The Consumer Target Market means a particular group of consumersor customers at which company aims its product and services .
Our company aimsat millennial generation ,they comprise the group of about 80 million childrenand young adults who born between 1980 and 2002. Millennials are morefascinated about food. Millennials have experienced childhood during a time oftechnological change, globalization and financial disruption. When it comes to takingvacations millennials are going an alternate route as compared to any othergeneration. Millennials changing state of mind toward work and leisure isinfluencing the corporate world and this has an effect on travel world. Theyspend slightly more on dinning out than other generation. They visit fast foodjoints at least 12 times each month and spend greater value of their salary onfood than any other generation as well as they prefer eating outside rathercooking at home .Millennials always look for creativity and innovationin fast food restaurants and they consistently presented to numerous socialimpacts, and they are used to having bunches of choices whenever want to shop.
Theyhave adventurous tastes so they are keen at various items on fast food eateries.Millennials are addicted to their phones, nowadays they depend upon social mediaso our company have online site which is mobile friendly, and millennials lovedto use that because they want fast service as well they do not have to goanywhere they can order anything while sitting in home. As the communicationand sharing became easier by social networking cites, sponsorship and joininglocal groups and making dining menus are easier which attracts millennialgroups more toward food niche. Adults always want to try excited things so theycome and learn cooking too. S.
(2011,October 31). 2 Target Markets for Restaurants. Retrieved January 04, 2018, fromhttps://www.qsrmagazine.com/denise-lee-yohn/2-target-markets-restaurants Segmentationis a process of subdividing potential clients in groups, or segments, based ondifferent characteristics.
In a food industry, segmentation is hot topic. Thereare different types of types of customer segmentation such as demographics,psychographic, geographic, benefit and behaviour. · DemographicSegmentation – It is important to all marketing departmentsbecause the information is effectively accessible and does definitely influencepurchasing patterns. It is based on age, gender, income and family life cycle. Demographicsegmentation is an efficient way for targeting more segments at once. Gender isthe one of the most important part of demographic segmentation because theneeds, interest and taste of males and females also it varies for age as childrenand adults mostly like junk food whereas seniors prefer healthy food.
Religionis a segment which might be connected to race and ethnicity, as religiousconvictions has great impact on purchasing food items. For example – Sikhs areonly allowed to eat vegetarian food. Race factor also influence the buyingbehaviour of customer as an American customer have different buying behaviourthan an Asian customer. · GeographicSegmentation- It divides the consumer marketing segmentation on the basis of geography,also it breaks the market into sections of region, climate and market size.Some companies use geographic segmentation to target new locations andterritories. For example – If a restaurant is marketing to people who areliving far away from that restaurant then it will be fail in its business.
Travelling time is most important so that restaurant has to reach the peoplewho are living near. Different regions in the country have different productneeds. Geographic strategy also works with seasonal marketing for shiftingmoods of clients as weather turns cold and hot. Many beverages companies takeout hot drinks during the fall to catch the turning attention of consumerstowards the cold weather. · BehaviouralSegmentation- It divides the population on the basis of their nature, behaviour, way thepeople react to, utilize or how much they about the product. The behaviourfollowed of reasons for client divisions are; the attitude of customer towardsthe product, information of the item, how, when and how often clients utilizesthe items.
The knowledge of the item andits usage influence the purchasing choice of the client. This segment alsobased on loyalty; if your customer is loyal to you then the customer base willbe better. The best example for behavioural segmentation is restaurants wherethey give their best hospitality service to retain their customers.
Behaviouralsegmentation for the restaurants follows marketing procedure since it enablesmarketers to target particular group based on actual behaviour of consumer. Bell, E.(2017, May 22). Customer Segmentation: 5 Ways to Divide the Consumer Base |BRIDGE. Retrieved January 05, 2018, from http://www.thebridgecorp.
com/customer-segmentation/ Bhasin,H. (2017, December 15). Behavioral Segmentation explained with Examples.Retrieved January 05, 2018, from https://www.marketing91.com/behavioral-segmentation/ J.
(n.d.). The Four Types of Target Marketing. Retrieved January 04, 2018, from http://smallbusiness.
chron.com/four-types-target-marketing-30472.html The behaviour of target market depends upon the quality, brand,packaging and pricing of the product. As explained in behaviour segmentation,the behaviour customer is influenced by the quality of hospitality service provided.Brand name of company is crucial factor that influences the behaviour ofmillennials towards the product because brand name and image both evokes thebuying decision of customer. If company is able to develop positive brandreputation than they can easily influence customer purchasing decision. Peoplewill look at your product, and then they will judge the product with others andchoose you over the competition if you have the positive reputation.
Millennialslook for creativity and innovation in any fast food restaurant. Nowadays restaurantstries to attract the millennials by offering the things that matter most tothem such as separate dinning spaces, fast services with ready to eat and go service , late night,happy hours and bar experiences that they loves the most . We divided the millennials into two groups (age18-24 & age 25-34),millennials of (age 18-24) are more likely to leave high school and looking forwork whereas (age 25-34) are forming relationships. Millennials of age 18-24are those who spend greater value of salary more on restaurants because theyare less likely to prepare food at home. Time is also a factor due to whichthis age group depends more on restaurants as one third of them are studying incolleges who are more likely to take out food from outside. Millennials are more likely to adventurous customers.
In food market,millennials are more adventurous in their interactions with food than any othergeneration. They feel uncomfortable eating alone so they enjoy eating withfriends whether food is cooked at home or going out happy hours with friends.Millennials are thrill seekers who pine for uplifted eating experiences forexample outrageous textures and extraordinary flavours. They swoon over strangenourishment shapes and obviously, clear worldwide cooking styles, particularlywhen they mix crisp and hot. They want to know from where their food is comingfrom and how their food is made. They also try to learn cooking or makingdifferent dishes at home.
They are reliable and long term customers as we discussed earlier that theymore likely to take food from out rather cooking at home so this is very clearthat they are regular or we can say long term customers. They become loyal torestaurant if the serviced provided to them is in positive manner. If restaurantsgive the best experience while providing the product, millennials will attractmore toward thatAlton, L.(2016, January 05).
5 Factors That Directly Influence Customer PurchaseDecisions. Retrieved January 05, 2018, from http://customerthink.com/5-factors-that-directly-influence-customer-purchase-decisions/ Guercio,E. (2017, March 09). Consumer Corner: Millennials: Meet the Boomers’ Kids (Part1: Profile, Food and Beverage Consumption Habits and Attitudes). RetrievedJanuary 05, 2018, from http://www1.
agric.gov.ab.ca/$department/deptdocs.nsf/all/sis14102 Roosa, A.(n.d.
). Millennial view: the long-term effects of Millennial bashing – Relateby Zendesk. Retrieved January 05, 2018, from https://relate.zendesk.com/articles/millennial-view-long-term-effects-millennial-bashing/ .