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Target Market Profile
The new product targets market niche will primarily the women and men of child bearing years in both Puerto Rico and Cuba. The other secondary markets could be public health officials, hospitals, and schools. Puerto Rico has 1,940,618 women, and the country has 6,663,301 men aged below 50 years. On the other hand, Cuba has 2,581,895 women and 2,618,089 men aged between 24 to 54 years (Bryce et al., 2015). The buying pattern of Cuban and Puerto Rico, like other Latin American countries, are influenced by culture and slightly by belief.
Key Buying Behaviors
The Cuban and Puerto Rican consumers’ behavior varies according to various factors that include age, income levels, the presence of children and family size. Mainly women buy food, with most of the locals preferring local, good quality and fresh products, but the price is a key factor (Martínez-Novoa & Hodges, 2015). They prefer brands labelled in Spanish, guarantees proper preservation and has an expiry date. They mainly love to test new products and use catalogues to find bargains.
The Communist regime in Cuba imposed restrictions the international commercial exchanges development consequently stopping the locals from having a variety of product choices. The women and men market in Cuba and Puerto Rica can be divided into two, the Cuban men and women who struggle to get the basic needs and tourist who can afford many products and services which have higher purchasing power. With the ongoing American embargo, there are severe shortages of products in Cuba, making the life to be marked by shortages which are made worse by low salaries. Both institutional and cultural barriers make the Puerto Rican, and Cuban consumers in the identified market gap make them less likely to complain about a product (Pérez, 2014).
The properties and price of the product are the most influential factors for Cuban and Puerto Ricans buying decisions. When choosing the product the target market segment considers availability, price and friendliness of the seller as key factors. The two countries are very hospitable, and thus, any product that fits within this culture gains a high market.
Bryce, R. M., Salas, A., Acosta, D., Jimenez‐Velazquez, I. Z., Llibre‐Rodriguez, J. J., Sosa, A. L. & Prince, M. J. (2015). The prevalence, correlates and impact of anaemia among older people in Cuba, Dominican Republic, Mexico, Puerto Rico and Venezuela. British journal of haematology, 160(3), 387-398.
Martínez-Novoa, L. M., & Hodges, N. N. (2015). Identity and apparel consumption among Puerto Rican consumers. Fashion, Style & Popular Culture, 3(1), 87-104.
Pérez, L. A. (2014). Cuba: Between reform and revolution. Oxford University Press, USA