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2.02 Discuss the concept of market identification. Age. Hobbies. Target Market. Location. Individuals with whom a company desires to do business. Market. The group of potential consumers who share common needs and wants. The market has the ability and willingness to buy the product.

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2.02 Discuss the concept ofmarket identification.


Target market

Age

Hobbies

Target Market

Location

Individuals with whom a company desires to do business.


Market
Market

  • The group of potential consumers who share common needs and wants.

  • The market has the ability and willingness to buy the product.

  • Businesses strive to meet the needs and wants of their customers.


Mass marketing
Mass Marketing

  • A single marketing plan used to reach all consumers.


Target market1
Target Market

  • The group of consumers that a company desires to have as customers.


Market segmentation
Market Segmentation

  • Dividing the entire market into smaller groups (of people) who share similar characteristics.

  • Allows businesses to customize products and marketing strategies.


Demographics
Demographics

  • Segmenting the market based on personal characteristics such as age, gender, income, ethnic background, education and occupation.

  • Example: middle class, males, ages 20-40, who are construction workers.


Psychographics
Psychographics

  • Segmenting the market based on values, attitudes and lifestyles.

  • Example: People interested in professional football.


Geographics
Geographics

  • Segmenting a market based on where a person lives. Geographic segmentation can refer to local, regional, national or global markets.

  • Example: A small local store will segment to the surrounding area like a town, while big companies like Nike market Internationally.


Behavioral segmentation
Behavioral Segmentation

  • Dividing consumers into groups according to their response to a product. Behavioral segmentation divides markets into groups based on what they are looking for in a product and why they buy the product.

  • Example: Purchasing Nike shoes because Michael Jordan wears them.


Pick a specific sport, athlete, entertainer, movie, etc. and identify its target market.Describe, in detail, using the segmentation methods:demographicspsychographicsgeographicsbehavioral segmentation


On the Market Identification Websites Sheet, label the segmentation methods used:DemographicsPsychographicsGeographicsBehavioral segmentation(product usage or benefits)


Think critically quiz
Think Critically Quiz segmentation methods used:

  • Give an example of a good market segment to target for casinos during weekdays? Explain your answer.

  • Describe in detail demographics, geographics, psychographics, and behavioral/product usage for snowmobiles.


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