Essay On Target Market Segmentation
4.0 Target Market Analysis (3 pages)
4.1 Market Segmentation
In order to identify BoJ’s target market, the business has segmented them into demographic, psychographic, behavioural and benefit segmentation. For demographics, it is based on age group, income level and social class. As for psychographic, BoJ is looking into the lifestyle of an individual while for benefit segmentation, they are looking into the attributes sought in a product. Lastly, for behavioural segmentation, they are targeting based on occasions and loyalty status.
4.2 Target market characteristics
Demographic
BoJ’s products are catered to parents who are 22 and above. The business also targets younger parents as they are creative and more conscious about how they style and dress their child up. Our target market are assumed to living in HDBs as they will be classified under either the working class, of which their household income would be up to S$4,000 per month; or the middle class, of which their household income would typically be from S$4,000 - S$9,999 per month (Refer to RBD R_).
Psychographic
The business targets health conscious customers who leads a healthy lifestyle. Customers would try to purchase products and necessities such as food and clothing that are made of organic material where the
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BoJ’s range of merchandise would appeal to consumers who purchase products that are delicate on the skin, value for money, made eco-friendly, easy to care for and easy to wash. In terms of value proposition, BoJ targets consumers who look for quality and value in their purchases as bamboo fabric is moisture wicking, resistant to odour and bacteria even after umpteen times of washing (Refer to RBD, R_). Additionally, bamboo fabric is a renewable resource, is hypoallergenic and reduces the risk of dust collected on clothing, in turn helping to reduce allergies such as eczema (Refer to RBD,
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