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SEM1 3.01. PI – Describe target marketing in sport/event marketing. Marketing Terms. Market – the group of all potential customers who share common wants and needs Ex: People that play video games Consumers in a Market : Have the desire to make a purchase

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sem1 3 01

SEM1 3.01

PI – Describe target marketing in sport/event marketing

marketing terms
Marketing Terms
  • Market – the group of all potential customers who share common wants and needs
    • Ex: People that play video games
  • Consumers in a Market:
    • Have the desire to make a purchase
    • Have the willingness to purchase a product
    • Have the financial means to make a purchase
marketing terms1
Marketing Terms
  • Mass Marketing – single marketing plan to reach all consumers (Everybody!)
    • Anyone can use or benefit from these products
    • Appeal to many types of customers
    • Using one marketing plan
    • No specific customers are targeted
    • Ex: bottled water, foods, soda, phones
mass marketing
Mass Marketing
  • Advantages
  • Communicate one message to a large audience
  • Produce one product for everyone
  • Less promotional cost
  • Less work
  • Disadvantages
  • Single message may not reach enough customers
  • Product may not appeal to everyone
marketing terms2
Marketing Terms
  • Target Market – group of very specific customers that a company desires to have as consumers
    • Have specific characteristics
    • Ex: BOYS that play video games
  • Target Marketing – Businesses identify and select customers with similar wants and needs
    • Make products, goods, and services for these customers
    • Aim all advertising and marketing efforts at these customers
importance of target marketing
Importance of target marketing
  • Provides a group of potential or existing customers with which to communicate
    • Who is buying?
    • What do they buy?
    • Why do they buy?
    • Match the good or service with customer needs
    • Easier to satisfy specific needs
  • More effective to promote to those that can and will purchase the product
marketing terms3
Marketing Terms
  • Market Segmentation – dividing the entire market into smaller groups that share common characteristics
    • What? . . . Creates a target market
    • Why? . . . Not all consumers are alike
      • Different wants, needs, and reasons for buying
    • Focus products and marketing to a specific group
marketing terms4
Marketing Terms
  • Marketing Segments – groups of unique individuals that share common characteristics

People Who Play Video Games

Yellow: All video games

Blue: Sports Games

Red: Role Playing Games

Green: Military Games

types of market segmentation
Types of Market Segmentation
  • Demographic
    • Based on consumer statistics and characteristics
  • Geographic
    • Based on where the consumers live
  • Psychographic
    • Based on what consumers do and like
  • Behavioral
    • Based on why consumers buy a product
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.
  • Ex: Buying golf clubs

because you enjoy playing golf

behavioral market segmentation
Behavioral Market Segmentation

Based on consumer behavior towards a product

  • Benefits soughthttp://www.youtube.com/watch?v=trUrPbSKEZE
    • What will the product do for me?
  • Usage Rate
    • How often do they purchase?
  • Brand Loyalty
  • User status
    • Potential, first-time, or regular buyer
  • Readiness to buy http://www.youtube.com/watch?v=3Wwo7PjI9aU
    • Have to have it now!
  • Special Occasionshttp://www.youtube.com/watch?v=vRlerzla1CY
    • Holidays, birthdays & other events that stimulate purchases
niche marketing
Niche Marketing
  • Marketing directed towards a small underserved group
    • Can have great results
  • Examples:

Fisker Karma

Hybrid Supercar

Lefties Only

The Specialty Shop for Left-Handed

Golfers and baseball players.

http://www.youtube.com/watch?v=6RvyFFjP7RE