Mommy and Me is the proposed apparel company that is going to develop a brand, IM HIS PRIORITY. Since an appropriate business model has been selected, it is reasonable to comment on specific market segments for the business. Since the company provides apparel items for mothers and their children, it is not a surprise that these population groups are under consideration. Thus, demographic, economic, and regional reasons provide the rationale for focusing on these population groups.
On the one hand, it is necessary to explain why women are the primary target market. Firstly, representatives of this sex form more than 50% of the US population (United States Census Bureau, 2019). Livingston (2018) also admits that birth rates are increasing now, meaning that a higher number of all women can become potential customers of the company. Secondly, an economic factor also justifies the selection of this group. Median household income kept increasing from 2018 to 2019, and the same state of affairs was observed for female households where no spouse was present (Semega et al., 2020). This information allows for supposing that potential customers have sufficient financial resources to buy apparel items. Thirdly, a regional factor justifies the focus on women because there are no specific regions where women reside more abundantly. Since they are evenly represented across the US, the company can find potential customers in every state, city, town, and village.
Three specific reasons also demonstrate that focusing on children as the second target market is appropriate. Firstly, it is estimated that approximately 30% of the US population is represented by persons who are under 18 years old (United States Census Bureau, 2019). Livingston (2018) also stipulates that the birth rate is on the rise, denoting that this population group keeps increasing, and the company deals with a constantly growing customer base. Secondly, it is a popular approach to provide children with the best resources. Consequently, parents are typically ready to spend a significant portion of their income on their children, which is another reason to focus on the group. Finally, the absence of any geographical preferences denotes that the company can find clients across the US.
In general, this market is sufficiently covered, but some opportunities can be identified. In particular, evidence demonstrates that minority women and their children are underserved (Anderson, 2018). There are few businesses that provide services and products to African American, Asian American, Hispanic, and other ethnic groups. This state of affairs leads to adverse consequences for this population because supply does not meet the demand. This situation is an opportunity that Mommy and Me can address. Thus, the business will offer products to the general population, and representatives of racial minorities can also find items according to their cultural needs. Since a Print on Demand company will be used, customers will be free to state what products they require, and Mommy and Me will implement it. The business will be positioned as a company that welcomes the cultural peculiarities of its clients and does its best to address their specific needs.
In conclusion, Mommy and Me can benefit from providing its products to women and children. The rationale behind focusing on these marketing segments is that these groups form a significant portion of the US population, their size keeps increasing, and they are expected to spend much money on the products. Another opportunity is to focus on the potential customers from minority groups since they are typically underserved and can therefore bring higher revenue.
References
Anderson, A. (2018). Tapping underserved markets: Marketing to minority women. American Express. Web.
Livingston, G. (2018). They’re waiting longer, but US women today more likely to have children than a decade ago. Pew Research Center. Web.
Semega, J., Kollar, M., Shrider, E. A., & Creamer, J. (2020). Income and poverty in the United States: 2019. United States Census Bureau. Web.
United States Census Bureau. (2019). Quick facts. Web.