The target audience of our product is of 50 years old people and above. As the main idea and concept of our product is to give a product that is for the 50 plus, we need to cater the audience of the same group. The target segment selected is important for the company for this product because the features offered and traits and attributes of this target group are matching. Savings and deposits can be conducted by this group as they have huge savings. We have not only targeted the existing customers of the company, but we will be attracting the new customers also for this product. This is present because the company wants to gain market share. For the existing customers, these new features will give the element for retention and loyalty and for the new customers the new services will be a form of attraction. As this is a saving account and the company wants more and more funds, they have targeted this segment because they do not much spending, and as they have huge amount of savings, they tend to save it for their future or for their children.
Education: the level of education for this target group is more than masters; these people will be highly educated because they are at this age group and have achieved so much in their career. Income: these people are mostly retired, but they will be likely to have a £5000 saving that is easily accessible by the company. Occupation: these people are mostly retired, but the main occupations that are associated with these people can be doctors, lawyers, consultant’s etc. Most of the people in this group are educated and have jobs and will continue with the jobs for more two years. Household: they have good and spacious household and most of them have only one individual at their homes. As they are retired people, some of them are not married and some are still singles or widowers. Gender is not fixed for this target segment as both males and females are included in the target audience.