The target market for a new product is customers of all ages who depend on such a product to meet their needs. The target market consists of families and individuals who are in need of the various brands or types of the product. On the other hand, the market segment may consist of companies, colleges, hospitals, retailers, government agencies, and private ventures who use the product on the daily basis is running their businesses, research, communication, and production. The new product may be presented as the most affordable and high quality to appeal to the target market.
The product market for a new product within a country exists under the generic market for the product brand. The target product market for a new product within an industry can be segmented into five sections (Kotler & Keller 31). This is summarized in the table below.
|The young digerati||This segment consists of the young people, especially from teenage to early thirties, who love trendy and glittery products. This segment has low expenses, but with discretionary income and are very much interested in trendy products. Therefore, it is beneficial to package a new product to appeal to this target market.|
|The celebrity segment||This segment consists of celebrities from different fields such as sports, entertainment, and business. They have the ability to purchase customized product brands. Therefore, a new product might be presented as a multiple brand to appeal to this group.|
|The aged segment||This segment consists of old people who are in need healthy and convenient products. However, this segment does not consider fashion trend as the main determinant factor when purchasing new products. Thus, a new product might be modeled to suit this targeted group.|
|The home user segment||The home user segment consists of customers who use a product on a daily basis. This segment forms the majority of potential customers, especially for a product that is used on a daily basis.|
From the above target market analysis, the new product may target the young digerati and home user customers since they are always the majority. The objective of targeting these two segments is to penetrate the market through provision of affordable and quality product. Thus, a business must accentuate on customer satisfaction and affordability as a strategy for upholding its position within the targeted customers (Kotler & Keller 22).
Young populace, especially between the ages of 25-35, may also be major market target for a new product due to their elastic reactions to marketing. Additionally, the new product may target high-income earners since the richest individuals have very high purchasing power. To increase credibility and maintain professionalism, the company producing and marketing a new product should remodel its marketing channels to encompass processes and features that flawlessly facilitate a healthy and a lifetime relationship between the business and its target clients. Among the new development elements that can be incorporated in this arrangement are trust, reliability, distribution, fair retribution process, and passing accurate information to target audience to keep confidence within its marketing networks (Tynan & McKechnie 509).
Product target market positioning is directly linked to the success in the short and long term, especially for a new product. Such a product should be positioned as the first of its kind in the market to appeal to the targeted customers. As the first player for a new product, it is easy to project a steady market share gain.
Kotler, Philip, & K. Keller. Marketing management. 14th ed. 2012. New Jersey, NJ: Pearson Prentice Hall. Print.
Tynan, Caroline, & S. McKechnie. “Experience Marketing: A Review and Reassessment.” Journal of Marketing Management, 25. 6 (2008): 501-527. Print.