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Target Market Research
In terms of demographics, the target market consists of females, aged 18-25. These females typically live in urban areas, or aspire to do so in the future. They are middle class, able to afford clothing upwards of $150 per item. Some of the lower-end accessories that go for $15-20 will skew slightly lower on the income scale. This is deliberate -- the lower end items are aspirational in nature, as they bring consumers to the brand. This is an important element of marketing to this age bracket, because income levels typically increase among this age group as they transition out of high school and into the working world. By hooking the target market with lower priced items at the younger ages, they can then grow with the brand through their mid-20s and into the beginning of their professional careers.
The target market will typically have a high school education. They may or may not be pursuing a college degree, however. SUKI-YO wishes to appeal to artistic individuals who value self-expression, and such individuals frequently follow unique life paths that may or may not include formal education. Those not in college, however, are likely to be artists of some type, or otherwise...
For the most part, we expect that our consumers might start to grow out of the brand as they move into their mid-20s, start building careers and make the transition into a more settled adulthood.
Geographically, the brand appeals to the urban marketplace. Most target customers will be in urban areas. The suburbs are a secondary target market, because many women in this market may still live at home, but their heart are in the city, even if their beds are not. Many will be attending college campuses, but the emphasis will be on urban campuses. The brand has a distinct West Coast focus, and that will be the initial target market for the company. Essentially, the I-5 corridor from San Diego to Seattle will be at the heart of our target market. According to census data, there are approximately 15 million such young women nationwide, which extrapolates to around 8-9 million in major West Coast cities, depending on how strictly one defines "urban." Given the expected spillover into surrounding areas, 8-10 million is a reasonable estimate of the market size of this gender, age and geographic region. Our subset is harder to pin…
References
US Census Bureau (2010). Population by Age and Sex 2000 and 2010 U.S. Census Bureau Retrieved April 29, 2015 from http://www.census.gov/prod/cen2010/briefs/c2010br-03.pdf
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