STANDARD 1 OBJECTIVE 1 Students will understand the concept of market & market identification. Market : People who share similar needs & wants and are capable & willing to buy products. Product Life Cycle : The stages that a product goes through during its life.
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Market: People who share similar needs & wants and are capable & willing to buy products.
Product Life Cycle: The stages that a product goes through during its life.
Target Market: A group of people identified as those most likely to become customers.
Mass Marketing: Use of a single marketing plan to reach all customers.
Marketing Segmentation: breaking customers down into smaller groups by identifying them by shared needs and characteristics.
Geographic – Demographic – Psychographic - BehavioralNew Vocabulary
A focus group is qualitative research where a group of people are asked about their attitudes toward a product, service, concept, advertisement, idea, or packaging.
Questions are asked in an interactive group setting where participants are free to talk with other group members.
The process and methods used to gather information, analyze it, and report findings related to marketing goods & services.
After the target market is defined, use the Marketing Mix to enhance the product/service concept