Market segmentation
Name all 3 segments of marketing
demographics
psychographics
geographics
Define marketing
satisfying customers needs and wants while making a profit
strengths weaknesses opportunities threats
What is target marketing
Marketing to a specific group of consumers based on their wants and needs
Definition of market segmentation
A way of analyzing a market by specific characteristics
Costumer vs consumer
costumer: buys goods
Consumer: uses goods
Internal vs external
internal: Things you can control within the business;3 c's
external: things you can't control; PEST
What are the two types of target marketing
primary and secondary
Define all 3 segments of marketing
demographics: statistics that describe a population based on personal characteristics
Geographics: segmenting a market based on where people live
Psychographics: segmenting based on social and psychological characteristics
Market share
percent of sales volume of all companies in a given market
3 c's
company
customer
competitive position
What is mass marketing
Using a single marketing strategy to reach all customers
Name the segments of geographics
local, regional national global
Target market definition and importance
groups of people identified for a specific marketing program
important because no single product can meet everyones needs
WHat does pest stand for
Political influences
Economic influences
Sociocultural influences
Technolological influences
What is niche marketing
using different strategies based on demographics, psychographics, geographics, and buying behaviors
List the 4 generations. What type of advertising are they attracted to?
Baby boomer: print news
Gen x: Tv and magazine
Gen Y: computers and internet
GEN Z: social media
80/20 rule
80% of sales come from 20% of consumers
Examples of each part of pest
P: change in laws
E: recession
S: trends
T: digital photography
Ranch markets their new "salad frosting." who is the primary target market and who is the secondary target market
Primary: kids(consumer)
Secondary mothers/parents(customer)