WF SEM I Summarize ways to reach markets Market Segmentation.

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Presentation transcript:

WF SEM I Summarize ways to reach markets Market Segmentation

What is a market? The group of all potential customers who have similar needs and wants and have the ability and willingness to buy the product Consumer Market Industrial Market

What is market share? The percentage of the total sales revenue acquired by a business within a market For example: Running Shoes Total sales by company:  Nike $3.6 million28.4%  Reebok $2.7 million21.1%  Adidas: $2.1 million16.4%  Fila: $1.7 million12.9%  Converse: $1.5 million11.9%  Others: $ 1.2 million 9.5%  Total $12.8 million100%

Mass Marketing vs. Niche/Target Marketing Mass marketing: A single marketing plan used to reach all consumers For example: Light Bulbs/Cleaning products What makes Mass Marketing a viable solution to our Marketing needs? * Few features, universal usage, all choices similar Niche or Target marketing: Narrowing markets, by identifying very specific characteristics, into a more specific group of people For example: Aquatic Pet Stores

WHY Target Marketing? Product Price$ 2.95 $7.99 $4.00 Promotion Place

Target Marketing Illustration

And market segmentation is… Dividing the entire market into smaller groups who share similar characteristics. For example: Mini Van

Market and Market Segmentation Carpoolers Traveling salespeople Small-item delivery business LARGE FAMILIES Young families with children CAMPERSCAMPERS Question #1: What market is this illustrating? Question #2:Can you name one segment? Question #3:Would you market to all of the segments and why? Question #4:If you did market to all the segments, what would that be an example of? Question #5: What types of things should we now consider when deciding which segments to “target”? Market for Minivans!!!!!

Demographic segmentation is… Dividing the market based on personal characteristics such as age, gender, income level, ethnic background (race), education, and occupation For example, Teen Vogue is marketed to…

Demographic Characteristics of Education and Income Example

Geographic Segmentation Dividing a market based on where a person lives (local, regional, state, national, or global markets). Based on climate/terrain and population density For example, swimwear and body boards sell best?  Snow skis  Snow blowers

Psychographic Segmentation Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles (how people spend their time) For example: Schwinn Bicycle

Behavioral Segmentation Dividing the market into groups based on what they are looking for in a product and why they buy the product, ie. Rate of use, specific benefit, loyalty response, occasion response For example: Wedding Dress Pepsi vs. Coke