BHO1171 Introduction to Marketing - Marketing Plan - Assignment Help

The target Market Analysis and Market segmentation

There are some noteworthy and considerable facts that highlight the fact that LUCI’s VR display headsets can be utilized by people belonging to different demographics. As per Giachetti and Torrisi, (2018), explaining market leadership clearly in their article that smartphone users can be found anywhere, it is vital to own a cellular device suitable to this generation as everything has been made convenient with it. It is more a necessity than a luxury. A VR display headset is an inclusion to owning a smartphone, there definitely need to be some specifics that should be considered, at least initially in order to make the product’s utilization common. 

TARGET MARKET

Wood, (2019) mentioned in his journal that the macro-environmental factors play a major role in identifying the target market of a product. LUCI VR Display’s target market can be concluded through the following table:

The purpose of specifying a targeted group will assist in many promotional strategies that will be relevant and appropriate to the market, the product needs to be catered to. The marketing strategies are defined on these factors, if the mass market needs to be considered, the promotional techniques can always be tailored eventually (Hu, Lin, Qian & Sun, 2018). 

Hu, Lin, et.al, (2018) further mention that the social class for a product such as this has been specified to the middle and upper class as the income level needs to be higher for LUCI’s virtual reality headset, despite its economic aspects, this is the sort of product that goes beyond the basic needs and wants of customers belonging to the lower income group, it wouldn’t be their first preference.

Keeping in consideration the Australian Market, the Mass, Secondary, Primary and Bulls eye market can be defined as follows: 

Scholl, Hopf, Lulay and Gautam, (2019) have mentioned in their book that there’s always room for more age groups who may end up purchasing a product such as this. A VR headset does not need to be specific to gamers. Many travel companies along with airlines can benefit significantly from this, such as introducing virtual reality travel tours, travel guides, stimulatory experiences, the possibilities to grow the opportunities through a product like a VR headset are endless.