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Target Market.pptx

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Siegel High School

The document discusses market segmentation and targeting. It defines key terms like market, market segment, and target market. It also outlines the important factors to consider when developing a customer profile and segmenting the market, including demographics, psychographics, geographics, and buying behavior. The key characteristics that define different market segments are identified as important considerations for targeting the right customers.

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1 Targeting Markets
Market Research and Analysis Market Target Market Market Segment
3 Market Segmentation Market Market Segment Market Segmentation People or organizations with needs or wants and the ability and willingness to buy A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.
Market Research and Analysis The Four Whos of Marketing 1. The User 2. The Decision Maker 3. The Buyer 4. The Influencer
Market Research and Analysis The Customer Profile Demographics Age, gender, income Psychographics Innovative, risk-averse, etc. User-term Characteristics Heavy/passive users, level of usage
Market Research and Analysis The Customer Profile Continued Buying Behavior Where? When? What? How? Why? What problem(s) are you solving?
Market Research and Analysis Knowing Your Competition Who are they Where are they What are their strengths and weaknesses Who are their customers How do they advertise and promote What is the basis of competition
Target Market.pptx
Target Market.pptx
10 Target Market A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.
A target market is... Your ideal group of customers, and who a business attempts to sell to A target market is not Everyone that can, has the means to, or will buy the product ** On the BMC, your target market is referred to as Customer Segments
Know who you are selling to Are you selling to The User - consumer The Buyer - customer The Influencer The Decision Maker
Know their key characteristics Demographics Geographics Psychographics Buying Behavior
No Market Segmentation
Segmented by Sex
Segmented by Age
Geographics Where your customers live Examples include (but are not limited to): City-dweller Suburban Rural International /domestic
The Basis of Market Segmentation Geographic the study of the market based on where customers live Region, city, area, county, state, country
Demographics Who your customer is Examples include (but are not limited to): Age Gender Ethnic Background Income Marital Status **Found on US Census, SBA, SBDC
Demographic- personal characteristics of a population Age, Gender Family size Marital Status Family life cycle Household income Occupation Education Religion Nationality, social class Home Value Social Class Geographic Region(s)
Demographics, cont Age Cohorts Baby Boom generation 1946 - 1964 Generation X Baby Bust generation Generation Y Echo Boomers or Millennium Generation Ethnic Segmentation ethnic makeup & cultural tastes Socioeconomic social status or economic position Income, Occupation, Class or social position
Psychographics Why your customers buy Examples include (but are not limited to): Attitudes, Beliefs Lifestyle, Interests Hobbies, Activities Social status
Psychographics What makes them tick? What's their lifestyle Likes Dislikes Values Attitudes
Psychographics, cont Activities Different Food Trucks represent market segment
Attitudes Eating healthy, becoming physically fit Personality & values Personality characteristics & values
Buying Behavior How they buy; How they use a product Examples include (but are not limited to): Needs vs Wants Spending patterns Usage trends Brand preferences Advertising influence

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Target Market.pptx

Editor's Notes

  1. Teacher Notes - Knowing who you are selling to will help you identify what methods will be most productive in reaching (features, promotion, selling price, etc.) A customer buys a product, where a consumer uses it EX: School district buys computers, desks for students to use EX: Parent buys child clothes, a toy An Influencer is someone who may not buy a product themselves, but does encourage the purchase to be made EX: 60% of all tweens today have substantially influenced their parents final decision on which car to buy https://www.democraticmedia.org/sites/default/files/The-Next-Generation-of-Consumers.pdf The Decision Maker does exactly as this title implies, although another individual may be physically completing the transaction EX: Accounting department (decision maker) may authorize a purchase to be made by a salesperson
  2. Teacher Notes - Prompt students that they may want to make notes of these definitions and examples Details provided on following slides