Market/Market Segmentation
Process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers needs and wants
Definition of Market
The statistics that describe a populations based on personal characteristics
Demographic
Segmenting a market based on where people live
Geographic
Segmenting based on social and psychological characteristics
Psychographic
What does SWOT stand for
Strength, Weakness, Opportunities, and Threats
A way of analyzing a market by specific characteristics (demographic, psychographic, geographic)
market segmentation
Controls 51% of U.S. wealth
advertise: Paper ads
Baby boomers
What type of geographic market is AB&G
Locally
80% of their sales are generated by 20% of their customers
80/20
What does PEST stand for
Political, Economical, Social cultural, Technological
someone who BUYS the product v.s. someone who USES the product
customer v.s. consumer
Generation Y
A California surf shop only selling in California would be an example of what geographic market
Regional
Health, leisure time, and upscaling are examples of what
trends
What are the 3 C's
Percent of sale VOLUME by all customers in a given market
Market Share
After taxes for needs (food water mortgage)
Disposable Income
A store that only sells in a country
Nationally
The way the customer uses the product or acts towards the product
behavioral segmentation
Where would you see the 3 C's internal or external
Internal
uses different strategies based on demographic, geographic, psychographic, and buying behavior
Niche Marketing
After taxes and needs, is for wants (sports car Gucci slides make up)
Discretionary Income
McDonalds is an example of what type of geographic market
Global market
True of false
When looking at psychographics people think about how others spend their time and money
True
Where would you see PEST internal or external
external