Text Books needed today – Read Pages 37 - 41 Market Segmentation #3 Objectives: Explain the concept of market segmentation Analyze a target market Differentiate between mass marketing and market segmentation Text Books needed today – Read Pages 37 - 41

Mass Marketing – use of a single marketing strategy to reach all customers Name a company or product that would use Mass Marketing? The product must have mass appeal Mass Marketing Our modern world is . . . Global More people Diverse Technological Specialized This leads to? . . . Market Segmentation instead of mass marketing

3 ways Market Segmentation How are markets segmented? Demographics Market Segmentation - the process of classifying people who form a given market into even smaller groups 3 ways How are markets segmented? Demographics Geographics Psychographics Market Segmentation

Market Segmentation Demographics – Statistics to describe a population Age Gender Income Marital Status Ethnic Background Market Segmentation

Geographics – Segmentation of a market based upon where people live Where might a particular market live? Examples? Market Segmentation In Nebraska or Utah? What about Florida or Washington?

Psychographics – grouping people with similar lifestyles, attitudes, values and opinions. Activities Attitudes Personality & Values Market Segmentation

Assignment – Segmentation in the Mirror. You represent a certain a) Demographic b) Geographic c) Psychographic Write down every characteristic about yourself that marketers of different products would see in you in each of the above categories. In other words, describe yourself in detail. Use one or two word descriptions. Market Segmentation