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2.02 Discuss the concept of market identification .

2.02 Discuss the concept of market identification. Target Market. Age. Hobbies. Location. Market. The group of potential consumers who share common needs and wants. The target 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. Target Market Age Hobbies Location

  3. Market • The group of potential consumers who share common needs and wants. • The target 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.

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