TARGET MARKET AND MARKET SEGMENTATION

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Presentation transcript:

TARGET MARKET AND MARKET SEGMENTATION Marketing Foundations – Target D

TARGET MARKET The group of customers whose needs and wants you will try to satisfy Examples….teens, babies, business people, college students

Target Market should have: Clearly defined wants and needs that your company can meet Money to buy your product Willingness and authority to buy your product Enough customers in the market to be profitable

+ Marketing Mix Marketing Strategy Target Market *Remember, the Marketing Mix is all the decisions you make about the 4 P’s.

Mass Marketing The development of only one marketing mix for a specific product Assumes that everyone has exactly the same wants and needs for the product

Target marketing approach Has marketers analyze the mass market Then, segment (divide up) the market based on the different needs and wants of the customers in that market The company will choose one segment to develop a marketing mix (the 4 P’s) that will meet the unique wants and needs of that market segment

Market Segmentation Marketers segment (divide up) possible markets by: Demographics Geographics Psychographics Product benefits

Demographic Segmentation Statistics that describe the characteristics of a population of people Age Gender Ethnicity Family size Income Disposable – money left after taxes Discretionary – money left after taxes and necessities taken out (what you have left to spend)

Psychographic Segmentation based on psychological characteristics that affect needs and wants Hobbies Social activities Lifestyle Interests Attitudes If you show the target market in ads, people see themselves and relate better to the promotional message

Geographic Segmentation Based on where customers live Location Climate City size

Product Benefits based on the perceived value or advantage consumers receive from a good or service over alternatives. Quality Performance Image Service Special features

Combining Variables Marketers find it useful to target a market based on two or more segments Geographic + demographic (city + income) Example: marketers of luxury products can get zip codes of people with the highest income levels.