The demographic characteristics of the targeted market are the first crucial point in determining the strategy. For promoting the new product, the company should adjust to the current global situation whether the product will be targeted worldwide or on a specific territory. Since the noticeable hit of the pandemic consumer tendencies has changed, and it is reasonable to adapt to the emerged requests. At the beginning of defining the potential customer, the first step is to realize their demographic characteristics.
Understanding the primary information about the potential customers makes it easier to develop the proper strategy and successfully enter the market. Therefore, the general consumer is a man, white, 26-47 years old, married, predominantly middle-class, employed, with a bachelor’s degree, and an average income level. Another critical step is to define where the product will be spread and promoted. Firstly, it is necessary because selecting an area with a higher concentration of customer segments allows one to focus on the initial audience without dispersing the attention. Secondly, the strategically correct choice of the region provides a higher chance of succeeding in the market competition (Ward, 2020). When the geographic location is chosen without considering the possible overflooded niche, a monopoly in the field, or low demand for the particular goods, then the launch of the new item will fail.
The target market is located in the territory of the European Union, and there are several significant reasons for that. First, it is crucial to explain the arguments against global marketing. From the pandemic’s start, the worldwide population’s incomes have drastically decreased, and people began to rearrange their finances and priorities. Their purchasing power has fallen, and the mobile manufacturing sphere experienced a decline (Athul, 2021). However, the biggest producer – China, still dominates the Asian market, and the United States has too high a competitiveness because of such famous brands as Apple, Samsung, and Huawei (Athul, 2021). Therefore, it is unprofitable to start global marketing at the current time. Still, suppose the situation will shift to positive changes. In that case, it can become a great opportunity and open new perspectives to the company and promote the product due to its versatility.
Since the beginning of the pandemic, the habits of people have transformed into spending more time on the internet or electronic devices, which is a crucial aspect to view in psychographics. The knowledge about the buyer’s lifestyle and values comprehend his wishes and demands (Revella, 2021). The company’s client feels tired, anxious, and exhausted due to unstable situations, several lockdowns, and difficulties at work. Therefore, he begins to search for pleasure and some amount of entertainment in the device that is always near him – his phone. The consumer watches many videos on YouTube while having breakfast and breaks between the job. Also, the customer plays many mobile games that keep him distracted from his everyday worries and relax for some time. This man values entertainment and pleasures’ simplicity, reliability, and accessibility. He does not want to consume unnecessary information or perform challenging mental activities. The main goal is to feel joy and relaxation while using the device, whether for pleasure or business.
In general, psychographic and behavioral characteristics always directly impact the following process of promoting the product. Realizing the market segment’s needs, habits, and desires allows for juxtaposing the product’s features with the people’s requirements and defining the right consumer. It gives the company valuable information on attracting the buyer and what should be emphasized during the marketing campaign. Identifying a detailed and suitable target market is the key to successful business and entrepreneurship. Therefore, considering geographic and demographic aspects and global perspectives can build the proper foundation for further progress and profitability.
References
Athul, C., K. (2021). Analysis about global mobile manufacturing market. Startup Talky. Web.
Revella, A. (2021). Psychographics and personas: How to get to the truth about why people buy. Hotjar. Web.
Ward, S. (2020). Target marketing and market segmentation. The Balance Small Business. Web.