Consumer Segment and Market Plan

Consumer Segment and Market Plan
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Consumer Segment and Market Plan
Part 1: Product Category
The product category is electronic products with an emphasis on cellphones. Cellphones are one of the product categories with many demands in contemporary society. Due to the increased rate of digitalization, different consumers long to acquire cellphones to quest their digital transformation needs. Therefore, the consumer segment and marketing align with cellphones as the product category.
Part 2: Consumer Market Segment Characteristics
Personal and Psychological Characteristics
Age and Lifecycle stage
The consumer segment selected is the ‘millennials.’ Millennials are a group of consumers born between the 1980s and 2000s (Dimock, 2019). They are consumers who come after generation X and before Z. Millennials have higher population growth and media use. Based on their lifecycle stage, millennials are constantly transforming from old methods such as traditional TV to a more appealing digital means. The identified transformation is also seen in their smart life of smartphone access. Therefore, the age and lifecycle stage make the millennials appeal to cellphone products.
Income
The average income of the millennials is also a crucial aspect that needs to be highlighted for market purposes. According to the US Census Bureau, the average income of millennials is $71,566, and they averagely spend $208 daily (Nadanyiova & Das, 2020). It means that the group plays a significant role in economic growth. Based on their educational characteristics, millennials have technology and education skills. Most millennials have a stable economic situation due to their occupations.
Lifestyle
Millennials have unique lifestyles that make them viable for targeting and lead to higher profitability. The significant lifestyles include technology savvy, trendy, and adventurer seekers (Black, 2015). Due to their lifestyle, they search for new products online to suit their fashionable characteristics. Their interests and opinions are aligned towards quality and affordable products. They also believe in product value and the ability of the product to meet its goals and expectations. Therefore, the identified characteristics are necessary while devising a market approach for the segment.
Personality Traits
Most millennials share similar personality traits based on their thinking and behavior. The common personality traits among millennials include openness and adaptability, universality, and conscientiousness (Dimock, 2019). They show different learning capabilities and the ability to engage different learning capabilities. Due to their openness, they relay feedback on the products, which is necessary for adjustments. Therefore, the personality traits of the millennials make them appeal for market penetration.
Beliefs and Attitudes
Millennials majorly value music and trendy digital content. They have positive attitudes towards media and other digital sources of information, and they also value privacy in terms of personal data and interactions (Nadanyiova & Das, 2020). Lastly, their belief in digitalization makes them favorable for cellphone products, leading to higher sales and profitability. Therefore, the beliefs and attitudes of the group are potential drivers to higher sales.
Buying Power and Buying Behavior
Market Value
The group’s overall size and total purchasing power are higher, and the reason behind such escalation is due to belief in trendy products. Psychologically, the group tries to meet their demands and not feel left out in the constantly upgrading world (Išoraitė, 2016). Their purchasing power is also driven by their age and peer pressure of seeing their colleagues with trendy products. Therefore, the higher purchasing power makes the group appeal for cellphones products.
Product
Millennials majorly focus on three aspects of a product, including product design, quality, and features (Dimock, 2019). The three items determine whether a company would retain such a group of customers, and a company that meets the identified elements automatically retains the identified consumers. Therefore, the product must have unique features and designs and meet high-quality standards before penetrating the market.
Promotion
The suitable promotional method for millennials includes social media strategy. Most millennials heavily use social media platforms, especially Instagram, YouTube, Twitter, and Facebook (Nadanyiova & Das, 2020). Therefore, the company can focus on the identified platforms to communicate their content and their offers for the consumers. Social media will also allow the company to have adequate referrals for higher sales and growth.
Place
Millennials majorly shop their electronic products online. Due to the increased online outlets, the group orders their products for delivery. The online channels also allow them to review the products before making a purchase maximally. The place aspect is an essential component of the marketing mix since it will determine the number of the company’s products (Išoraitė, 2016). The company must focus on effective online channels while distributing the products to reach as many consumers as possible. Therefore, since consumers embrace online channels, it is necessary to use more advanced technology to reach consumers. Lastly, online channels will reduce transportation costs and sell the product effectively.
Price
Price is also a component of the marketing mix that the millennials consider. Most millennials focus on high-quality products at an affordable price. They like to purchase discounts and payments in installments, and the process enhances their psychological satisfaction before acquiring the product fully. Discounts also allow the customers to maintain a long-term relationship with the sellers (Išoraitė, 2016). The company should uphold discounts since it would engage the customers and retain them for future growth. Therefore, the company must consider the consumers’ interests while listing the prices for satisfaction and loyalty.
Company Suggestion
The suggested company that targets this group of consumers is Huawei. Currently, Huawei’s target audience is college students who are majorly generation Z (Yueyuan, 2021). The company firmly believes that working with college students is easy and profitable since they become loyal customers with a middle income in the future (Yueyuan, 2021). The company insists on entering specific dealerships with college students to make more profits. However, the company should target millennials. Most millennials are out of college and employed in significant sectors; therefore, it would allow the company to have a constant flow of income due to high expectations in profit-making. The consumer segment is also necessary since Huawei is known for its high-quality brands. It will have a better chance to meet the expectations of the consumers. Therefore, it is essential to justify creating long-term relationships with the consumers when the company targets this segment. Whenever the company considers the identified type of brand to millennials, it is likely to record higher sales than before. Therefore, based on the provided evidence, the company should target millennials.
Part 3: Marketing Plan
SWOT Analysis
The SWOT matrix for Huawei is described below
Strengths
* High-quality products
* Competitive pricing
* Internationally positioned

Weaknesses
* Weak brand
* Inadequate brand
* Poor marketing strategy

Opportunities
* Technology...