TARGET MARKET AND MARKET SEGMENTATION: Business & Marketing Essay

TARGET MARKET AND MARKET SEGMENTATION
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Introduction
Marketing refers to the activities that a business or a company undertakes to promote the buying or selling of a product or service. Marketing can be done in various ways, such as networking, building relationships, collaborating, and leveraging the immediate community. Marketing a product or service has several benefits to the business or company. These benefits include creating loyalty and trust of both the prospects and current customers and building the business’ authority and credibility. Marketing helps to establish long-lasting relationships with the target market. It also helps to improve brand awareness and recognition.
Final Project
In this final project, my target audience for pmCAN studio is the people aged 18-40 years. This is because these are the people who are receptive to technological development. This group of people can be ready to consume our services for providing video content. This target audience could again be divided into four segmentation categories: purchase segmentation, physiographic segmentation, demographic segmentation, and geographic segmentation. Purchase segmentation describes how consumers use a particular brand and the reasons they preferred it. This segmentation also involves the purchase rate of consumers, buyer status, and purchase occasion.
Physiographic segmentation describes the physical and personal characteristics of the consumers. This segmentation groups the consumers according to behavior, culture, personality, lifestyle, and attitudes. On the other hand, demographic segmentation groups consumers according to their physical and social characteristics. This can be based on age, gender, ethnicity, race, sexual identity, and religion. Last, geographic segmentation groups the con...