Market research plays a crucial role in the successful targeting of a demographic. It helps businesses understand the needs, preferences, and behaviors of their target demographic. This understanding allows businesses to tailor their products, services, and marketing strategies to meet the specific needs of their target demographic. For instance, Apple used market research to identify an opportunity to target an older demographic with an FDA-approved ECG scanner. This led to Apple becoming the third-most trusted brand among older Americans.

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Product features can significantly influence a company's targeting strategy. For instance, if a product has a feature that is particularly appealing to a certain demographic, the company can target its marketing efforts towards that demographic. This can help the company to reach a more specific audience, which can lead to increased sales and customer loyalty. Additionally, unique product features can help a company to differentiate itself from its competitors, which can also be a powerful marketing tool. For example, Apple's FDA-approved ECG scanner feature in its products led the company to target an older demographic, resulting in Apple becoming the third-most trusted brand among older Americans.

Companies can use several strategies to target demographics with high disposable income. Firstly, they can develop premium products or services that cater to the luxury or high-end market. Secondly, they can use targeted marketing and advertising campaigns that appeal to the lifestyle and interests of these demographics. Thirdly, they can partner with other luxury brands or influencers that this demographic respects or follows. Lastly, they can offer personalized services or experiences that make the demographic feel valued and exclusive.

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Product Management Toolkit (Part 1)

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