Question

Is it possible to identify a single market for two distinctly different products? For example, how substantial is the market comprised of consumers who use Apple and who drive Volkswagens? Can you think of other product combinations that would interest a single market? (Do not use products that are complementary, like a bike and a bike helmet. Think of products, like the iPod and the car, that are very different.)

Answer 1

First, let us understand the meaning of the target market. The target market is those group of people or organization toward which the company’s strategy is directed to. They design, implement and maintain the marketing mix for meeting the needs and the preferences of that particular group. This serves more mutual satisfying exchanges.
The first company is Jaguar. the first characteristic which could be used is age segmentation. The baby boomers and senior citizens are having a major portion of the market and are very lucrative. These two segments have spending power nearly half of the total consumer spending in the country. These consumers use automobiles with features specially made for them. The second is income because income influences the purchasing power of the customers
Chevy Cobalt - Here the family life cycle, age and income these are some few demographic characteristics which determine the target market. Among them, family life cycle is more probable because the customers are influenced by various stages such as age, marital status and having children status. McDonald – As Chevy Cobalt, the age, family life cycle and income are demographic characteristics which are most probable.
Ruby River Stick House- This is also the same as McDonald.
It is possible to identify a market for two different products. If we consider family life cycle segmentation then Apple and Volkswagen both companies could be considered part of the young single Market. And if you talk about other consumers who are financially polished then the Coach Purses and Cadillac’s, these are the high and products could be interested in.