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UNIT 4 – MARKET SEGMENTATION

THE MENU: Read and discuss the opening TICKET MARKETING BASICS The Marketing Concept What’s a Market? The Marketing Strategy Formula Marketing Segmentation. OUTCOMES : By the end of UNIT, you will be able to: Describe what the Marketing Concept is and why it is important.

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UNIT 4 – MARKET SEGMENTATION

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  1. THE MENU: Read and discuss the opening TICKET MARKETING BASICS TheMarketing Concept What’s a Market? The Marketing Strategy Formula Marketing Segmentation OUTCOMES: By the end of UNIT, you will be able to: Describe what the Marketing Concept is and why it is important. List & Describe the components of a Market. Describe the formula that makes Marketing Strategy work. UNIT 4 – MARKET SEGMENTATION

  2. Marketing Basics Some Key Definitions • Marketing - is the process of developing, promoting, and distributing products to satisfy customers' wants and needs. • Additionally, it’s the creation and maintenance of satisfying exchange relationships • Product – • Customer – • Consumer –

  3. Marketing Mix = The 4 “P”s • Marketing mix - describes how a business blends the four marketing elements • Product-what a business offers customers to satisfy needs (GSI) • Price - the amount that customers pay for products • Place (Distribution) - the locations and methods used to make products available to customers • Promotion - ways to encourage customers to purchase products and increase customer satisfaction

  4. The 4 Ps…

  5. Satisfying Customer Needs • Primary focus • Identify customer needs • Develop products • Operate a business profitably

  6. Determine the Target Market • Targetmarket—a specific group of people you want to reach UNIT 4

  7. How to Find a Target Market • Disposable income-income that can be spent freely AFTER necessities are paid for (food, taxes, …) • Demographics-specific customer information UNIT 4

  8. The Marketing Concept • TheMarketing Concept • Businesses must satisfy customers' needs and wants in order to make a profit. • 3 components of a MARKET • All potential customers • Share common needs and wants • Have the ability and willingness to buy a product

  9. The Marketing Strategy Formula MS = TM + MM MS is Marketing Strategy TM is Target Market MM is Marketing Mix (4Ps)

  10. Targeting the right people!! • Target Marketing • Focusing marketing decisions on a very specific group of people • Customer vs. Consumer? • Customer buys the product • Consumer uses the product

  11. Market Segmentation • A group of individuals that share one or more important characteristics. • These characteristics result in similar product or service needs. • Businesses use market segmentation to focus their marketing efforts.

  12. Market Segmentation • Consumers can be divided into specific, well-defined segments based on certain characteristics:

  13. Market Segmentation • Geographic Segmentation • Dividing consumers into markets based on where they live. • The idea that individuals who live in a certain location might have the same wants and needs. • Can be as large as a country, or as small as a zip code.

  14. Market Segmentation • Demographic Characteristics • age, gender, race, income, and education level. • Disposable Income • Money left over after taxes & paying for basic living necessities

  15. Market Segmentation • Psychographics • People’s interests and values. • The way you spend your time and your lifestyle choices. • Responsible for bowling alleys, sports stores, swimming pools, religious book stores, etc.

  16. Market Segmentation Product Usage • The frequency that a customer uses a product. • Marketers communicate differently to consumers based on frequency of use.

  17. Market Segmentation • Benefits Derived • Divides the population into groups depending on the value they receive from the product or service. • Customer Profile • The combination of all the information about a customer

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