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2.03Summarize ways to reach markets

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The group of all potential customers who have similar needs and wants and have ... For example, swimwear and body boards sell best... Psychographic Segmentation ... – PowerPoint PPT presentation

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Title: 2.03Summarize ways to reach markets


1
2.03 Summarize ways to reach markets
2
What is a market?
  • The group of all potential customers who have
    similar needs and wants and have the ability to
    buy the product

3
Consumer Market
  • Consumers making purchases for personal use.

4
Industrial Market
  • Businesses that buy products to use in their own
    business

5
What is market share?
  • The percentage of the total sales revenue
    acquired by a business within a market
  • For example Running Shoes

6
Mass Marketing vs. Niche Marketing
  • Mass marketing A single marketing plan used to
    reach all consumers
  • For example Light Bulbs
  • Niche marketing Narrowing markets, by
    identifying very specific characteristics, into a
    more specific group of people
  • For example Aquatic Pet Stores

7
And market segmentation is
  • Dividing the entire market into smaller groups
    who share similar characteristics.
  • For example Coca-Cola

8
Demographic segmentation is
  • Dividing the market based on personal
    characteristics such as age, gender, income,
    ethnic background, education, and occupation
  • For example, Teen Vogue is marketed to

9
Geographic Segmentation
  • Dividing a market based on where a person lives
    (local, regional, state, national, or global
    markets).
  • For example, swimwear and body boards sell best

10
Psychographic Segmentation
  • Dividing the market based on values (ethics,
    morals, standards), attitudes (personality), and
    lifestyles (how people spend their time)
  • For example Schwinn Bicycle

11
Behavioral Segmentation
  • Dividing the market into groups based on what
    they are looking for in a product and why they
    buy the product
  • For example Crest whitening toothpaste
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