QUESTION ONE $[25]$

Title: Snappy: Navigating Target Market Selection in the Photography Industry

Introduction:

Snappy is a startup company that specializes in providing innovative photography solutions for

amateur and professional photographers alike. The company offers a range of products and

services, including digital cameras, accessories, online photo editing software, and photography

workshops. As Snappy seeks to expand its market presence and drive growth, it faces the crucial

decision of selecting the most suitable target market for its offerings.

Situation Analysis:

Snappy operates in a dynamic and competitive landscape within the photography industry. The

market is characterized by diverse consumer segments with varying needs, preferences, and

purchasing behaviors. To achieve sustainable success, Snappy must carefully evaluate potential

target markets and consider various factors before making a strategic decision.

Factors to Consider when Selecting a Target Market:

Demographic Factors:

Age: Snappy may consider targeting specific age groups, such as millennials or baby boomers,

based on their photography interests and purchasing power.

Gender: Understanding gender preferences and behaviors towards photography products can help

Snappy tailor its marketing efforts accordingly.

Income Level: Targeting consumers with higher disposable incomes may allow Snappy to position its

products as premium offerings, while also considering affordability for other segments.

Geographic Location: Identifying regions with high demand for photography products and services

can help Snappy allocate resources effectively and optimize distribution channels.

Psychographic Factors:

Lifestyle: Snappy can target consumers with specific lifestyles, such as travel enthusiasts, hobbyists,

or professional photographers, who are more likely to invest in photography equipment and services.

Personality Traits: Understanding personality traits, such as creativity or tech$-$savviness, can help

Snappy tailor its messaging and product features to resonate with its target audience.

Values and Beliefs: Targeting consumers who value creativity, self$-$expression, and visual

storytelling aligns with Snappy's brand identity and positioning in the market.

$1$

Behavioral Factors:

Purchase Behavior: Analyzing purchasing patterns, frequency, and preferences can help Snappy

identify segments that are most likely to buy its products and services.

Usage Behavior: Understanding how consumers use photography equipment and software can

guide Snappy in developing relevant features and functionalities that meet their needs.

Brand Loyalty: Targeting consumers who exhibit brand loyalty or are open to trying new photography

solutions can help Snappy gain market share and build a loyal customer base.

Competitive Landscape:

Competitor Analysis: Assessing competitors' target markets, strengths, and weaknesses can help

Snappy identify gaps in the market and opportunities for differentiation.

Market Positioning: Snappy must consider how its offerings compare to competitors' products in

terms of quality, pricing, and value proposition when selecting a target market.

Marketing Resources and Capabilities:

Budget Allocation: Considering the resources available for marketing and promotion, Snappy should

target segments where it can achieve the highest return on investment.

Marketing Channels: Identifying the most effective channels for reaching the target market, such as

social media, online advertising, or partnerships with photography influencers, is essential for

successful market penetration.

Conclusion:

Selecting the right target market is a critical strategic decision for Snappy as it seeks to grow and

thrive in the competitive photography industry. By carefully evaluating demographic, psychographic,

behavioral, competitive, and resource$-$related factors, Snappy can identify the most promising

market segments and tailor its marketing strategies to effectively reach and engage its target

audience. Through continuous monitoring and adaptation, Snappy can position itself for long$-$term

success and leadership in the photography market.

$1\mathrm{.}1.$ Explain the demographic factors that Snappy should consider when selecting a target market

in the photography industry. $(15)$

$1\mathrm{.}2.$ Describe how Snappy could utilize psychographic factors to identify potential target segments

for its photography solutions. $(10)$