Table of Contents
Abstract. 2
CHAPTER ONE.. 5
INTRODUCTION.. 5
1.1 Background to the Study.. 5
1.2 Statement of the Problem... 6
1.3 Objectives of the Study.. 7
1.4 Research Questions. 8
1.5 Research Hypothesis. 8
1.6 Significance of the Study.. 8
1.7 Scope of the Study.. 9
1.8 Limitations of the Study.. 9
1.9 Organization of the Study.. 10
CHAPTER TWO.. 12
REVIEW OF RELATED LITERATURE.. 12
2.1 Introduction.. 12
2.2 Theoretical Review.. 12
2.3 Conceptual Review.. 14
2.4 Empirical Review.. 18
2.5 Summary of Literature Review.. 20
Chapter Three.. 21
Research Methodology.. 21
3.1 Introduction.. 21
3.2 Research Design.. 21
3.3 Population of the Study.. 22
3.4 Sample Size.. 22
3.5 Area of the Study.. 23
3.6 Data Collection Methods. 23
3.7 Sampling Techniques. 24
3.8 Data Analysis Procedures. 25
3.9 Ethical Considerations. 25
3.10 Limitations of the Study.. 26
3.11 Conclusion.. 26
DATA ANALYSIS AND INTERPRETATION.. 27
4.1 Preamble.. 27
4.2 Socio-Demographic Characteristics of Respondents. 28
TABLES BASED ON RESEARCH QUESTIONS.. 30
4.3 Analysis of the Respondents’ Views on Research Question one:. 30
4.4 Testing Hypothesis. 43
Discussion of Findings. 46
CHAPTER FIVE.. 49
SUMMARY CONCLUSION AND RECOMMENDATION.. 49
5.1 Summary of Findings. 49
5.2 Conclusion.. 50
5.3 Recommendations. 51
REFERENCES.. 53
Questionnaire on 'STRATEGIES FOR IDENTIFYING AND TARGETING NEW MARKET SEGMENTS FOR EMERGING TECHNOLOGIES (A CASE STUDY OF OPAY)':. 55
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
In the dynamic landscape of emerging technologies, businesses constantly strive to penetrate new market segments to expand their reach and drive growth. However, the journey to identify and effectively target these segments demands strategic acumen and a deep understanding of market dynamics. This introduction serves as a beacon, illuminating the pathways that businesses can navigate to uncover lucrative market segments for their innovative offerings.
Firstly, grasping the intricacies of emerging technologies is paramount. A thorough comprehension enables companies to discern market gaps and anticipate evolving consumer needs. As echoed by Johnson et al. (2018), staying attuned to technological advancements empowers businesses to capitalize on emerging trends and position their products or services competitively within new segments. Additionally, understanding market demands allows for tailored strategies, as emphasized by Smith and Stewart (2020), ensuring alignment between offerings and customer preferences.
Secondly, leveraging data-driven insights plays a pivotal role in segment identification and targeting. In the digital age, data analytics tools provide invaluable intelligence, enabling businesses to pinpoint untapped segments with precision. As posited by Gupta and Sinha (2019), harnessing big data facilitates the identification of niche markets and enables personalized marketing strategies that resonate with diverse consumer demographics. By harnessing data analytics, companies can refine their market segmentation strategies, enhancing the efficacy of their outreach efforts.
Furthermore, fostering strategic partnerships and collaborations can unlock new avenues for market expansion. As highlighted by Fernandez and Underwood (2021), strategic alliances with complementary businesses or industry stakeholders can facilitate access to new customer segments and amplify market reach. By forging symbiotic relationships, companies can leverage partner expertise and resources to penetrate previously inaccessible markets, accelerating growth and fostering innovation.
1.2 Statement of the Problem
In the dynamic landscape of emerging technologies, the identification and targeting of new market segments pose significant challenges for businesses aiming to capitalize on innovation. The rapid pace of technological advancement often outpaces market understanding, making it difficult to anticipate which segments will embrace new offerings. Moreover, emerging technologies frequently blur traditional industry boundaries, complicating segmentation efforts further. This problem is exacerbated by the need for nuanced approaches to understand diverse consumer behaviors and preferences within these novel segments. Without effective strategies for identifying and targeting these new market segments, businesses risk missing out on lucrative opportunities for growth and innovation (Johnson & Talbot, 2023; Smith et al., 2022).
To address this challenge, companies must adopt comprehensive methodologies that integrate market research, data analytics, and strategic foresight. Traditional market segmentation techniques may fall short in capturing the nuances of emerging technology markets, necessitating a more adaptive and agile approach. Leveraging big data analytics and machine learning algorithms can provide deeper insights into emerging consumer trends and behaviors, enabling businesses to identify latent needs and preferences within nascent market segments. Additionally, strategic foresight techniques, such as scenario planning and trend analysis, can help businesses anticipate future market dynamics and proactively tailor their offerings to meet evolving demands (Jones & Patel, 2024).
1.3 Objectives of the Study
The main objective of the study is to examine Strategies for Identifying and targeting new market segments for emerging technologies. Specific objectives of the study are:
- To understand Market Needs and Pain Points.
- To analyze User Behavior and Adoption Patterns.
- To evaluate Market Potential and Competitive Landscape.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- What unmet needs or frustrations do current market segments experience that the emerging technology could potentially address?
- What are the demographics, psychographics, and technographics of early adopters for similar emerging technologies?
- Are there any existing or potential competitors targeting the same market segment with similar or alternative technologies?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no significant relationship between the strategies employed for identifying and targeting new market segments and the success of penetrating emerging technologies into those segments.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Marketing sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to Opay. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
