Market
Market
What is all potential customers who share needs and wants, and have ability to buy
Mass marketing vs niche marketing
Mass marketing- using a single marketing strategy to reach all customers
Niche marketing- using different strategies bases on demographics, psychographics, geographic and buying behaviors
Market Segmentation
using different strategies bases on demographics, psychographics, geographic and buying behaviors
Demographic
Statistics that describe a population based on personal characteristics such as age, gender, income, marital status, ethnic background, occupation, eduction
What does SWOT stand for
Strength, weakness, opportunities, and threats
Customer vs Consumer
Consumer those who actually use the product
Customer Those who buy the product
80/20 rule
80% of their sales are generated by 20% of their custumers
Types of market segmentation
psychographics, geographics, psychographics
Types of generations
Baby boomer, Gen X, Gen Y, Gen Z
Which parts are internal, which are external
Internal strengths and weaknesses
External opportunity and threat
Market share
The percent of sales volume of all companies in a given market
What does PEST stand for
political, economic, social, techonological
What are some questions to consider for competitive position
What is our market share
Characteristics of generations
Boomers- like print media Gen X- like sales and TV Gen Y- like internet and emails Gen Z- like social meaid
What are the 3 c's
Customers, company, and competitive position
target market
The group of people inventoried a specific marking program
No single product can meet every ones needs
Examples of each section of PEST
Political- laws, Economic- recession, Social- lifestyle, Technological- Rate of innovation
Disposable vs discretionary income
Disposable- after paying taxes-need
Discretionary- after paying taxer and living necessities
What are some questions to consider for company
Staff Related
Customer profile
includes demographic, geographic, and psychographic
Psychographics
segmenting based on social and psychological characteristics
examples- Activities
What are some questions to consider for customer
Who is target market