Target Market Based On Demographic, Psychographic, And Behavioural Segmentation

1397 Words Nov 26th, 2015 6 Pages
Target Market
We have carefully identified and selected our target market based on demographic, psychographic, and behavioural segmentation.
GenieChip’s ideal customer is between the ages of 18 to 25 years of age, studying or working in Canada, with an initial focus on those residing in Southern Ontario. They are enrolled in a post-secondary institution or in a professional occupation that demands a busy lifestyle. Our users are high-achievers who value efficient time management and are constantly searching for methods to minimize ineffective time use, especially time that is often wasted on searching for misplaced valuables.
In a study conducted in January 2015, it was shown that 80.7% of Canadians aged 18 to 25 owned a smartphone. By using the population size reported in the Canadian 2011 Census, this gives a general market size of about 5,921,241 consumers nationally. The percentage of millennials who own smartphones is predicted to reach 98.1% by 2018. This would dramatically increase the market by at least 2,000,000 consumers in three years. This age group also uses the most number of mobile applications of all the groups, with an average of 8.88 apps per user, which is ideal since a major component of our product is an application. We chose to use a mobile application precisely because we knew it would be easy for our target market to incorporate it into their lifestyles since they already use so many. For this reason, we believe that our customers will become regular…
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