Intro to Marketing Mr. Bernstein Target Markets and Market Segmentation September 18, 2014

Intro to Marketing Mr. Bernstein Target Market The first step in marketing: define the Target Market A group of individuals or companies willing and able to buy a particular product 2

Intro to Marketing Mr. Bernstein Target Market: Segments Should be able to segment Target Markets Target Market segment should be measurable Segment should be large enough to be profitable Segment should be reachable 3

Intro to Marketing Mr. Bernstein Finding Your Customers Identify Why There is Buying Interest – What Are the Features and Benefits They Desire? Segment the Target Market – Demographics, Psychographics, Geographics Research Your Customer! 4

Intro to Marketing Mr. Bernstein Segmenting Markets Demographics - personal characteristics Age Gender Disposable Income Ethic Background Others? 5

Intro to Marketing Mr. Bernstein Segmenting Markets Psychographics – personal motivations Attitudes Activities Values 6

Intro to Marketing Mr. Bernstein Segmenting Markets Geographics – locations Home Work Online Other methods of categorizing segments include buying behaviors, product usage, benefits derived 7