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Market Segmentation

Market Segmentation. Introduction to Business & Marketing. Review. Marketing Mix Product Place Price Promotion. Marketing Segmentation. Market Segmentation : “dividing the total market into smaller groups of people who share specific needs & characteristics” Demographics Geographics

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Market Segmentation

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  1. Market Segmentation Introduction to Business & Marketing

  2. Review • Marketing Mix • Product • Place • Price • Promotion

  3. Marketing Segmentation • Market Segmentation: “dividing the total market into smaller groups of people who share specific needs & characteristics” • Demographics • Geographics • Psychographics

  4. Demographics • Demographics: “statistics that describe a population in terms of personal characteristics” • Age • Race • Gender • Income level • Used to describe Target Market • Example: demographics for The School Store: • Age: 14-18 • Race: All races • Gender: Male & Female • Income Level: middle income

  5. Geographics • Geographics: “based on where people in the market live” • Local • Regional • National • Global • Example: geographics for Ashburn Ice House • Local hockey teams & fans • Regional hockey teams

  6. Psychographics • Psychographics: “studies of consumers based on social & psychological characteristics” • Attitudes • Values • Lifestyles • Example: psychographics for me • Attitude: positive outlook on life • Values: no cheating, honesty, hard-work • Lifestyle: budget-conscious, lives 15-miles from family, full-time employee

  7. Vocab. Notebook – cont. profit Vocabulary Terms: 8. Marketing concept 9. Marketing mix 10. Market segmentation 11. Geographic 12. Demographic 13. Psychographic 14. DECA

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