PITCH BUSINESS IDEAD (Fun Assignment for entrepreneur class) Product: SMART Umbrella The Smart Umbrella is a unique device that blends traditional rain protection with current technology to offer a v

Market Research SMART Umbrella

Demographic target market:

The demographic target market of SMART UMBRELLA is young professionals and students in Asia. This age group is generally tech-savvy and values convenience, making them a prime target for a smart umbrella with advanced features. Additionally, this age group is likely to have an active lifestyle, walking to work or school, and may need a reliable and efficient way to stay dry during rainy weather. By targeting this age group, we can communicate the unique features of SMART UMBRELLA that will appeal to their needs and preferences.

In terms of gender preferences, umbrellas are gender-neutral products, and therefore, the gender of the target market is not a significant factor. However, by targeting young professionals and students in Asia, we can communicate to both male and female customers.

Furthermore, income level is an essential factor in the demographic target market for SMART UMBRELLA. The product is likely to appeal to customers with higher incomes who are willing to pay a premium for a high-quality product with advanced features. Therefore, targeting customers with a disposable income above the average in the market can ensure that we reach our target audience effectively. By focusing on this demographic, we can develop a marketing strategy that effectively communicates the value proposition of the product and positions it as a high-quality and innovative solution for their needs.

Psychographic target market:

The psychographic target market for SMART UMBRELLA includes customers who prioritize convenience, technology, and innovation. In today's fast-paced world, customers are looking for products that can make their lives easier and more convenient. The advanced features of SMART UMBRELLA, such as its ability to alert customers of impending rain and track its location through an app, are likely to appeal to customers who prioritize these values. Additionally, customers who are environmentally conscious and value sustainability may also be interested in the product. SMART UMBRELLA's eco-friendly materials and reusable components align with the values of this target market.

Furthermore, the lifestyle of potential customers is an essential factor in the psychographic target market for SMART UMBRELLA. Customers with busy lifestyles who need a reliable and efficient way to stay dry during rainy weather can greatly benefit from the advanced features of the product. Additionally, customers who walk to work or school may find the smart features of the umbrella particularly useful. By targeting this group, we can communicate the convenience and practicality of the product, positioning it as a must-have accessory for their daily commute. Through effective marketing, we can connect with potential customers and communicate how SMART UMBRELLA can enhance their lifestyle by providing a practical and innovative solution to their needs.

Behavioral target market:

The behavioral target market for SMART UMBRELLA includes customers who frequently use umbrellas or live in areas with high levels of rainfall. These customers are likely to appreciate the advanced features of SMART UMBRELLA, such as its ability to predict the weather and track its location through an app, making it a more practical and convenient solution for their needs. By targeting this group, we can communicate the value proposition of the product and emphasize its benefits in enhancing their daily routine.

Additionally, brand loyalty is an essential factor in the behavioral target market for SMART UMBRELLA. Customers who are loyal to other tech-savvy and innovative brands may be more likely to purchase the product. By leveraging this behavioral trait, we can position SMART UMBRELLA as a premium product that aligns with their preferences and expectations. Furthermore, by emphasizing the unique features of the product, such as its eco-friendliness and smart technology, we can differentiate it from other traditional umbrella brands and create a loyal customer base.

In conclusion, by understanding the behavioral target market of SMART UMBRELLA, we can effectively communicate the value proposition of the product to potential customers. By targeting customers who frequently use umbrellas or live in areas with high levels of rainfall and customers who are loyal to tech-savvy and innovative brands, we can develop a marketing strategy that resonates with their preferences and positions the SMART UMBRELLA as a high-quality and innovative solution to their needs.

Summary:

In summary, the target market for SMART UMBRELLA is likely to be young professionals and students in Asia with higher incomes, who value convenience, technology, and innovation, and have a busy lifestyle. Additionally, environmentally conscious customers who frequently use umbrellas and are loyal to other innovative brands may also be interested in purchasing the product. By focusing on these target markets, you can develop a marketing strategy that effectively reaches potential customers and communicates the unique features and benefits of the product.