Transcript Market Segmentation - Westmoreland Central School

UNIT 4 – MARKET
SEGMENTATION
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THE MENU:
Read and discuss the opening
TICKET
MARKETING BASICS
The Marketing Concept
What’s a Market?
The Marketing Strategy Formula
Marketing Segmentation
OUTCOMES:
By the end of UNIT, you will be
able to:
 Describe what the Marketing
Concept is and why it is
important.
 List & Describe the components
of a Market.
 Describe the formula that makes
Marketing Strategy work.
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Marketing Basics
Some Key Definitions
SPORTS AND ENTERTAINMENT MARKETING
 Marketing - is the process of _________, promoting, and
distributing ________ to satisfy customers' _____ and needs.
 Additionally, it’s the creation and maintenance of satisfying exchange
relationships
 Product – ___________________
 Customer – _________________
 Consumer – ________________
© SOUTH-WESTERN/THOMSON
SPORTS AND ENTERTAINMENT MARKETING
Marketing Mix = The 4 “P”s
 Marketing mix - describes how a business _____
the four marketing elements
 Product-what a business offers customers to satisfy
needs (_____)
 Price - the amount that customers _____ for products
 Place (Distribution) - the locations and _______ used to
make products available to customers
 Promotion - ways to _________ customers to purchase
products and __________ customer satisfaction
© SOUTH-WESTERN/THOMSON
SPORTS AND ENTERTAINMENT MARKETING
The 4 Ps…
© SOUTH-WESTERN/THOMSON
SPORTS AND ENTERTAINMENT MARKETING
Satisfying Customer Needs
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Primary focus
_______ customer needs
__________ products
Operate a business ___________
© SOUTH-WESTERN/THOMSON
SPORTS AND ENTERTAINMENT MARKETING
Determine the Target Market
Target market - a _______ group of
_______ you want to reach
UNIT 4
SLIDE 6
© SOUTH-WESTERN/THOMSON
SPORTS AND ENTERTAINMENT MARKETING
How to Find a Target Market
 Disposable income - income that can be spent
freely ______ necessities are ____ for
(ie. food, taxes, …)
 Demographics-specific __________ information
UNIT 4
SLIDE 7
© SOUTH-WESTERN/THOMSON
The Marketing Concept
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The Marketing Concept
• Businesses must _________ customers' needs and wants in order
to make a ________.
• 3 components of a MARKET
1. ____ potential customers
2. Share ______ wants & needs
3. Have the ability & _________ to buy a product
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The Marketing Strategy
Formula
MS = TM + MM
MS is Marketing _______
TM is ______ Market
MM is Marketing _____ (4Ps)
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Targeting the right people!!
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Target Marketing
 Focusing marketing decisions on a very ________ group of
people
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Customer vs. Consumer?
 Customer _____ the product
 Consumer _____ the product
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Market Segmentation
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A group of individuals that share one or more important
____________.
 These characteristics result in _________ product or service
needs.
 Businesses use market segmentation to focus their efforts.
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Market Segmentation
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Consumers can be divided into specific, well-defined _________
based on certain characteristics:
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Market Segmentation
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Geographic Segmentation
 Dividing _________ into markets based on where they ____.
 The idea that individuals who live in a certain location might
have the same wants and needs.
 Can be as large as a ________, or as small as a zip code.
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Market Segmentation
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Demographic Characteristics
 ____, gender, race, income, and education level.
 Disposable Income
 Money left over after ______ & paying for basic living
_____________
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Market Segmentation
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Psychographics
 People’s ________ & _________.
 The way you spend your _____ and your ______ choices.
 Responsible for bowling alleys, sports stores, swimming
pools, religious book stores, etc.
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Market Segmentation
Product Usage
 The __________ that a customer uses a product.
 Marketers communicate differently to consumers based on
frequency of use.
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Market Segmentation
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Benefits Derived
 Divides the population into groups depending on the ______
they receive from the product or service.
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Customer Profile
 The combination of ____ the information about a customer
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