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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 _________, promoting, and distributing ________ to satisfy customers' _____ 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 _____ the four marketing elements • Product-what a business offers customers to satisfy needs (_____) • Price - the amount that customers _____ for products • Place (Distribution) - the locations and _______ used to make products available to customers • Promotion - ways to _________ customers to purchase products and __________ customer satisfaction

  4. The 4 Ps…

  5. Satisfying Customer Needs • Primary focus • _______ customer needs • __________ products • Operate a business ___________

  6. Determine the Target Market • Targetmarket - a _______ group of _______ you want to reach UNIT 4

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

  8. The Marketing Concept • TheMarketing Concept • Businesses must _________ customers' needs and wants in order to make a ________. • 3 components of a MARKET • ____ potential customers • Share ______ wants & needs • Have the ability & _________ to buy a product

  9. The Marketing Strategy Formula MS = TM + MM MS is Marketing _______ TM is ______ Market MM is Marketing _____ (4Ps)

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

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

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

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

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

  15. Market Segmentation • Psychographics • People’s ________ & _________. • The way you spend your _____ and your ______ choices. • Responsible for bowling alleys, sports stores, swimming pools, religious book stores, etc.

  16. Market Segmentation Product Usage • The __________ 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 ______ they receive from the product or service. • Customer Profile • The combination of ____ the information about a customer

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