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Chapter 6 target markets. Market & Market ID. All people who share similar needs and wants and who have the ability to purchase a given product are a MARKET.

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market market id
Market & Market ID
  • All people who share similar needs and wants and who have the ability to purchase a given product are a MARKET.
    • You can be part of the market for video games, but not be a part of the market for an expensive car. Even though you may want it, you may not have the means to buy one.
consumer market
Consumer Market
  • The consumer market consists of consumers who purchase goods and services for personal use.
  • Needs and wants reflect their lifestyles
  • Consumers are interested in products that will:
    • Save them money
    • Make their lives easier
    • Improve their appearance
    • Create status
    • Provide satisfaction
organizational market
Organizational Market
  • AKA Business to Business market
  • Includes all businesses that buy products for use in their operations
  • Goals and objectives of business firms are different than the consumer market.
    • Improving profits
    • Improving productivity
    • Increase sales
    • Decrease expenses
    • Increase efficiency
market share
Market Share
  • A company’s MARKET SHARE is its percentage of the total sales volume generated by all companies that compete in a given market.
  • Knowing market share helps companies analyze their competition as well as their status in a given market.
market share1
Market Share
  • A company with a large market share can afford to take risks that other companies cannot.
market segmentation
Market Segmentation
  • Businesses look for ways to sell their products to different consumers who may be potential customers.
  • This involves SEGMENTING, or breaking down, the market into smaller groups with similar characteristics.
market segmentation1
Market Segmentation

The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

  • Market Segment

Gender-Based Segmentation (Page 274)

target market selection process
TARGET MARKET SELECTION PROCESS
  • The goal of market segmentation is to identify the group of people most likely to become customers.
  • The group that is identified for a specific marketing program is the TARGET MARKET.
undifferentiated targeting strategy
UndifferentiatedTargeting Strategy
  • Homogeneous Market

Figure 10.2

undifferentiated strategy satisfies most customers with a single marketing mix
Undifferentiated strategy satisfies most customers with a single marketing mix

Courtesy of The Beef Checkoff Program

demographic variables
Age

Gender

Race

Ethnicity

Income

Education

Occupation

Family size

Family life cycle

Religion

Social class

Demographic Variables
gender is a common target in marketing to a demographic
Gender is a common target in marketing to a demographic

Reprinted with permission of The Dial Corporation.

family life cycle stages
Family Life Cycle Stages

Source: Jason Fields, “America’s Families and Living Arrangements: 2003,” Current Population Reports, U.S. Census Bureau, 2003.

geographic variables
Geographic Variables
  • Climate
  • Terrain
  • City size
  • Population density
  • Urban/rural areas
micromarketing
Micromarketing

An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets.

psychographic variables
Psychographic Variables
  • Personality characteristics
  • Motives
  • Lifestyles
  • Cultures and subcultures
more on psychographic variables
More on Psychographic Variables:

*How people live or want to live – health, youth, controlling your life, alternative thinking and/ behavior.

*Assess AIO dimensions: activities, interests, and opinions.

slide25

“Don’t put a cold back

in your pocket.”

slide26

Pocket-sized Kleenex

Jumbo, Man-sized Kleenex

kleenex facial tissue
Kleenex® facial tissue

Kimberly-Clark sought to give the public as many reasons to buy their product as possible….in 1927, K-C proposed a new use for Kleenex®: ‘absorbent kerchiefs.’

product positioning and repositioning
PRODUCT POSITIONING AND REPOSITIONING
  • Product positioning
    • creating and maintaining a certain concept of a product in customers minds.
  • Perceptual Mapping
  • Bases for Positioning
  • Repositioning