Lesson 8: The Consumer Market Flashcards
Consumer Profiles
- better you undertstand target market so you make better marketing choices and plans 4Ps
PRODUCT
use the most appealing colours, materials, and other features for the target market.
PLACE
how to best deliver the G&S
PRICE
how much they are willing to spend
PROMOTION
how to create meaningful messages
– knowing which media is used (i.e. TV station)
Market Segmentation
Demographics
Geographics
Psychographics
Behaviour
Demographics
- Age (tweens)
- Gender (male / female)
- Family Life Cycle (student / married / retired)
- Income Level (below $20,000 / $100,000 +)
- Ethnicity & Culture (white wedding gowns in China)
Geographics
URBAN
* Apartment or condo dwellers (DINKS)
* Go to cultural events, restaurants & public transport
* Live close to work & dress well
SUBURBAN
* Own cars and drive to work
* Spend money on gardens, BBQs
* Have children
RURAL
* Probably own truck / SUV
* Own a large piece of land
* Enjoy outdoors and have pets
Psychographics
- study of measuring consumers interests, opinions & beliefs
- Religious beliefs
- Lifestyle (i.e. exercise lovers also eat healthy)
- Preferences
- Attitudes
- Personality traits
- Hobbies
- Political beliefs
Behaviour
- Their purchase behaviour
- Benefits sought when purchasing something
- How and when this group uses your product
- How often they use your product
Heavy Users
- produces most profit
- Marketers try to build brand loyalty in this group
Medium & Light Users:
Attempt to turn them into heavy users with pricing deals, special contests, informative ads
Non-users:
Those entering category for the first time
Those who do not plan on using the products
Importance of Knowing Your Target Market
infoms u about
distribution strategy (place)
promotional strategy
pricing strategy
approach to product design/development
