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Marketing Research - Target Market for New Product

Autor:   •  October 14, 2016  •  Research Paper  •  1,398 Words (6 Pages)  •  500 Views

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Marketing Research Report

Deborah Barnett

MKT/421

October 3, 2016

Ron Rosalik


Marketing Research Report

Target Market for New Product

        Every company performs some kind of research that gathers information to learn about the marketing of their product. The business relies on the marketing to engage their customers and that is the key for making good decisions. When conducting market research it lets you see what you can expect in the future concerning a new product launch. With the Apple IPhone 7, which will be coming out in 2017, we want to explore the target market and research what can be used to get the attention of the customers. The company can use the characteristics of the target market to develop the strategy for the new product and figure out the best methods to use when conducting the market research. We will outline the steps needed to bring the IPhone7 to market from ideas that are generated to commercialize by using a multi-step product development process. IPhone targets people between the ages of 18-35, which mainly includes the youth population covering students and young working professionals (IPhone Target Market, October 2011).

Demographic 

        The average iPhone customer is one who is educated and affluent with a high earning

 income. Apple wants to  target the demographics of all ages and cultures to capture educated

 individuals who have a high income. Business professionals and students are targeted so that

they can to meet their needs for multimedia. The question being for the marketers is what

 characteristic is the demographic marker going to  be for the  next biggest purchaser and adopter of the iPhone?

Geographic

        Apple will target all locations of geographic for revenue which will include; Asia,

Europe, Latin America and the United States.  Apples most profitable market is the United

 States, which can contribute more earnings to the bottom line of Apple than any other

geographic location and its American revenue is accounted for about 31% of Apple's total

 revenue (Apple Inc, July, 2014). Over the past several  years, Apple has grown in  its market

share in the Asian market, getting  customers from Samsung and Sony to change to Apple

products.. The question for marketers for this characteristic is what new emerging geographic

market can Apple tap into before its rivals?

Psychographic

        Apple relies heavily on customers emotions for its branding strategy, and the brand

 personality is about lifestyle; imagination; liberty regained; innovation; passion; hopes, dreams

and aspirations; and power-to-the-people through technology (Apple Situation Analysis, January

 2012). Apple will offer a very stylish product that is user-friendly and has a sensitive touch. The

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