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Target Markets

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Marketing 6621

Marketing 6621

Published in: Business, Health & Medicine

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Transcript

  • 1. Marketing
  • 2. Key Terms Market Target Market Mass Marketing Market Segments Demographics
  • 3. What is a Market? A market are those who have: A need or desire, and The ability to pay, and The willingness to buy (soon)
  • 4. Target Market A target market are those who: Are grouped within a market by what they have in common Are the customers the business seeks to attract
  • 5. Mass Marketing Mass marketing is designing products and directing marketing activities to appeal to the whole market (lightbulbs)
  • 6. Mass Marketing Advantages: communicates a broad message to as many customers as possible More cost-effective Businesses don’t have to pay for the production of similar products Can price and distribute one type of product more easily than many Can send one promotional message to everyone
  • 7. Mass Marketing Disadvantages: The diversity of the audience Only a small percentage of the mass market is likely to purchase the product
  • 8. Market Segments Dividing the market into smaller groups in order to target each group individually
  • 9. Market Segments Advantages: meets the needs of customers, more precise than mass marketing, more effective communication Provides an efficient way for smaller firms to compete with larger businesses
  • 10. Market Segments Disadvantages: takes more resources to be successful, more difficult to reproduce, requires more creativity and money
  • 11. Market Segmentation Market segmentation is the division of a total market into smaller, more specific groups as a way to meet the needs of customers Demographic segmentation Geographic segmentation Psychographic segmentation Behavioral segmentation
  • 12. Demographic Segmentation Demographic segmentation is dividing the market on the basis of its physical and social characteristics
  • 13. Demographic Segmentation Gender: indicates purchase preferences (female) Origin or heritage: race, ethnicity, nationality (Caucasian) Religion (Christian) Social or economic status: education level, occupation, income (Middle-Class) Life stage: age, generation, marital status, family life cycle, family size. (Teens)
  • 14. Geographic Segmentation Geographic Segmentation is the division of a market on the basis of where consumers are located. Determine customers’ purchase preferences according to climate, political boundaries, or population density
  • 15. Geographic Segmentation Marketers discover Where their markets are located Who their competitors are Which media will reach their customers
  • 16. Psychographic Segmentation Psychographic segmentation is the division of a market on the basis of consumers’ lifestyles personalities. Values, motives, attitudes, opinions, interests, activities, personalities, and lifestyles It gives a clearer picture of customers’ needs and wants based on personality and lifestyle.
  • 17. Behavioral Segmentation Behavioral segmentation is dividing a market on the basis of consumers’ response to a product. Marketers look at the cause and effect nature of customers’ purchase decisions Examine what customers respond to when they buy a particular product
  • 18. Behavioral Segmentation Customer questions in behavioral marketing: How will the product benefit me? Am I ready to buy it? When will I use the product/ On what occasions? How often? Am I in a comfortable buying pattern? Do I feel loyal to a particular brand?