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Unit 1: Introduction to Marketing “ Key Terminology” PART 2

Unit 1: Introduction to Marketing “ Key Terminology” PART 2. Sports Marketing Mrs.Massimo. When you say “a market”…. What is a market? A market is group of prospective customers. (for our purposes) How do we learn about our market? Research its Demographics. DEMOGRAPHICS. WHAT ARE THEY?

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Unit 1: Introduction to Marketing “ Key Terminology” PART 2

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  1. Unit 1:Introduction to Marketing“Key Terminology”PART 2 Sports Marketing Mrs.Massimo

  2. When you say “a market”… • What is a market? • A market is group of prospective customers. (for our purposes) • How do we learn about our market? • Research its Demographics.

  3. DEMOGRAPHICS • WHAT ARE THEY? • Descriptive characteristics of a market such as age, gender, race, income, and educational level. • WHAT ARE THEY USED FOR? • Basic characteristics to segment (break down) and find your target market.

  4. Common Demographics • The following are the common demographics you will use the most: • AGE Categories: • Under 24, 25-34, 35-44, 45-54, 55+ • Gender • Race • Education Level • Income level

  5. YOUR DEMOGRAPHICS • Right now, take a look at your fellow peers sitting in your row. • What are some of the demographics you see?

  6. YOUR TARGET MARKET • What is it? • The part of your market (your consumer population) that you want to target for your business. • How do I find them? • Usually the largest population of people who may be interested in your service or offering. • May need to combine age categories to fit the needs of your team—if age segment totals are close—combine! • Secondary Target Market • Would be your 2nd largest or 2nd most intriguing group of people.

  7. PSYCHOGRAPHICS • These are characteristics based on peoples’ values, interests, and lifestyle. • Many magazines are targeted toward psychographic segments such as Sports Illustrated, Golf Digest, COSMO, 17, etc.

  8. GEOGRAPHICS • These are characteristics based on where a market lives and works. • Different parts of the country have different needs and wants based on their location. • Questions that need to be explored: • What makes up this city? What is it surrounded by? • Will my business thrive here?

  9. Putting it all together • Look at the demographics of your row. • Who is your target market? • 13-17 Male/Female, Income <$1000, some high school achieved • What kind of services/products may they be interested in (psychographics)? • Video Games, Athletic equipment, Reality TV, Electronics/Technology, recreational/social services • Where will be the best location for this to thrive in (geographics)? • Most middle-class suburban/city areas.

  10. Now What? • Franchise Builder Project • You and your teammates will use your newly acquired terminology to market your new fantasy franchise to its new city. • Purpose of Project: • To effectively meet the needs of your market with your new franchise.

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