ENT-436-RS-T3-TargetMarketWorksheet
.docx
School
Maseno University**We aren't endorsed by this school
Course
BUS 405
Subject
Information Systems
Date
Jan 8, 2025
Pages
8
Uploaded by LieutenantOxideDragonfly49
© 2024. Grand Canyon University. All Rights Reserved.Target Market Worksheet Part 1: Description of Target MarketWrite a 250-500-word description of your target customer (i.e., your customer persona). Describe the key demographics of your target market, including customer description, location, behaviors, psychological profile, and other population attributes.Advanced biometric authentication technology is largely aimed at tech-savvy individuals between the ages of 18 and 45, with a particular emphasis on Gen Z and millennials. This group uses the internet extensively for a variety of activities, including social networking, banking, and shopping. They are primarily found in American cities with strong internet penetration and widespread access to digital services, like New York City, San Francisco, and Chicago. Because of the increased knowledge of cybersecurity concerns brought about by living in these tech-centric surroundings, this demographic is more likely to invest in cutting-edge security solutions that can safeguard their financial and personal data.Both men and women make up the target market demographically, albeit there is a small bias in favor of women because they are frequently the ones who make the majority of decisions about cybersecurity measures for the home. People in this group usually earn between $50,000 and $100,000 a year, placing them in the middle to upper-middle class. They are able to invest in personal protection technology because of their economic level. A large portion of this group has at least some college education, and many of them have degrees in business, finance, or technology. In addition to improving their knowledge of cybersecurity, their educational background also affects their purchase decisions, encouraging them to look for cutting-edge security solutions.The target client is characterized by frequent online shopping, social media activity, and reliance on mobile banking apps. By reading product evaluations, researching the newest technology, and taking part in online cybersecurity conversations, they demonstrate a proactive approach to security. This group is known for being at ease with technology and frequently embracing new services and apps to improve their online experience. They are looking for more secure authentication techniques, though, because they are well aware of the risks connected to online transactions and the storing of personal data.These consumers are psychologically driven by a desire for safety and comfort, especially in view of the growing prevalence of online fraud and identity theft. They are prepared to spend money on services that can give them a strong defense against online attacks because they place a high importance on privacy. Their interest in biometric technologies stems from their eagerness to safeguard their
2digital identities, as they recognize that conventional security measures like two-factor authentication and passwords are becoming less effective against sophisticated cybercriminal techniques. Their decision-making is influenced by this increased sense of vulnerability, which increases the likelihood that they will use cutting-edge biometric solutions.Younger generations, such as Gen Z and millennials, are at serious risk because of their excessive reliance on online platforms as digital interactions continue to change. These demographics frequently have greater faith in digital services, which may cause them to disregard basic security procedures. Their susceptibility to online fraud and identity theft is further increased by the increasing use of digital wallets, online shopping, and mobile banking applications. Stronger authentication procedures are therefore necessary. A more secure option that fits the tastes and habits of this target market is provided by sophisticated biometric identification technologies, which make use of distinctive biological identifiers like speech patterns, facial recognition, and fingerprints. Biometric solutions can be extremely helpful in improving the internet security and protecting the personal data of tech-savvy people by catering to their unique needs.Advanced biometric authentication technology is largely aimed at tech-savvy individuals between the ages of 18 and 45, with a particular emphasis on Gen Z and millennials. This group uses the internet extensively for a variety of activities, including social networking, banking, and shopping. They are primarily found in American cities with strong internet penetration and widespread access to digital services, like New York City, San Francisco, and Chicago. Because of the increased knowledge of cybersecurity concerns brought about by living in these tech-centric surroundings, this demographic is more likely to invest in cutting-edge security solutions that can safeguard their financial and personal data.Both men and women make up the target market demographically, albeit there is a small bias in favor of women because they are frequently the ones who make the majority of decisions about cybersecurity measures for the home. People in this group usually earn between $50,000 and $100,000 a year, placing them in the middle to upper-middle class. They are able to invest in personal protection technology because of their economic level. A large portion of this group has at least some college education, and many of them have degrees in business, finance, or technology. In addition to improving their knowledge of cybersecurity, their educational background also affects their purchase decisions, encouraging them to look for cutting-edge security solutions.The target client is characterized by frequent online shopping, social media activity, and reliance on mobile banking apps. By reading product evaluations, researching the newest technology, and taking part in online cybersecurity conversations, they demonstrate a proactive approach to security. This group is known for being at ease with technology and frequently embracing new services and apps to improve their online experience. They are looking for more secure authentication techniques, though, because they are well aware of the risks connected to online transactions and the storing of personal data.These consumers are psychologically driven by a desire for safety and comfort, especially in view of the growing prevalence of online fraud and identity theft. They are prepared to spend money on services that can give them a strong defense against online attacks because they place a high importance on privacy. Their interest in biometric technologies stems from their eagerness to safeguard their digital identities, as they recognize that conventional security measures like two-factor authentication and passwords are becoming less effective against sophisticated cybercriminal techniques. Their decision-making is influenced by this increased sense of vulnerability, which increases the likelihood that they will use cutting-edge biometric solutions.Younger generations, such as Gen Z and millennials, are at serious risk because of their excessive reliance on online platforms as digital interactions continue to change. These demographics frequently have greater faith in digital services, which may cause them to disregard basic security procedures. Their susceptibility to online fraud and identity theft is further increased by the increasing use of digital wallets, online shopping, and mobile banking applications. Stronger authentication procedures are therefore necessary. A more secure option that fits the tastes and habits of this target market is provided by sophisticated biometric identification technologies, which make use of distinctive biological identifiers like speech patterns, facial recognition, and fingerprints. Biometric solutions can be extremely helpful in improving the internet security and protecting the personal data of tech-savvy people by catering to their unique needs.
