Target Market Flashcards
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.
Demographics
- Age
- Gender
- Religion
- Ethnicity
- Location
- Occupation
- Income level
- Education level
- Marital or family status
Psychographics
Values
* Hobbies
* Interests
* Behavior
* Attitudes
* Lifestyles
* Personality
- Marketing Strategy.
The activities of selecting and
describing one or more target markets and developing and
maintaining a marketing mix that will produce mutually
satisfying exchanges with target markets.
Market Opportunity Analysis.
The description and
estimation of the size and sales potential of market
segments that are of interest to the firm and the
assessment of key competitors in those market segments.`
Market Segment
A subgroup of people or organizations
sharing one of more characteristics that cause them to have
similar product needs.
Market Segmentation
The process of dividing a market into
meaningful, relatively similar, and identifiable segments or
groups
Why do Marketers Segment
to identify groups of
customers with similar needs and to analyze the
characteristics and buying behaviors of these groups.
to design specific Marketing
Mixes to match the characteristics and desires of one or more
segments.
to follow the Marketing Concept of satisfying
customer wants and needs while meeting the organization’s
objectives.
What is a Successful Segmentation
Substantiality- must be large enough to warrant the marketing mix
Identifiable and Measurable
Accessibility -must be able to reach the targeted segments with customized targeting mixes
Responsiveness-Markets can be segmented in any way that seems logical
Segmentation Bases (Variables)
Characteristics of individuals,
groups, or organizations.
Geographic Segmentation.
Segmenting markets by region of a
country or the world, market size, market density, or climate.
Demographic Segmentation
Segmenting markets by age,
gender, income, ethnic background, and family life cycle.
Psychographic Segmentation.
Segmenting markets on the
basis of personality, motives, lifestyle, and geodemographics.
Geodemographic Segmentation
Segmenting potential
customers into neighborhood style classification.
Attribute
Product feature
or customer benefit
