and increased allowances are provided. The young individuals account for
$500 billion associated with the household purchasing every year, which has further enabled
Canon brand to target this particular market and segment those accordingly (Bamossy and
Solomon 2016). It is a new segment that has been targeted because of the sales decline for the
brand during the past few years.
The psychographic segmentation includes targeting the market segments consisting of
individuals from both middle class and upper class. The lifestyle choices are made based on the