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Target Markets. 3.01. Having a Successful SEM Event. Satisfy customer wants Interested in event Willing to pay ticket price Willing to travel to location. Terms. Market: The group of potential consumers who share common needs and wants

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3.01

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  1. Target Markets 3.01

  2. Having a Successful SEM Event • Satisfy customer wants • Interested in event • Willing to pay ticket price • Willing to travel to location

  3. Terms • Market: The group of potential consumers who share common needs and wants • Target Market: The group of consumers that a company desires to have as customers • Mass Marketing: A single marketing plan used to reach all consumers • Niche Market: smaller group of the target market that a business can select to market goods and services

  4. Cons Spend $$ reaching outside target market Can’t tailor message to different segments Pros/Cons of Mass Marketing • Pros • Reach broad audience • Consistent message

  5. Market Segments • Market Segments: different groups of customers with one or more shared characteristics • Market Segmenting: Dividing the entire market into smaller groups (of people) who share similar characteristics. • Allows businesses to customize products and marketing strategies

  6. Cons May miss part of segment Requires extra time to tailor message to market Pros/Cons of Market Segments • Pros • Able to target message • Able to target media

  7. Appealing to Target Markets in SEM • Interested in SEM products • Have disposable income to spend

  8. The Increase of Segmented Markets • Increasingly fragmented media • Cable/satellite TV • Web sites • Magazines • Increasingly fragmented products

  9. Demographic segmentation • 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.

  10. Gender (M/F)EthnicityEducation levelIncome level Market Segments • 2-1212-1718-2418-3418-4925-5455+

  11. Geographic segmentation • 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.

  12. Value of Geographic Segmentation • Limit marketing expenses to target consumers who live within certain area

  13. Psychographic segmentation • Segmenting the market based on values, attitudes and lifestyles. • Example: People interested in professional football.

  14. Psychographic Segmentation • Limit marketing expenses to customers that behave with an inclination to buy your product

  15. 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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