Targeted market Segment

Research on the target market is important when launching a product. The success of any
product is hinged on proper market research. Before launching MM products globally, it is
important to concentrate on the domestic market. Concentration on the domestic market can help
the company save on costs while maximizing profits. In particular, it is important to concentrate
on young people aged 24 to 40 years. These individuals constitute approximately 37 percent of
the total population in the United States. Females account for 50.8 percent of this population.
Whites are the majority accounting for 76,8 percent of this population, while blacks account for
approximately 13.4 percent of this population (U.S. Census Bureau, 2020). The demographic
characteristics are important in designing an effective marketing strategy. Understanding the
demographic characteristics of a target market can help overcome marketing challenges.
The target market is located in the United States. Geographical location will help MM to
target the needs of the consumers. Consumers living in different parts of the world have varying
needs (McDonald, Christopher, & Bass, 2003). In understanding the geographical location of the
target market, the company can employ efficient marketing techniques. The target population has
a tendency to follow the advice of celebrities. They easily embrace change and are active on

UNIT 2 – INDIVIDUAL PROJECT 3
social media pages (Purani, Kumar, & Sahadev, 2019). These psychographic characteristics can
help the company ensure that it caters to the needs of the youth through marketing. Social media
marketing will be crucial when attempting to capture the needs of the millennials. Millennials are
confident and achievement-oriented. They place a lot of emphasis on the performance of brands
that they select. Millennials easily embrace new technology and seek approval from their peers
(Lu, Bock, & Joseph, 2013). Understanding the behavioral characteristics of the target market
helps understand how consumers make purchase decisions. The company can thus compete
favorably with its competitors.

UNIT 2 – INDIVIDUAL PROJECT 4

References

Lu, L., Bock, D., & Joseph, M. (2013). Green marketing: what the Millennials buy. Journal of
business strategy, 34(6), 3-10.
McDonald, M., Christopher, M., & Bass, M. (2003). Market segmentation. In Marketing (pp. 41-
65). Palgrave, London.
Purani, K., Kumar, D. S., & Sahadev, S. (2019). e-Loyalty among millennials: Personal
characteristics and social influences. Journal of Retailing and Consumer Services, 48,
215-223.
U.S. Census Bureau. (2020). U.S. Census Bureau QuickFacts: United States. Retrieved 22 July
2020, from https://www.census.gov/quickfacts/fact/table/US/RHI325219#RHI325219