Essay About Market Segments And Analysis Of The Target Audience Of Waynabox Sa

Analysis of the Target Audience of Waynabox Sa
4.4. Market analysis: 4.4.2. Market segments: Define and sizeDefinitionSegmentation analysis is crucial for Waynabox when entering the new market because it helps the company to identify what are the main characteristics of its customers while understanding which their needs are. The markets segments in where the company would be focusing its services when conducting the internationalization plans are divided into three: demographic, psychographic and geographic segments. Therefore, we will analyze each of these segmentations strategies to understand which the shared attributes of their future customers are.  First of all, we will examine the geographical segmentation which determines where is located the segment of population that Waynabox could be interested in. As we have already explained, the best country to expand the company is the United Kingdom. Along with the reasons described before, the UK citizens have been following a trend, through the last ten years, in which the numbers of trips abroad have suffered an important increase1). In addition, the preferred trips for the population of Great Britain are holidays. Consequently, Waynabox fits perfectly in this geographic segment. [pic 1][pic 2]Together with the geographic segmentation, we can analyze the demographic and psychografic one. Waynabox is a company offering cheap trips to unexpected places. Consequently, it is essential to focus into the crucial demographic segment of young people from twenty to thirty-five years old, because they are the ones that, as the graphic below shows, have less income per capita (between 15.000 to 20.000 annual pounds) in comparison to the income that older people own2). Furthermore, young people are more likely to prefer a surprise trip than older people. The reasoning behind this statement is that older people tend to travel with their family members so the majority of them need to take a lot of factors under control. For example if they have children they would have to care about the duration of the flight, if there is a little cradle for the baby in the room, how centric is the hotel because the kids get tired, etc. In contrast, young people tend to travel with their friends or partners so they only have to take care of themselves and they do not need to have everything under control and their most relevant preference is basically the low price of the trip because as the graphic below shows they spend much more less than old people when they travel3). [pic 3][pic 4]