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SEM1 3.01

SEM1 3.01. PI – Describe target marketing in sport/event marketing. Marketing Terms. Market – the group of all potential customers who share common wants and needs Ex: People that play video games Consumers in a Market: Have the desire to make a purchase

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SEM1 3.01

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  1. SEM1 3.01 PI – Describe target marketing in sport/event marketing

  2. Marketing Terms • Market – the group of all potential customers who share common wants and needs • Ex: People that play video games • Consumers in a Market: • Have the desire to make a purchase • Have the willingness to purchase a product • Have the financial means to make a purchase

  3. Marketing Terms • Target market – group of very specific customers that a company desires to have as consumers • Have specific characteristics • Ex: BOYS that play video games • Target Marketing – Businesses identify and select customers with similar wants and needs • Make products, goods, and services for these customers • Aim all advertising and marketing efforts at these customers

  4. Marketing Terms • Mass marketing – single marketing plan to reach all consumers (Everybody!) • Anyone can use or benefit from these products • Appeal to many types of customers using one marketing plan • No specific customers are targeted • Ex: bottled water, foods, soda, phones

  5. Advantages/Disadvantages of Mass Marketing • Advantages • Communicate a broad message to a large audience • Produce one product for everyone • Less promotional cost • Less work • Disadvantages • Single message may not reach enough customers • Product may not appeal to everyone • Lost sales opportunities

  6. Marketing Terms • Market segmentation – dividing the entire market into smaller groups that share common characteristics • What? . . . Creates a target market • Why? . . . Not all consumers are alike • Different wants, needs, and reasons for buying • Businesses focus products and marketing to a specific group

  7. Marketing Terms • Marketing segments – groups of unique individuals that share common characteristics People Who Play Video Games Yellow: All video games Blue: Sports Games Red: Role Playing Games Green: Military Games

  8. Advantages/Disadvantages of using Market Segments • Advantages • Distinctive/Identifiable • Accessible/Actionable • Easy to get to • Measurable/Definable • Substantial • Large enough to make a difference • Stable • Will be around long enough for marketing to work • Disadvantages • Wrong market • Can’t reach them • No real data • Bad forecasts or information • Fads

  9. Niche Marketing • Niche Marketing is marketing directed towards a small underserved group • “the forgotten” • Can have great results • Examples: Fisker Karma Hybrid Supercar Lefties Only The Specialty Shop for Left-Handed Golfers and baseball players.

  10. The importance of target markets • Provides them with a group of potential or existing customers in which to communicate • Match the good or service with customer needs • Who is buying? • What do they buy? • Why do they buy? • Importance: • the more you know the better your product can satisfy those specific needs

  11. The importance of target markets • Develop a specific marketing mix • Differences in customer wants and needs • Increased sales and profits from each targeted market • Make sure the customers you are targeting have the willingness (want) and ability (disposable income) to purchase

  12. Demographic Market Segmentation • Age • Generation • Baby-boomers (‘46 – ’64) • X (‘65 – ’76) • Y (‘77 – ’93) • Z (‘94 – ’04) techies • Gender • Family size • Family life cycle • Income • Disposable & Discretionary • Occupation • Education • Ethnicity • Nationality • Religion • Social Class

  13. Geographic Market Segmentation • Region: by continent, country, state, city, neighborhood or street • Size of metropolitan area: segmented according to size of population • Population density: often classified as urban, suburban or rural • Climate: according to weather patterns common to certain geographic regions

  14. Psychographic Market Segmentation • Activities • Interests • Opinions • Attitudes • Values • Lifestyles • What a person likes to do

  15. Behavioral Market Segmentation • Behavior towards a product • Benefits sought by the customer • Usage Rate – how often do they purchase? • Brand Loyalty – they expect something • User status – potential, first-time or regular • Readiness to buy – urgency • Occasions like holidays, birthdays & events that stimulate purchases

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