Before launching a product, organizations need to take extensive research to understand consumers’ needs and requirements. The target market selection is based on the opportunities in select industries, profitability, and the difference in the market. The competitive analysis determines the success of the target market. However, positioning, targeting, and formula dissection are the origin of value creation and the seed of strategic market plan. Most organizations have sections and positions, and success is dependent on the goods and services offered by the organization. However, organizations that provide the same products in similar territories and same clientele cannot co-occur. Market plans discuss the features and promotions of products. Nevertheless, they fail to discuss the benefits and profiles of customers. The paper shall discuss consumer analysis, customer profile, current threats and future opportunities for Microsoft One Drive to understand its target market.
Demographics and Psychographics
Demographics
The demographics of Microsoft One Drive are college students and graduates. The users’ ages range from 18-33years, and the income levels range from $1500 to $250,000 per year. Most students are exclusively based in the U.S. and are from numerous backgrounds. Moreover, they work in full-time or part-time jobs and are either married or single (Weinstein, 2014).
Psychographics
Lifestyle is the most influential psychographic data. Organizations should seek to inspire their consumers by ensuring that they can access the required information whenever in need. In that case, Microsoft One Drive should motivate students by providing them access to their files everywhere, without having a computer with them. Students shall develop a positive attitude towards Microsoft One Drive since it helps them to achieve their objectives.
Current Threats
External Threats.
Threats are described as factors that may affect a business. A prosperous market attracts competitors. Thus, the marketing strategies should change with the changes in the target group. The threat of competition rise from organizations that sell similar products. Competitors in cloud storage include Dropbox, Google Drive, and Apple iCloud (Jensen, 2017).
Internal Threats
Most consumers have data in the cloud whether in contacts, calendar, storage of files, or in productivity. Microsoft One Drive enables consumers to save their documents, presentations, and spreadsheets. Every cloud storage provider eases data access from the cloud. Dropbox is seen as the most comfortable form of cloud storage. It has a folder that syncs all devices, especially when new documents added to shared folders. However, it does not offer email services like Google, iCloud, or Microsoft. Thus, the competition from such organizations is a threat to the organization and Microsoft should implement strategies that improve its competitiveness in the market.
Consumer Analysis
Consumer behaviors give an understanding of how users consume products and services. Thus, consumer behaviors are contingent on results. The ability to access files everywhere makes cloud services economical, convenient, and reliable and provides brilliant quality. However, based on demographics of the target market, most graduates and college students are part-time or full-time workers. Thus, these users require easy access to their files everywhere.
Potential Future Opportunities
Possible future opportunities lie within the consumers using Dropbox, iCloud, and Google drive. Thus, Microsoft should extend its focus on lower and upper socioeconomic status males and females between the age of 34-55 with no college education. The new market shall enable consumers to learn how to utilize Microsoft One Drive to create and access files everywhere. The organization should offer online training to help users use other services such as Word, Excel, and Outlook (Foxal, 2015). Such training provides the opportunity of learning new skills, which improves the brand’s competitiveness. Moreover, an updated product design shall be advantageous and make Microsoft One Drive more productive since innovative products enhance the value and purchase intention of consumers.
Conclusion
The success of a product or service
requires a thorough understanding of the clientele by marketers, which include
learning the demographics and psychographics. Organizations that understand the
current threats in the market can plan their market strategically. The
behaviors of consumers determine how products and services are used in a
particular market. Evaluating the future opportunities for the organization
looks at the current consumers to reach new ones, improving the profitability
of an organization.
References
Foxal, G.R. (2015). Consumer Behavior Analysis and the Marketing Firm: Bilateral Contingency in the Context of Environmental Concern. Journal of Organizational Behavior Management, 35(1/2), 44-69. Doi: 10.1080/01608061.2015.1031426
Jensen, K. (2017). Possible Market Threat in a Marketing Plan. Retrieved from: http://smallbusiness.chron.com/possible-marketing-plan-51414.html
Weinstein, A. (2014). Target Market Selection in B2B Technology Markets. Journal of Marketing Analytics, 2(1), 59-69. Doi: http://dx.doi.org/10.1057/jma.2014.6
