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Target Markets

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3.01 Target Markets Having a Successful SEM Event Satisfy customer wants Interested in event Willing to pay ticket price Willing to travel to location Terms Market ... – PowerPoint PPT presentation

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Title: Target Markets


1
3.01
  • Target Markets

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
Pros/Cons of Mass Marketing
  • Pros
  • Reach broad audience
  • Consistent message
  • Cons
  • Spend reaching outside target market
  • Cant tailor message to different segments

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

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

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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