International business project
Any investing company has a responsibility of understanding their target markets which includes the population which the company expects to sell its products to. This will assist in formulating products specific for that population.
Income
The income of the United Kingdom middle class which will be the target market for the products ranges from $24,700. Most of population in the UK is ranked as middle class earners which increases the demand for the product in the market. This income will also be considered while determining the price of the products to ensure they do not exceed their consumption to savings level.
Education
Global Edge (2016), indicates that the UK population is composed of educated people with at least 70% of the population having acquired high school education. This will be the education level of the target market as these are individuals capable of making appropriate decisions. The education level will also assist them in following the instructions regarding the use of the products.
Gender
Gender equality in the UK market will be considered while launching the product as the products are meant for both males and females. This will also influence the marketing strategies used as women are considered to prefer colorful products while their male counterparts remain masculine. However, with over 55% of the population being females, the company will have to increase the production of the products meant of the females to ensure satisfaction of the demand.
Age
The target consumers of the products will be over 25 years as these are the abled people with a constant income from employment or businesses. According to the World Bank Group (2016), this population takes 66.23% of the population meaning the products will have sufficient demand. This group also compromises of educated people whose income is reliable indicating that the company will have constant demand for the products. To acquire this target group, the most appropriate marketing strategies will be digital through the internet and social media.
References
Global Edge. (2016). IMarket Potential Index (MPI) - 2016. Globaledge.msu.edu. Retrieved 2 April 2016, from http://globaledge.msu.edu/mpi
World Bank Group. (2016). Ranking of economies - Doing Business -. Doingbusiness.org. Retrieved 2 April 2016, from http://www.doingbusiness.org/rankings
