Media Popup product developed by Porttron Inc. will meet the highest demand among the ‘Generation-Z’ consumers, as all product features are geared towards this demographic segment. Media Popup will easily conquer the market if the new marketing campaign is aimed at the chosen target group. Equally important, the selected demographic group will benefit more if the product is sold in the original packaging, which describes its main features.
Market segmentation can be carried out based on the basic characteristics of the selected segment. For Media Popup, four bases for segmenting will include age, income level, education, and geographic location. In particular, the chosen target market will be middle- and high-income American students at high schools, colleges, and universities (James & Schmitt, 2021). Presumably, high school and college students will be heavy users, and university students will be light users of Media Popup due to its entertainment characteristics. Therefore, the general marketing campaign will be aimed at students of high schools and colleges.
The chosen segmentation descriptors are deterministic at the chosen market. Since the chosen age group shows particular interest in media and entertainment, the product will easily attract their attention. A sufficient educational level will allow the students to use the product more consciously and often. Then, the students with higher income will be more likely to choose the suggested media subscriptions. They will also use more options and be better engaged with Media Popup devices.
The geographical position as a segmentation descriptor adequately correlates with the location as the factor that makes a sustainable impact on the product demand. For instance, consumers in more densely populated cities such as New York or Los Angeles will experience greater demand for products. Demand will also be high among campus residents. Due to increased demand, marketing campaigns can be placed according to location maps that will be developed as part of market research.
Then, students who are in the earlier stages of higher education will be more likely to purchase our product as it provides more entertainment than learning. In addition, a higher level of income will contribute to an increased demand for gadgets. This aspect must be considered when designing advertisements (James & Schmitt, 2021). Finally, younger students will be more likely to buy impulsively through an online subscription. Although older students are more likely to fall into the category of buyers with an appropriate income level.
Interestingly, the marketing mix for the Media Popup product will also match the segmentation of the target market. In particular, it is recommended to use different marketing techniques for different phases of the product cycle, including phases of growth, maturity, and decline in sales. During the growth phase, an aggressive advertising campaign is needed to familiarize potential consumers with the most appealing feature of the product. Then, during the maturity phase, you need to build a market share with loyal customers that will meet your sales and revenue goals. At the stage of falling sales, you need to keep loyal customers and look for new markets.
Potential markets for the third stage may be the sales segment for the category of couples with high income and engaged in mental or creative activities, which are also a potential target market segment. The distribution of the product will be carried out according to the needs and convenience of the selected target groups. The promotion or marketing communication process will include advertising, sales promotion, and direct marketing. The price of a product may be lowered during the downsizing phase, as the opportunity for such a downswing will be available at this stage, and tools will be needed to gain additional market share.
Reference
James, M., & Schmitt, K. (2021). Target market. Web.