Introduction to Business & Marketing

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Presentation transcript:

Introduction to Business & Marketing Market Segmentation Introduction to Business & Marketing

Target Market Specific group who have similar wants and needs Goal is to convert consumers into customers. Purpose of marketing to connect businesses with their customers

Target Market The target market for the Briar Woods School Store is high school students, parents, teachers, and Falcon fans.

Target Market Nordstrom Sears Offers high-end brands of fashion items Ralph Lauren, Louis Vuitton, Gucci More affluent 20-40 year-olds Sears Overwhelming selection of products Adult homeowners Bargain/discount shoppers who want reliable quality

Think About It! What questions help to identify a target market? Think like a marketer…what do you need to know about your customers or potential customers? How do businesses collect this kind of information?

Stand Up! Push in your chair Leave your notes where they are Listen for instructions 

Move to the … FRONT BACK You consider yourself to have more traditional tastes. You know what you like, and you tend to stick with it! You consider yourself to have trendier tastes. You like change, and you look for a fun or modern appeal.

Move to the … You are a relatively health-conscious eater. LEFT RIGHT You are a relatively health-conscious eater. You prefer to eat whatever tastes good.

What’s your cereal? Cheerios Special K Raisin Bran Total Frosted Flakes Rice Krispies Froot Loops Mini Wheats Kashi Honey Bunches Life Organic Cereals Lucky Charms Cookie Crisp Cap’n Crunch Cinnamon Toast Crunch

Back to Center! Move back toward the center of the room, and wait for instructions.

Move to the … FRONT BACK You tend to enjoy entertainment, such as going to the movies or shopping. You tend to enjoy sports and / or outdoor activities.

Move to the … You like warm weather. You enjoy cold weather. LEFT RIGHT You like warm weather. You enjoy cold weather.

Where Would You Vacation? Florida Las Vegas, Nevada California Cities Washington, D.C. New York Chicago, Illinois Texas California Mountains Colorado Maine

Market Segmentation Dividing the total market smaller groups with shared needs and characteristics

Demographics Statistics that objectively describe a population in terms of personal characteristics Age Race Gender Income

Demographics Demographics for The Briar Woods School Store: Age: 14-18 Race: all races Gender: male & female Income level: middle income

Geographics Based on where people live, travel or shop Location Climate City or Community Size Local or Regional National or Global

Geographics Geographics for The Ashburn Ice House Local hockey teams & fans Regional hockey teams

Psychographics Based on social & psychological characteristics (WHY we buy) Attitudes Values Interests Opinions Lifestyles

Psychographics My psychographics: Attitude: positive outlook on life Values: honesty, hard-work, family Lifestyle: budget-conscious, lives 15-miles from family, full-time employee

Review Product Consumer Customer Target Market Market Segmentation