Market Segment Math
If the Burger Place sales 120 burgers each day to college students and 80 burgers each day to older adults, what percentage of its market is the college age market?
60%
Averages such as age, gender, income, education, and occupation
Demographics
A specific group of people most likely to be interested in and buy a product, service, or content
Target audience
Businesses want to know what gender proportionally buys their products. What is this?
Boys or Girls (Men or Women)
The actual good or service being offered
Product
The Juice Bar had total daily sales of $420.00. $120.00 of the total was sold before 2:00pm. How much of total daily sales was sold after 2:00pm?
$300.00
Where potential customers live, including their country, region, or city
Geographics
Those consumers born between 1946 and 1964
Boomers
Geographical areas have five digit numbers that represent postal codes. Businesses want to know the area of the five digit code you live. These codes are called what?
Area codes
The amount a customer pays for the product
Price
The Pizza Pie offers a 10% discount on pizzas to customers who have special coupons. The average price for a pizza is $14. How much does a pizza cost a customer who submits a coupon?
$12.60
The customers' lifestyles, interests, values, and personalities
Pyschographics
Those consumers born between 1981 and 1996
Millennials
Business want to know what kind of money earners buy their products. Thus, they want to know their ______ levels.
income
How the product is distributed and made available to customers. It involves choosing the right distribution channels, such as physical stores, online marketplaces, or direct sales, to ensure the product is accessible when and where customers wants it
Place
The Yard Guy charges $20 to mow a small yard, $30 to mow a medium size yard, and $50 to mow a large yard. The Yard Guy mows 12 large yards, ten medium yards, and five small yards a week. What percentage of his weekly income is from large yards?
60%
How customers make decisions, their purchasing habits, loyalty to brands, and how they use products
Behavioral
Those consumers born between 1987 and 2010
Generation Z
An impulse purchase is what type of purchase
Behavioral
The strategies used to communicate with and persuade the target audience to purchase the product
Promotion
The T Place had a t-shirt sale. They sold 160 long sleeve shirts and 40 short sleeve t-shirts. What percentage of shirts that were sold were long sleeve?
80%
Identifying customer needs, developing products and services to meet them, and then communicating that value to potential customers to drive exchanges and foster relationships
Marketing
Those consumer born between 1965 and 1980
Generation X
Consumers' beliefs, values, and lifestyles
Psychographic
Those who purchase goods and services from businesses
People