Transcript Chapter 4 - MsCMcDermott

Chapter 4
Hit a Home Run with
Customers
4.1 The Marketing Concept
4.2 Discover What People Want
4.3 Target Markets
4.4 Customer Service
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Lesson 4.3
Target Markets
Goals
 Define target market and market
segment.
 Describe how businesses use market
segmentation.
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DO NOW:
 List three products that are designed for
teenagers
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DETERMINE THE TARGET
MARKET
 target market
 specific group of consumers you want to
reach
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Focus Marketing Efforts
 market segment
 a group of consumers within a larger
market who share one or more
characteristics
 Consumers belong to multiple market
segments.
 Marketers must identify the market
segment to which they want to sell.
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Meet Target Market Needs
 Market segmentation data can improve
business decision making.
 number of potential customers
 customer income level
 level of interest in product or service
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 What is a target market? Provide an
example of a company’s target market.
 What would happen if a business tried to
satisfy the needs of all possible
customers?
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MARKET SEGMENTATION
 Markets may be segmented in many ways.
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geographic location
demographics
psychographics
behavior
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Geographic Segmentation
 divides markets into physical locations
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Demographic Segmentation
 information that can be measured
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age
income
profession
gender
education
marital status
household size
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Psychographics Segmentation
 characteristics that cannot be physically
measured
 values
 interests
 lifestyle choices
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Behavioral-Based Segmentation
 behavioral-based segmentation
 focuses on a customer’s attitude toward products
and services
 product usage
 what products you use and how often
 product benefits
 the positive experiences or associations people
derive from using a product or service
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Capture a Market Share
 market share
 percentage of total sales of a product or
service that a company expects to capture
in relation to its competitors
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 List and describe four types of market
segmentation.
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To Do:
 Suggest a target market for each of the
following (include demo, geo, psycho,
and behavior-based segments):
 Celebrate West Hartford
 Justin Bieber concert at Madison Square Garden in
NYC
 Boston Red Sox Game at Fenway Park
 Hunger Games premiere midnight opening night
 Toby Keith concert at the Civic Center in Hartford,
CT
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Lesson 4.4
Customer Service
Goals
 Explain the importance of outstanding
customer service.
 Explain what it means to establish a
service culture.
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Terms
 customer service gap
 values-based culture
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OUTSTANDING SERVICE
EQUALS SUCCESS
 Business success depends on excellent
customer service.
 Customer relationships should continue
after the sale of goods and services.
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A Track Record for Great
Customer Service
 customer service gap
 the difference between customer
expectations and the services actually
received
 Customers are likely to tell at least 10
people about their poor customer
service experiences.
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Training Programs That Make
an Impact
 Individuals hired for customer service
positions should have a positive attitude
and look forward to meeting the public.
 Proper employee training in proactive,
efficient and courteous customer
service is critical to providing a pleasant
experience for customers.
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 Why is outstanding customer service
critical to a business in a highly
competitive marketplace?
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CREATING A SERVICE
CULTURE
 Gallery Furniture has effective customer
service principles. They are:
 Demonstrate a values-based culture that is
rooted in high performance and excellent
customer service.
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 Follow the “FAST” (Focus, Action, Search,
Tenacity) strategy.
 Passion results in energy.
 Demonstrate pride in every sale.
 Remember the value of long-term
positive relationships.
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How May I Help You?
 “It’s not my department” should be
replaced with “How may I help you?”
 mystery guest
 hired by an outside firm to have an
individual assess the performance of a
business
 feedback on the individual’s experience as a
customer is provided to the hiring business
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 Explain what it means to have a valuesbased culture.
 Read the article found at
http://www.businessknowhow.com/marketing/cstips.htm and
discuss the different ways to assist
customers.
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