High Tech Market in South Korea Report

Exclusively available on Available only on IvyPanda® Made by Human No AI

Market segmentation and target marketing has become relevant in the technology market in South Korea. The competition has become so stiff that firms are forced to develop products that meet the demands of consumers in a unique way (Mohr & Slater 2010, p. 87).

In order to do this, there is need to understand specific market in details as a way of determining their tastes and preferences. This means that the era when a firm targeted the entire market is over.

Currently, a firm must select a specific market segment that it can offer quality goods or services, and target this segment with tailor-made products that are specific in meeting their needs.

After understanding the target market segment, it becomes easier to develop products with specific features that would meet their tastes and preferences. This paper seeks to determine the potential of consumers aged 18 to 40 as an appropriate target market segment in the high-tech market in South Korea.

In South Korea, high-tech industry has become so competitive that firms have come to appreciate the importance market segmentation, and targeting specific segments with desirable products. Most of the high-tech firms have found people aged 18-40 to be the desirable segment to target with these products.

This is not only because of their high number, but also their interest in such products. The graph below shows the percentage of different population segments.

This graph shows that majority of South Koreans fall within the age of 15-65 years. It means that the percentage population of people aged 18-40 is also relatively high. This makes the group very desirable as a target market segment for high tech products.

Percentage of the Total Population of South Korea.

Source: (McDonald 2012, p. 45)

According to Shanklin and Ryans (2007, p. 90), besides the population, it is important to understand the purchasing power of the target market before making a decision to select them as the desirable segment. This scholar says that the purchasing power of a given population would always be determined by their ability to get employment.

South Koreans aged 18-40 are young and middle-aged adults that should be in stable employment. This means that they have regular earnings from their employment. The chart below shows the percentage of income of this group as compared to other age groups identified in the research.

Purchasing Power pie chart.

Source: (Lamb 2012, p. 56)

According to the chart above, the purchasing power of this target group is very impressive. This means that they can afford the products offered in the high-tech market. This target market includes adults that have just been employed and do not have a lot of family-related responsibilities.

For this reason, they have high disposable income that can be directed into this industry. The middle-aged adults found in this group are people who have earned some promotions in their jobs, and therefore, they have attractive salaries. Their desire to appear unique in their way of life makes them an attractive market segment in the high-tech market in this country.

Another factor that makes this segment attractive is their interest in high-tech products. People within this age have higher desire to use these products than other age groups that have been identified in the research. They always want classy phones, iPads, good cars, quality cameras, and other technological products.

They are always willing to pay high prices for such products. Another factor that makes them an attractive market segment is their changing tastes and preferences. They are easily swayed to purchase new high-tech products whenever a new trend comes to the market.

List of References

Lamb, C 2012, Essentials of marketing, South-Western Cengage Learning, Mason.

McDonald, M 2012, Market segmentation: How to do it and how to profit from it, John Wiley & Sons, Chichester.

Mohr, J & Slater, S 2010, Marketing of high-technology products and innovations, Prentice Hall, Upper Saddle River.

Shanklin, W & Ryans, J 2007, Essentials of marketing high technology, Lexington Books, Toronto.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2019, April 25). High Tech Market in South Korea. https://ivypanda.com/essays/high-tech-market-in-south-korea-report/

Work Cited

"High Tech Market in South Korea." IvyPanda, 25 Apr. 2019, ivypanda.com/essays/high-tech-market-in-south-korea-report/.

References

IvyPanda. (2019) 'High Tech Market in South Korea'. 25 April.

References

IvyPanda. 2019. "High Tech Market in South Korea." April 25, 2019. https://ivypanda.com/essays/high-tech-market-in-south-korea-report/.

1. IvyPanda. "High Tech Market in South Korea." April 25, 2019. https://ivypanda.com/essays/high-tech-market-in-south-korea-report/.


Bibliography


IvyPanda. "High Tech Market in South Korea." April 25, 2019. https://ivypanda.com/essays/high-tech-market-in-south-korea-report/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1