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Target Market Analysis Paper

1034 Words5 Pages

The product that I am marketing is a member of the home automation industry. Home automation is when electrical devices connect with the internet and each other to provide improved convenience, comfort, and security at home. Home automation devices can be a refrigerators, lights, and in this case an alarm clock. The home automation industry continues to grow because of the rapid adoption of smartphones globally. This explosion has driven down the prices on a host of small components that make most home automation products feasible, and the smartphone acts as a universal remote for an individual to control these connected devices. The global home automation market was worth $5.77b in 2013 and is expected to reach $12.81b by 2020; the compound annual …show more content…

This is an important group because they are technologically savvy and are more likely than any other customer group to turn to software and hardware solutions to solve the problems they face in their everyday life. The target market for my alarm clock application and ad-on is males and females that are currently attending college in the city of Boston. The difference between my target market and the addressable market is that the target market is young, so they are familiar with software, especially software that runs on smartphones. Appealing to a younger audience is a key component of my strategy because a majority of the target market are already familiar with software apps, like WakeUp! because they are used to installing and exploring dozens of applications each week (U.S. Smartphone Use in 2015, Smith). Though my product may not appeal to every college student in Boston, it will appeal to those who have difficulty waking up in the morning. In 2010 there were 152,000 students attending college in the Boston area, according to the Boston Redevelopment Authority, half of those undergraduates will be a part of the target market, which comes to 76,000 (Meade

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