Industry Research

1. 1
Targeting Markets

2. Market Research and
Analysis
Market
Target
Market
Market
Segment

3. 3
Market Segmentation
Market
Market
Segment
Market
Segmentation
People or organizations with
needs or wants and the ability and
willingness to buy
A subgroup of people or organizations
sharing one or more characteristics that
cause them to have similar product needs.
The process of dividing a market into
meaningful, relatively similar, identifiable
segments or groups.

4. Market Research and
Analysis
The Four Who’s of Marketing
1. The User
2. The Decision Maker
3. The Buyer
4. The Influencer

5. Market Research and
Analysis
The Customer Profile
 Demographics
– Age, gender, income
 Psychographics
– Innovative, risk-averse, etc.
 User-term Characteristics
– Heavy/passive users, level of usage

6. Market Research and
Analysis
The Customer Profile Continued
 Buying Behavior
Where?
When?
What?
How?
Why?
 What problem(s) are you solving?

7. Market Research and
Analysis
Knowing Your Competition
 Who are they
 Where are they
 What are their strengths and weaknesses
 Who are their customers
 How do they advertise and promote
 What is the basis of competition

10. 10
Target Market
A group of people or
organizations for which an
organization designs,
implements, and maintains a
marketing mix intended to
meet the needs of that group,
resulting in mutually satisfying
exchanges.

11. A target market is...
Your ideal group of customers, and who a
business attempts to sell to
A target market is not…
Everyone that can, has the means to, or will
buy the product
** On the BMC, your target market is referred to as “Customer Segments”

12. Know who you are selling to
Are you selling to
● The User - consumer
● The Buyer - customer
● The Influencer
● The Decision Maker

13. Know their key characteristics
● Demographics
● Geographics
● Psychographics
● Buying Behavior

14. No Market Segmentation

15. Segmented by Sex

16. Segmented by Age

17. Geographics
Where your customers live
Examples include (but are not
limited to):
● City-dweller
● Suburban
● Rural
● International /domestic

18. The Basis of Market
Segmentation
Geographic – the study of the
market based on where
customers live
–Region, city, area, county, state,
country

19. Demographics
Who your customer is
Examples include (but are not
limited to):
● Age
● Gender
● Ethnic Background
● Income
● Marital Status
**Found on US Census, SBA,
SBDC

20. Demographic- personal
characteristics of a population
– Age,
– Gender
– Family size
– Marital Status
– Family life cycle
– Household income
– Occupation
– Education
– Religion
– Nationality, social
class
– Home Value
– Social Class
– Geographic
Region(s)

21. Demographics, con’t
 Age Cohorts
– Baby Boom generation – 1946 - 1964
– Generation X – Baby Bust generation
– Generation Y – Echo Boomers or
Millennium Generation
– Ethnic Segmentation – ethnic makeup &
cultural tastes
– Socioeconomic – social status or economic
position
• Income, Occupation, Class or social position

22. Psychographics
Why your customers buy
Examples include (but are not
limited to):
● Attitudes, Beliefs
● Lifestyle, Interests
● Hobbies, Activities
● Social status

23. Psychographics
•What makes them
tick?
•What's their
lifestyle
•Likes
•Dislikes
•Values
•Attitudes

24. Psychographics, con’t
 Activities
– Different Food Trucks represent market
segment

25.  Attitudes
– Eating healthy, becoming physically fit
 Personality & values
– Personality characteristics & values

26. Buying Behavior
How they buy; How they use a
product
Examples include (but are not
limited to):
● Needs vs Wants
● Spending patterns
● Usage trends
● Brand preferences
● Advertising influence