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SEM1 3.01 A - Market Planning. PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing in sport/event marketing. Marketing Terms.

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sem1 3 01 a market planning

SEM1 3.01A - Market Planning

PE – Select target market appropriate for product/business to obtain the best return on marketing investment

PI – Describe the nature of target marketing in sport/event marketing

marketing terms
Marketing Terms
  • Market – includes the group of all potential customers who share common needs
    • Ex: People that play video games
  • Target market – group of very specific customers that a company desires to have as consumers
    • Ex: BOYS that play video games
  • Mass marketing – single marketing plan to reach all consumers (Everybody!)
    • Ex: bottled water
marketing terms1
Marketing Terms
  • Marketing segments – groups of unique individuals that share common characteristics
  • Market segmentation – dividing the entire market into smaller groups that share common characteristics to create a target market

People Who Play Video Games

Yellow: All video games

Blue: Sports Games

Red: Role Playing Games

Green: Military Games

niche marketing
Niche Marketing
  • Niche Marketing is marketing directed towards a small underserved group
    • “the forgotten”
    • Can have great results
  • Examples:

Fisker Karma

Hybrid Supercar

Lefties Only

The Specialty Shop for Left-Handed

Golfers and baseball players.

the importance of target markets
The importance of target markets
  • Provides them with a group of potential or existing customers in which to communicate
    • Match the good or service with customer needs
    • Who is buying?
    • What do they buy?
    • Why do they buy?
  • Importance:
    • the more you know the better your product can satisfy those specific needs
the importance of target markets1
The importance of target markets
  • Develop a specific marketing mix
    • Differences in customer wants and needs
    • Increased sales and profits from each targeted market
    • Make sure the customers you are targeting have the willingness (want) and ability (disposable income) to purchase
describe advantages disadvantages of using market s egments
Describe advantages & disadvantages of using Market Segments
  • Advantages
  • Distinctive/Identifiable
  • Accessible/Actionable
    • Easy to get to
  • Measurable/Definable
  • Substantial
    • Large enough to make a difference
  • Stable
    • Will be around long enough for marketing to work
  • Disadvantages
  • Wrong market
  • Can’t reach them
  • No real data
  • Bad forecasts or information
  • Fads
describe advantages disadvantages of mass marketing
Describe advantages & disadvantages of Mass Marketing
  • Advantages
  • Less confusion
    • To implement
    • To customers
  • Less promotional cost
  • Less work
  • Disadvantages
  • Single message may not reach enough customers
    • May not keep pace with new trends
  • Lost sales opportunities
    • Harder and more costly to gain a new customer than to retain an old one
trends to smaller market segments
Trends to smaller market segments

1950’s - Mass Marketing

1960’s Market Segments

1970’s Niche Marketing

1980’s Mass Customization

1990’s Micro-Marketing

2000’s E-Marketing

demographic market s egmentation
Demographic Market Segmentation
  • Age
  • Generation
    • Baby-boomers (‘46 – ’64)
    • X (‘65 – ’76)
    • Y (‘77 – ’93)
    • Z (‘94 – ’04) techies
  • Gender
  • Family size
  • Family life cycle
  • Income
    • Disposable & Discretionary
  • Occupation
  • Education
  • Ethnicity
  • Nationality
  • Religion
  • Social Class
geographic market segmentation
Geographic Market Segmentation
  • Region: by continent, country, state, city, neighborhood or street
  • Size of metropolitan area: segmented according to size of population
  • Population density: often classified as urban, suburban or rural
  • Climate: according to weather patterns common to certain geographic regions
psychographic market segmentation
Psychographic Market Segmentation
  • Activities
  • Interests
  • Opinions
  • Attitudes
  • Values
  • Lifestyles
  • What a person likes to do
behavioral market segmentation
Behavioral Market Segmentation
  • Behavior towards a product
  • Benefits sought by the customer
  • Usage Rate – how often do they purchase?
  • Brand Loyalty – they expect something
  • User status – potential, first-time or regular
  • Readiness to buy – urgency
  • Occasions like holidays, birthdays & events that stimulate purchases