Target Markets

Question 1

Target Market?

Answer 1

refers to people with a defining set of characteristics that set them apart as a group (People you are trying to reach)

Question 2

Market Segmentation

Answer 2

Diving up your market based on similar characteristics. (5 Different ones)

Question 3

Geographic

Answer 3

Refers to the location, climate or city size of your target audience.

Question 4

Demographic

Answer 4

Statistic of a population

 - Age
 - Gender
 - Ethnicity
 - Income
 - Household Statistics
 - Occupation
 - Education

Question 5

Psychographic

Answer 5

has to do with grouping based on personality traits and lifestyles (Hobbies, Social Activities, Lifestyle, Interests, Attitudes, Religion)

Question 6

Benefits

Answer 6

Perceived value consumers from a product or service (Features desired)

Question 7

Product Usage

Answer 7

reflects what product consumers use, how often they use them, and why they use them. (Brand Loyalty, 80/20 Rule, Complete Customer and Fan profile)

Question 8

Niche Marketing

Answer 8

Offers a unique opportunity to customers or one that has not been offered in the past.

Definition: Process of carving out a relative, tiny part of a market that has a very special need not currently being filled.

Question 9

80/20 Rule

Answer 9

80% of your sales come from 20% of your customers.