Introduction of Target Market

Market segmentation enables organizations to select and target potential customers that may be interested in buying products and services offered by their company. Market segmentation enables organizations to select and target potential customers that may be interested in buying products and services offered by their company. Organizations develop promotion strategies based on their selected audience and targeted segments. As a comic book store, Limited Edition has specific markets that are strategically targeted to boost product sales. In this section of the paper, the target market strategy and market profiles of Limited Edition will be covered in detail. The primary and secondary target markets will also be discussed.

Target Market Strategy

            Limited Edition works in the retail industry, and it receives competition from local book stores and specialty comic book stores. Its market is also influenced by dynamic technologies and the advancement of the internet’s-book reading applications are available on mobile phones, and e-commerce websites are creating a challenging situation for the survival of Limited Edition within the targeted market. All of these competitive forces should be taken into account as Limited Edition establishes a marketing strategy that will achieve sustainable development.

            The target markets for Limited Edition can be broken down into different segments. The target markets for Limited Edition can be broken down into different segments. For demographic segments, Limited Edition will be targeting customers within the age group of 18-29. However, these comic books (key products of Limited Edition) are safe to read and interesting for all age groups. Young people usually take more interest in comic books than older generations. Because of this, they are given priority when selecting a demographic segment.”.Secondly, demographic segmentation is also based on income, social status and gender. Comic books are for both genders, as they relate to the lives of both boys and girls. Because of this, both genders can be attracted to the medium.  However, males are more likely to buy comic books than females (Johnston, 2017).  As another aspect of demographic segmentation, people with average income groups will be selected and targeted for the sales of comic books by Limited Edition  (Fifield, 2012).

            The audience of college-age individuals is appropriate due to their high purchasing frequency of comic books. The targeted audience is grasped with the help of particular pricing strategy example there are companies that involves quarterly sales on comics, a subscription service for comic series, and offering 20% off of graphic novels every day for their customers. Currently, the company is not following any formal segmentation strategy. Comic books and similar products are offered alongside other products in order to attract all kinds of people.  Based on the current market analysis, it’s clear that Limited Edition needs to further improve their selection of the targeted audience.

            By focusing on their proposed targeted market, Limited Edition can improve their business operations and overall profitability. By focusing on a specific market that is likely to buy Limited Edition’s products, LEC&C can save money that may have been spent advertising to irrelevant audiences.

Target Market Profile

The following headings cover primary and secondary targeted markets for Limited Edition.

            Primary Targeted Market: In the primary targeted market, demographic, geographic, psychographic, and behaviorist characteristics are given importance while selecting a specific group of people as the targeted market for comic books and similar products (Baker & Hart, 2016).

            The primary target market of college-age students was selected due to them being frequent buyers of these products. It is important to keep in mind that LEC&C’s comic books will have to compete with television, cartoons and web comics. While other book stores may provide a place to purchase comics, the main advantage of Limited Edition is the proximity to the local campus of UNI.

Secondary Targeted Market   

            The secondary market is based on consumers who are loyal customers of Limited Edition. However, their frequency of comic book purchasing is relatively lower than the habits of the primary audience. The secondary market is competitive for Limited Edition due to a variety of substitutes being offered by competitor companies. E-commerce based stores and e-readers are also threats for the secondary targeted market.  

Conclusion of Target Market

            While Limited Edition is offering comic books to its targeted market, there is still some work to be done when it comes to the formal selection and categorization of their products and target market. By using market segmentation and target market strategies, Limited Edition can narrow their focus and profit because of it. Although the primary and secondary markets for comics and cards have their differences, both of these markets are based on frequent and loyal buyers that will help the business prosper.