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Ind. 3.02 – Select a target market appropriate for venture/product to obtain the best return on marketing investment PowerPoint Presentation
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Ind. 3.02 – Select a target market appropriate for venture/product to obtain the best return on marketing investment. ENTREPRENEURSHIP I . How are marketers grouping you?. Business owners are excited about people’s similarities. Why?

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Ind. 3.02 – Select a target market appropriate for venture/product to obtain the best return on marketing investment

ENTREPRENEURSHIP I

how are marketers grouping you
How are marketers grouping you?
  • Business owners are excited about people’s similarities. Why?
    • Grouping is how marketers discover the best ways to match products with their customers
    • It is how marketers figure out what it takes to meet their customer’s needs.
    • How do you think marketers group YOU?
market those who have
Market – those who have….
  • An unfilled desire or need, and
  • Is financially able to pay, and
  • The willingness to buy (soon).

“There’s no way

this old mower is going

to get through this! It’s

time to buy a more

powerful one!”

target market those who
Target Market – those who….
  • Are grouped within a market by what they have in common
  • Are the customers the business seeks to attract
significance of target marketing
Significance of target marketing
  • Every customer belongs to a number of markets.
  • Customers are targeted in the consumer market, and businesses are targeted in the industrial market.
  • The same customer or business can be included in more than one target market.
  • Markets usually change over time.
two styles of approaching target market activities mass marketing
Two styles of approaching target market activities – Mass Marketing
  • Mass marketing is designing products and directing marketing activities to appeal to the whole market
  • Advantages
    • Used to communicate a broad message to as many customers as possible
    • Producing one product is cost effective for businesses
  • Disadvantages
    • The diversity of the audience
    • Since customers are so different, only a small percentage of the mass market is likely to purchase the product
two styles of approaching target market activities market segmentation
Two styles of approaching target market activities – Market Segmentation
  • Market Segmentation is the division of a total market into smaller, more specific groups as a way to meet the customers needs
  • Advantages
    • More precise
    • Allows for a finely tuned product, appropriate price, and ease of distribution
  • Disadvantages
    • More complex, difficult to produce products
    • More money needed
why is the use of market segmentation increasing
Why is the use of market segmentation increasing?
  • It’s more efficient in the long run.
  • Increased competition
  • Customers are more discerning than they used to be.
    • Customers want to know how the good or service will directly benefit them!
how do marketers divide their markets
How do marketers divide their markets?
  • They identify customers’ similarities.
  • They group customers by what they have in common.
  • Common ways to group customers:
    • Demographic
    • Geographic
    • Psychographic
    • Behavioral
demographic segmentation
Demographic Segmentation
  • Dividing a market on the basis of its physical and social characteristics
  • Example characteristics:
    • Gender
    • Origin or heritage
    • Religion
    • Social or economic status
      • Education level, occupation, income, etc.
    • Life stage
      • Generation, marital status, family size, etc.
geographic segmentation
Geographic Segmentation
  • The division of the market on the basis of where customers are located
    • Type of climate
    • Continents
    • Nations
    • Regions
    • States
    • Zip codes
    • Neighborhoods
    • Etc.
behavioral segmentation
Behavioral Segmentation
  • Dividing a market on the basis of consumers’ response to a product
    • Product Benefit
    • Occasion response
    • Loyalty
psychographic segmentation
Psychographic Segmentation
  • The division of a market on the basis of consumers’ lifestyles and personalities
    • Motives
    • Attitudes
    • Opinions
    • Interests
    • Activities
    • Personalities
    • Lifestyle