1. Targeting a Market
Who do we sell it to???

2. Learning Goals
To explain the importance of understanding your target market.
To identify typical market segments.
To explain why and how research happens.

3. Target Market
When starting the marketing process, first you have to know who you’re selling to!
The Target Market is the group of consumers you plan to sell to
Since there are thousands of different consumers out there, target markets are usually broken into groups called segments

4. Typical Segments Geography – Where are the buyers physically located
Psychographics – What are the lifestyles, beliefs, and habits of buyers
Socio-Economic – what occupation or social “class” are the buyers
Demographics – Measurable statistics such as age, sex, income, marital status

5. Understanding Your Market
To effectively reach the target market, marketers have to figure out:
What they want
How much they’ll spend
Where they are
What’s important to them
Understanding Buying Motives (the reasons consumers decide to purchase things) will also be helpful

6. Market Research Getting to know your target market takes some work…
Market Research helps give marketers the details about consumers they need to effectively reach them
Common market research tools include:
Surveys
Focus Groups
Observations
Experiments

7. Typical Research Model
Surveys
Questionnaires
Focus Groups
Test Market
Launch

8. Why Research???
Effective market research provides a way to learn about your target market BEFORE you spend the money on marketing
Prevents your product from being a “famous failure”

9. Applying Research Knowing your target market will help you decide:
Where to advertise
What appeals to use in your advertisements
Important product features
Where to sell your product
How much to charge

10. Use It!!!
Using what you now know about target markets (the four segments,) see if you can figure out or predict the target market for each product you’re about to see

11. Geographic, Psychographic, Socioeconomic, Demographic
Who are they selling to?
Geographic, Psychographic, Socioeconomic, Demographic

12. Who are they selling to?

13. Who are they selling to? Geographic: Urban/Suburban
Pyschographic: Sophisticated, active, well-travelled
Socio-economic: Professional/white collar, upper class
Demographic: Males & Females, married and single 25 – 45,
HH income level $150K+

14. Who are they selling to?

15. Who are they selling to? Geographic: Urban/Suburban
Pyschographic: Athletic, unpretentious, average
Socio-economic: Blue collar, lower to middle class
Demographic: Males & Females, single 15 – 29,
HH income $35K to $55K.

16. Who are they selling to?

17. Who are they selling to? Geographic: Suburban
Pyschographic: Active, health-conscious
Socio-economic: Middle to upper class
Demographic: Females, M/S, 25 – 55,
HH income $85K+

18. Who are they selling to?

19. Who are they selling to? Geographic: Suburban/Urban
Pyschographic: Active
Socio-economic: Lower to middle class
Demographic: M/F

20. Who are they selling to?

21. Who are they selling to? Geographic: Suburban/Urban
Pyschographic: Active, gamers, athletic
Socio-economic: Middle to upper class
Demographic: Males, unmarried,