MKT 571 : Numerical Market Segmentation And Target Market Selection Process

Write a white paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and the selection process for that target market.

Required Elements:

  • No more than 2100 words
  • Include demographic, psychographic, geographic, and behavioral characteristics for the selectedcompany.
  • A positioning statement for the company with careful consideration of their brand and strategy
  • Paper is consistent with APA guidelines.

Numerical Market Segmentation And Target Market Selection Process Sample Paper

Segmentation and Target Market Paper

Introduction

Apple Inc. is an international technology company that deals with electronic and software marketing, manufacturing and designing. Apple Inc. was established in 1976 by Ronald Gerald Wayne, Steve Wozniak and Steven Paul Jobs where its headquarters were placed in Cupertino, CA. The company was initially developed as a computer company focusing on Mac computers and OS X operating system. However, the company advanced its operations to include media devices, media communication devices, and portable digital music prayers. It also deals with a number of related software, network solutions, peripherals, and third party applications and content. The company has a wide range for products. However in this case, the paper will only focus on evaluating its iPhone product.

iPhone is one of the Apple Inc. products that integrate an international communication, iPod and mobile phone device in a single handheld product. Founded on the firm’s multi-touch user interface, this product features web browsing, desk-top email, maps, searching and it is compatible with Windows and Mac-based computers. It automatically synchronizes with users’ content from iTunes libraries, email account and bookmarks. It permits customers to iTunes stores for downloads. The company owns accessories of iPhone, compatible accessories of third-party iPhone are available via the company’s retail and online store and from third parties.

Numerical Market Segmentation

Apple Inc. is employing different techniques to segment its market. Some of these strategies include demographic segmentation, user-related segmentation, Psychographic segmentation, primary target market, three groups of targeted consumers and benefit segmentation (Dib & Siskin, 1996). In the demographic segment, the company considers demographic features that include gender, age, income, occupation and education. The company has been releasing different series of iPhone from iPhone 1st generation, iPhone 3G, 3GS, 4, 4S, 5, 5C, 5S and the most recent 6/6 plus and 6S/6S plus each providing a unique fulfillment that would be preferred by different customers from different demography. The above series differs in features and prices and thus, catering for the need and preferences of different customers based on their demography. The newest release (series 6) focuses more on technology advancement and thus they may highly be preferred by highly educated and those that have a high level of income. Other such as series 4 focuses more on middle income level individuals in the society. The phone features make it suitable for people of different demography and interest and thus, it is widely marketable (Gaulle, 2014).

The market is also segmented based on rate of usage where by some people can be classified as heavy users, light users, medium users and non-users. In this regard, heavy users are more probable to purchase the product as compared to light users or even medium users. In this case, medium and heavy users should be targeted since they stand a higher chance of purchasing the device than light and non-users (Panda, 2009). iPhone market is also being segmented based on the benefits the product gives to the consumers. Individuals purchase smart phones for different purposes which include social interactions, accommodation of different applications based on the users preference and others since product has a high level of reliability and simplified system. In this regard, different customers will be interested to the same products due to different benefits they enjoy by using the product based on their interest in life. Psychographic segmentation is employed where by the company only focuses on social status of its customers. The company basically focuses individuals in the middle and upper class who can afford to purchase their product. iPhone is quite expensive for low class individuals and thus, the company only focuses on the well-educated working class, business men and women and other individual who affords a higher lifestyle.

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