2.03Summarize ways to reach markets. What is a market? The group of all potential customers who have similar needs and wants and have the ability to buy.

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Presentation transcript:

2.03Summarize ways to reach markets

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

Candy Who wants some candy?? (Consumer Marketing & Industrial Market)

Consumer Market Consumers making purchases for personal use.  Example: Buying a computer to do your homework and/or pay bills online

Industrial Market Businesses that buy products to use in their own business Also referred to as Business- to-Business (B2B)

What is market share? The percentage of the total sales revenue acquired by a business within a market For example: Running Shoes

Mass Marketing vs. Niche Marketing Mass marketing: A single marketing plan used to reach all consumers For example: Light Bulbs Niche marketing: Narrowing markets, by identifying very specific characteristics, into a more specific group of people For example: Aquatic Pet Stores

And market segmentation is… A niche is created through market segmentation Dividing the entire market into smaller groups who share similar characteristics. Companies can customize products to reach specific markets  For example: Coca-Cola offers Diet Coke, Caffeine Free Coke, etc.

Demographic segmentation is… Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation. Also life stage. For example, Teen Vogue is marketed to…

Geographic Segmentation Dividing a market based on where a person lives (local, regional, state, national, or global markets). For example, swimwear and body boards sell best…

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

Behavioral Segmentation Dividing the market into groups based on what they are looking for in a product and why they buy the product For example: Crest - Pro-Health, Cavity Protection, Tartar Protection, Sensitive Teeth, Baking Soda, Kids, Whitening, and more!.

Activity - 1 Think of a totally new product idea Answer the following questions about the new product. What is the name of your product (product)? Who will be your customers for your new product (target market)? What are some personal characteristics of your customers (demographic segmentation)? Where do your customers live (geographic segmentation)?

Activity – 1 cont. What are the personalities and lifestyles of your customers (psychographic segmentation)? What are your customers looking for specifically when buying the product (behavioral segmentation)? How much will you charge (price)? How will you let your customers know about your product (promotion)? Where will your customers go to buy your product (place)? What is the potential for success or failure of the new product (SWOT analysis, include strengths, weaknesses, opportunities, and threats).