Marketing Segmentation
The type of market segmentation that involves Splitting a big market in to a much smaller one by organizing them by physical location where they live
Geographic
This term is when a potential customer brings up concerns, states a reason why they may not be interested, or asks questions about your products/services
Objection
This "P" of marketing involves deciding which channels and methods you will use to market/sell your products
Place
The difference between the cost required to make something and the price you sell something for.
Profit margin
This step of selling is when you actually get a commitment from the customer to buy your product
Closure
The type of market segmentation that splits a big market in to a very specific part of a population, using age, gender, income, education, etc.
Demographic
the identified groups of consumers most likely to purchase your product or service
Target market
When someone actually sees your marketing and this leads them to actually purchase your product this is called a _________
Conversion
a performance indicator that measures the amount gained from an investment relative to the investment's cost. lt helps make sure everything you do is tied back to your overall social media marketing objectives
ROI (Return on investment)
This step of selling is when you determine if a potential customer is actually a good fit for your product/service or not, and decide how you are going to approach the sale.
Qualification/Approach and Needs assessment
the type of segmentation that uses factors like values, beliefs, and lifestyle to segment and target customers. Targeting customers based emotions, habits, and attitudes.
Psychographic
This term represents the reputation of a business. It is the distinctive name, words, design, logo, mark, or a combination of these elements that create company or product identity and that separate the company or product from competitors.
Brand
The term used to describe anytime a companies' social media post is liked, shared, re-posted, commented on, or replied to
Engagement
Calculate the profit margin percentage in this following example.
Mr. Reitter makes a pair of socks for $8 and decides to sell them for $12
33.3%
(Revenue-COGS)/Revenue
12-8=4
4/12= 33.3%
This is a selling strategy that focuses more on the number of customers you can get rather than the amount of profit you can make
Sales oriented selling strategy
The market segmentation that involves organizing people based on their actions, or things like purchase history, search history, cookies, and website analytics to craft customized messages for specific groups.
Behavioral
The 2nd step of selling involves finding potential customers who might be interested in your product/services. What is this first step?
Prospecting
"Famous people" who have a large social media following and often times get paid to promote products online
Influencers
something you can measure- usually performance based- that helps you evaluate the success of your business
Key performance indicators (KPI)
This is a marketing strategy that is presented to a huge group of people instead of focusing on a specific market/segment
Mass marketing
Mr. Reitter is a huge fan of the Cincinnati Reds. The Reds have noticed that he frequently shops online for Reds tickets, Reds Merchandise, and has other interactions online with the Reds. The Reds see this information, and choose to send him tailored ads to try and buy season ticket packages. This is an example of ____________ market segmentation
Behavioral
Product, Price, promotion, place
The first step of attempting to start a business is to ______
Solve a problem
Bob spent $500 on marketing this year and it led him to 100 new customers. Calculate Bob's Customer Acquisition Cost (CAC)
$5
Sally's Snow Boots is a new start up company, selling luxury snow boots that are durable for rigid, harsh winters. She plans to focus solely on younger men who work outside in the conditions, shoveling snow or doing construction work. Name the two types of market segmentation she would want to use given this information, and briefly explain each one.
Geographic- marketing to only cold climates
Demographic- Marketing majority of their products to young men.