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The Significance of Demographic Factors in the Specific Target Population within the Market Environment

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Demographic characteristics

The demographic factors that will form the key focus on target market engagement will include Age and income of the individuals. There is need to focus on a specific target population within the market environment where it would be easier to integrate positive elements which can ensure that there is a positive engagement. It would be possible to have a crucial focus and understanding under which it will be easier to make informed decision regarding the best approach, which will ensure that they are greatly involved, therefore income and age will provide the limits that the business will consider in order to achieve the key objectives in the market (Weinstein & Cahill, 2014). These factors are important because they inform the decision regarding the ability to afford and like the new product.

Location of the target market

The company will have to develop a highly developed distribution strategy in order to ensure that the products are available considering the fact that the target market is highly diversified. The target market does not have as specific location since the company will integrate a highly networked market strategy where it is possible to have a greater environment where success can be achieved. The diversity of the target market will improve on the market revenue generation considering the fact that large target market results in a large number of customers who have positive influence on company productivity. It will also help in creating a highly engaged environment where it will be easier to have an understanding on market changes and preferences.

Psychographic characteristics

The psychographic characteristics that will form a key part of the business target market will be individual interests, lifestyle and attitude. These are important traits that describe and individual personality and thus it helps in determining effectively what they want and how they can be influenced since it is easier to developing understanding on major issues. This will play a key role in ensuring that there is successful target where they can be able to relate to the product even without any consistent advertisement because of understanding on their personality and what their preferences. Manufacturing products while knowing exactly the preferences of the target market help in informing exactly where to market then in order to boost the productivity levels and have positive support (Cross et.al., 2015).

Behavioral characteristics

The key behavioral traits that will be key to consider in this case and help develop a very specific target market include usage rate and buyers status and loyalty to the product. These characteristics are very important since they provide a favorable environment under which it is possible to ensure that there are better elements, which need to be considered in establishing the best possible target market that the business will consider. When considering usage the business will target high end use and moderate use customers and it will focus on customers who can associate easily with the product (Cross et.al., 2015). The marketing strategy should be very inclusive where they target specific target market as well as the general population although the generation population do not form the vital part of the target market based on the target market characteristics that have been identified in this case. Customer behaviors tend to change based on the underlying market environment as well as the products in the market. This means that the business will be highly engaged in developing a strategic focus on the changes in the market that can cause shift in demand of the product in order to institute changes.

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GradesFixer. (2018, October, 22) The Significance of Demographic Factors in the Specific Target Population within the Market Environment. Retrived November 19, 2019, from https://gradesfixer.com/free-essay-examples/the-significance-of-demographic-factors-in-the-specific-target-population-within-the-market-environment/
"The Significance of Demographic Factors in the Specific Target Population within the Market Environment." GradesFixer, 22 Oct. 2018, https://gradesfixer.com/free-essay-examples/the-significance-of-demographic-factors-in-the-specific-target-population-within-the-market-environment/. Accessed 19 November 2019.
GradesFixer. 2018. The Significance of Demographic Factors in the Specific Target Population within the Market Environment., viewed 19 November 2019, <https://gradesfixer.com/free-essay-examples/the-significance-of-demographic-factors-in-the-specific-target-population-within-the-market-environment/>
GradesFixer. The Significance of Demographic Factors in the Specific Target Population within the Market Environment. [Internet]. October 2018. [Accessed November 19, 2019]. Available from: https://gradesfixer.com/free-essay-examples/the-significance-of-demographic-factors-in-the-specific-target-population-within-the-market-environment/
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