3Part 2: TableConsider how you would expand into other markets. These may include other demographic groups, other regions, other countries, etc. Then, select a second and third target market to focus on. Customers in alternative markets will likely have similar attributes to the initial target market with some major differences. Complete the table below comparing similarities and differences between the primary, secondary, and tertiary target markets.Customer Name:Segmentation BasisSegmentation AttributesPrimary Target Market - Persona DescriptionSecondary Target MarketTertiary Target MarketDemographicAge18-4546-6550+ yearsGenderSlight skew towards femaleBalanced distributionBalanced distributionEducationSome college education or higherCollege educated, often with advanced degreesHigh school education or some collegeIncome$50,000 to $100,000$40,000 to $80,000$30,000 to $70,000Family StatusSingle or young familiesEmpty nesters or established familiesRetired individuals or seniorsOther Demographic AttributesTech-savvy, early adopters of technologyCautious adopters, value traditional securityLess familiar with technology, need user-friendly solutionsGeographyCountryUnited StatesUnited StatesUnited StatesRegionUrban areas (e.g., New York, San Francisco)Suburban and urban areasRural and suburban areasEnvironment (Rural/Urban)Predominantly urbanMix of urban and suburbanMix of urban and suburbanOther Geographic AttributesHigh internet penetration, tech hubsModerate internet usageLimited internet access, may rely on public resourcesPsychographicSocial environmentInfluenced by peers and online communitiesStrong social circles, often family-orientedFamily and community ties are essential
4Segmentation BasisSegmentation AttributesPrimary Target Market - Persona DescriptionSecondary Target MarketTertiary Target MarketPersonalityProactive, security-consciousCautious,appreciates reliabilityRisk-averse, prefers simplicityLifestyleActive online presence, frequent digital transactionsCautious online engagement, often uses traditional bankingLess frequent online activity, prefers face-to-face interactionsLifestyle ChangesAdapting to new technologiesTransitioning to more online servicesLimited adaptation to online servicesOther Psychographic AttributesHigh concern for personal privacyConcerned about security, but with less urgencyOften uninformed about technology-related risksBehavioralPurchase DriversSecurity needs, technological advancementValue for money, ease of useUser-friendliness, simplicityPurchasing BehaviorFrequent buyers of tech and security productsResearch-driven, likely to compare optionsInfluenced by family or community recommendationsOther Behavioral AttributesEngages in online reviews, actively seeks new techTends to rely on established brandsLess likely to seek out information, prefers direct advice from trusted sourcesPart 3: GraphicDesign and create a one-page graphic (advertisement, brochure, or flyer) about your product or service created in the Topic 3 assignment to appeal to customers. The goal is to generate customer awareness and interest in your product or service. You may paste it in this worksheet or attach it as a separate document.
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6Part 4: User Journey MapThis portion of the assignment is to document the process by which a customer engages with your business, purchases, and utilizes your product or service. You may refer to the topic Resources for more information about journey maps. Create a journey map of how your customer interacts with your business to purchase and use your product or service. This should be submitted as a bulleted list of all steps in the purchase and use processes. Be sure to include the entire process (i.e., every step the customer takes from first considering purchase [location, product, etc.] until product is used or service delivery is completed).
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