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2.02 Discuss the concept of market identification .

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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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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.
slide11

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

slide12

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

think critically quiz
Think Critically Quiz
  • 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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