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WHO IS OUR TARGET MARKET?

WHO IS OUR TARGET MARKET?. Write a brief description of our SBE’s target market. IMPLEMENTING AUTOMATED RETAIL: PEOPLE. THE MARKETING MIX. IMPLEMENTING AUTOMATED RETAIL: PEOPLE. MARKET. People who have similar needs and wants and are capable of buying products

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WHO IS OUR TARGET MARKET?

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  1. WHO IS OUR TARGET MARKET? Write a brief description of our SBE’s target market. IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  2. THE MARKETING MIX IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  3. MARKET People who have similar needs and wants and are capable of buying products • A key part of this definition is the fact that the potential customer has the purchasing power to buy the product offered. IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  4. TARGET MARKET The group of customers most likely to purchase your product. It is the group of people toward whom a business directs it’s promotional efforts. • Successful businesses look for ways to connect with their customers; understanding the customer or potential customer is the key to gaining their trust and their patronage IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  5. MARKET SEGMENTATION The process of defining and subdividing a large market into identifiable segments having similar needs, wants, or demands. • All businesses need to define their target market as specifically as possible and avoid generalizations or broad definitions. IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  6. IDENTIFYING THE TARGET MARKET When identifying the target market, consider the following questions : • Is your market male or female? • What age? • Where do they live? • What do they do for a living? • How much money do they make? • What lifestyles and attitudes do they have? IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  7. TARGET MARKET RESEARCH CLUSTERS • Demographics: personal characteristics that make up a target market. • This includes: age, gender, income, marital status, and ethnic background. • Psychographics: social lifestyles (such as student, parent, athlete, etc.), attitudes, values, and opinions • Geographics: segmenting the market based on where people live. • This can be local, regional, national, and even global descriptions. • Behavioral: segmenting the market based on product- related behavior that involves the benefits sought by customers or shopping patterns. IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  8. ACTIVITY Using the concepts described in segmenting a market, write a detailed description of the target market for the automated retail kiosk. IMPLEMENTING AUTOMATED RETAIL: PEOPLE

  9. QUIZ TARGET MARKET IMPLEMENTING AUTOMATED RETAIL: PEOPLE

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