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2.02 Discuss the concept of market identification .

2.02 Discuss the concept of market identification. Age. Hobbies. Target Market. Location. Individuals with whom a company desires to do business. Market. The group of potential consumers who share common needs and wants. The market has the ability and willingness to buy the product.

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2.02 Discuss the concept of market identification .

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  1. 2.02 Discuss the concept ofmarket identification.

  2. Age Hobbies Target Market Location Individuals with whom a company desires to do business.

  3. Market • The group of potential consumers who share common needs and wants. • The market has the ability and willingness to buy the product. • Businesses strive to meet the needs and wants of their customers.

  4. Mass Marketing • A single marketing plan used to reach all consumers.

  5. Target Market • The group of consumers that a company desires to have as customers.

  6. Market Segmentation • Dividing the entire market into smaller groups (of people) who share similar characteristics. • Allows businesses to customize products and marketing strategies.

  7. Demographics • Segmenting the market based on personal characteristics such as age, gender, income, ethnic background, education and occupation. • Example: middle class, males, ages 20-40, who are construction workers.

  8. Psychographics • Segmenting the market based on values, attitudes and lifestyles. • Example: People interested in professional football.

  9. Geographics • Segmenting a market based on where a person lives. Geographic segmentation can refer to local, regional, national or global markets. • Example: A small local store will segment to the surrounding area like a town, while big companies like Nike market Internationally.

  10. Behavioral Segmentation • Dividing consumers into groups according to their response to a product. Behavioral segmentation divides markets into groups based on what they are looking for in a product and why they buy the product. • Example: Purchasing Nike shoes because Michael Jordan wears them.

  11. Pick a specific sport, athlete, entertainer, movie, etc. and identify its target market.Describe, in detail, using the segmentation methods:demographicspsychographicsgeographicsbehavioral segmentation

  12. On the Market Identification Websites Sheet, label the segmentation methods used:DemographicsPsychographicsGeographicsBehavioral segmentation(product usage or benefits)

  13. Think Critically Quiz • Give an example of a good market segment to target for casinos during weekdays? Explain your answer. • Describe in detail demographics, geographics, psychographics, and behavioral/product usage for snowmobiles.

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