Target Market Analysis and Segmentation of Monkii 360
Introduction
Target market analysis and segmentation is an integral process in the development of a successful brand since it enables a firm to identify the most attractive target segments. The organization is then able to develop products that satisfy the needs and wants of the customers in that segment, thereby gaining customer trust and loyalty (Kampamba, 2015). . This part of the assessment is aimed at conducting a thorough segmentation of Monkii 360’s target market.
Target Market Analysis and Segmentation
Targeting is considered as the practice of creating a different marketing mix in order to cater uniquely for various segments (Sharp. B, 2017, p. 249). Segmentation is an integral process which enables the business to divide the market of buyers into different sub-groups, depending on the common attributes and characteristics. T Hence, it is considered as a significant process since it enables the firm to devise a productive customer-centric strategy that enables a business to develop a loyal customer base (Gomez, Loar and England Kramer, 2018).
Monkii 360 is a portable fitness device whose target market has been segmented in an effective manner in order to make it measurable, sustainable, differentiable and accessible (Aghdaie and Alimardani, 2015). Hence, in order to enhance the productivity of the market segments, the customers have been segmented in accordance to the geographic demographic, psychographic and behavioral variables (Kampamba, 2015).
Geographic
Geographic segmentation is a significant market approach which enables the potential market to be segmented according to location, climate, population density etc. Monkii 360 has been segmented geographically since this fitness tool is only saleable to those countries who have a health-conscious outlook to life and have improved infrastructure and networking facilities (Gomez, Loar and England Kramer, 2018).
Demographic
Demographic segmentation is an essential segmentation tactic which enables the market to be divided in accordance to the age, occupation, gender, race, family, education etc. This segmentation strategy is the most efficient since they are easier to quantify and measure. Demographic segmentation is used in determining Monkii’s target audience since this intensive fitness equipment is reliable for certain demographic age groups. For instance, Monkii 360 is designed for all young and middle-aged fitness oriented males and females who are above the age of 16 (Kick-starter, 2020). This cohort has a busy lifestyle in terms of education, career or family commitment and hence, is eager to avail a productive and time sufficient work-out routine (Camilleri, 2017). This group also travels frequently and therefore, is able to carry this portable fitness equipment to their work and holiday destinations in order to maintain their fitness progress (Kick-starter, 2020).
Psychographic
Psychographic segmentation is another significant strategy for market segmentation which divides consumers on the basis of Personality traits, interests, motives and lifestyles. This form of segmentation is integral in case of Monkii 360 since the purchase of this equipment is highly correlated with the personality and life style of the consumer. For instance, the professional Monkii 360 fitness tool is designed for people with an energetic, athletic, fun-oriented and an active life style. The product’s ideal target customer enjoys also an independent individual who monitors their level of work productivity and has a high desire for achievement and progression in Life. These people value their life objectives and hence, show exuberant commitment towards them. (Liu et al., 2019). Hence, they are highly flexible to training and growth opportunities in life. It can be asserted that this group enjoys having a contemporary, undisturbed, hassle-free yet a productive lifestyle.
Behavioral
Behavioral segmentation is a marketing methodology which enables the business to segment their target market according to individual purchase behaviors (Sharp. B, 2017 p. 101). This segmentation technique is used by Monki to determine it’s target since the fitness equipment’s purchase will be determined according to the purchase frequency and past usage of gyming tools, price consciousness, interest and engagement in the product purchase, For instance, an ideal Monkii customer has an occasional purchase behavior that pertains to highly differentiated and high to moderate priced purchase of commodities. The target consumer has an interest in purchasing easy cardio and muscle intensive equipments. Furthermore, he carries a past record of using gyming equipments which could enable him to be persuaded towards new fitness tools. The ideal target does not operate on a brand-conscious purchase philosophy; however he still tends to purchase products that have high perceived convenience and benefits. Furthermore, this group is highly adaptive to the contemporary online world and hence is flexible with engaging in online shopping, thereby qualifying as a regular e-commerce buyer. (Susilo, 2016).
Conclusion
The target market analysis of Monkii 360 revealed that the product is designed for young and middle-aged, fun-loving and energetic groups of people, who are fitness-oriented and have a contemporary outlook to life. These people reside in virtually connected global cosmopolitan regions and operate on a non-brand conscious and persuadable purchase philosophy.
References
Kampamba, J., 2015. An Analysis of the Potential Target Market through the Application of the STP Principle/Model. Mediterranean Journal of Social Sciences, 6(4), pp.324-340.
Aghdaie, M. and Alimardani, M., 2015. Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), p.262.
Camilleri, M., 2017. Market Segmentation, Targeting and Positioning. Tourism, Hospitality & Event Management, pp.69-83.
Liu, H., Huang, Y., Wang, Z., Liu, K., Hu, X. and Wang, W., 2019. Personality or Value: A Comparative Study of Psychographic Segmentation Based on an Online Review Enhanced Recommender System. Applied Sciences, 9(10).
Sharp. B, 2017, ‘Marketing, Theory, Evidence and Practice’, 2nd Edition. Oxford University Press.
Susilo, W., 2016. An Impact of Behavioral Segmentation to Increase Consumer Loyalty: Empirical Study in Higher Education of Postgraduate Institutions at Jakarta. Procedia – Social and Behavioral Sciences, 229, pp.183-195.
Gomez, A., Loar, R. and England Kramer, A., 2018. The impact of market segmentation and social marketing on uptake of preventive programmes: the example of voluntary medical male circumcision. A literature review. Gates Open Research, 2, p.68.
