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TARGET
MARKET
CHOOSING the TARGET MARKET
Choosing the right target market is very important to maximise the results. I chose my target market based on the percentage of the market and create posts on social media based on the target market interests.
Daypacker Tom carries the largest percentage of the market at 29%. Hence, targeting them will be the most ideal since they need travel bags and backpacks. They would help Buhi Bags increase sales.
Back-to-School Mindy is the second-largest per cent of the market at 20%. Thus, I targeted them by mentioning "back to school" which would attract them and they need school bags for school, it would be ideal to target them as well.
Up-and-Corner Raj ranks third of the largest market at 16%. I targeted them by mentioning about work as they need a new backpack or travel bags for their job.
CONCLUSION
I did not target all 3 markets at the start of the simulation, I only started targeting all 3 markets during round 5. The reason was that I wanted to create awareness for more people, this would help to improve the sales too. I tried to target all the age group for the posts hoping to increase my revenue in round 5, however, the revenue wasn't high. Hence, I thought it was not good to target a post to such a wide range of audience. However, in round 11, I decided to target everyone aged 13-70, both gender and this time, I managed to earn $4,178 from an Instagram post. I learn that some posts are specific to a certain market, however, some general posts should be targeted at everyone.
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