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The Description of the Target Market

Introduction

The description and understanding of the target market for products are important to ensure that potential consumers can be reached in the determined district. The business under consideration is oriented toward customers in New York, NY, with a specific focus on the population of Brooklyn (where the headquarters are located) and Long Island City (where the warehouse storage is organized and potential partners can be found). It is important to describe and analyze the target market concerning potential customers’ demographics in these areas.

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The population of Brooklyn is 2,559,903 individuals and the population of Queens (where Long Island City belongs) is 2,253,858, as it was reported for July of 2019. The population of Long Island City specifically is 47,781 people. Men represent 47.4% of the population in Brooklyn, where 52.6% are women (U.S. Census Bureau, 2020). In Queens, 48.5% of the population are males, and 51.5% are females. Furthermore, 86.1% of people living in Brooklyn are under the age of 65 years, and among them, individuals who are aged under 18 years represent 22.8% (U.S. Census Bureau, 2020). Thus, the percentage of potential customers is 63.3%, including both males and females.

It is important to note that in Queens, the situation can be described as being similar. Thus, 84.3% of people living there are aged under 65 years, and among them, people under the age of 18 years represent 20.1% (U.S. Census Bureau, 2020). Therefore, it is possible to state that potential customers in Queens include 64.2% of the population in this borough, but the number related to Long Island City can be different. More than half of the population in both boroughs can become interested in proposed products and services according to the category of age as the representatives of both genders are potential customers.

The category of race and ethnicity is also important to be discussed. In Brooklyn, White people represent 36.4%, African Americans represent 34.1%, Asians – 12.7%, Hispanics – 19.1%. In Queens, Whites represent 25%, African Americans – 20.7%, Asians- 26.8%, and Hispanics – 28.1% (U.S. Census Bureau, 2020). The racial diversity of potential clients needs to be taken into account when promoting services and products in these areas. The key focus is also on households, and in Brooklyn, there are 950,856 households in comparison to 779,234 in Queens. The expected educational level of potential product consumers is also important. It is important to pay attention to the fact that 36.5% of people aged 25 years and over living in Brooklyn have a Bachelor’s degree and higher, and for Queens, this percentage is 31.5% (U.S. Census Bureau, 2020). Potential diverse customers are interested in receiving a positive experience as they can choose to obtain the offered products and services from competitors. The set price should be correlated with the quality of services and products to stimulate purchases.

Conclusion

To conclude, it is important to note that the target market includes one large segment of diverse customers of both genders, aged 18-65 years, who mostly have an academic degree. They are interested in high-quality products and services, and it is rather difficult to gain their loyalty. Since the population of New York is highly diverse, it is advantageous for the company to cover as many potential customers as possible, without limiting the proposal concerning gender or race. The determined age limits allow for covering the large group of potential consumers who need the offered product and services and resources to pay for them.

Reference

U.S. Census Bureau. (2020). QuickFacts: Queens County (Queens Borough), New York; Kings County (Brooklyn Borough), New York. Web.

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StudyCorgi. (2022, March 28). The Description of the Target Market. Retrieved from https://studycorgi.com/the-description-of-the-target-market/

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