People
people who BUY a product
What is a CUSTOMER?
group of people identified for a specific marketing program
What is a Target Market
demographics, psychographics, geographics
customer profile
What makes the successful in marketing and sales
Strengths
changes in law
Political Influences
People who USE the product
What is a consumer
a way of analyzing a market by specific characteristics
what is market segementation
using a single marketing strategy to reach all customers
Mass marketing
A company's downfall
Weaknesses
example:a recession in the business cycle
economic influences
all potential customers who share needs and wants and who have ability to buy
What is a market
Parts of Market segmentatation
80% of sales are generated by 20% of their customers
80/20 rule
A potential improvement that could be made to a company's marketing strategy
Opportunities
example: obesity
socio-cultural influences
Age, gender, income, marital status, occupation, etc.
What are demographics?
Behavior of a certain group of people
what are psychographics?
measurable, accessible, sustainable, actionable
effective segments
Something that can harm a company's sales
Threats
example: digital photography
technological influences