Vocab
The group of all potential customers who have similar needs and wants and have the ability to buy the product / service
What is a market?
Target market for new tennis shoes by Nike
What is athletes?
Dividing a market based on where a person lives (local, regional, state, national, or global markets)
What is geographic segmentation?
A single marketing plan used to reach all consumers
What is mass marketing?
Teen Vogue targets...
What are teenage girls?
The percentage of total sales revenue acquired by a business within a market
What is market Share?
Target market for cribs, strollers, and mini-vans
Who are new or soon-to-be parents?
Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation
What is demographic segmentation?
A marketing plan focused on the market segments with the greatest potential for buying the product / service
What is target marketing?
Teenage boys between the ages of 14 - 19 that live in Eastern Virginia is this type of segmentation
What is demographic and geographic segmentation?
The group or groups of potential customers identified as most likely to shop at a business and buy their specific products / services
What is target market?
Target market for fast food restaurants?
Who are parents, teenagers, or kids?
Dividing markets by identifying common interests, attitudes, values, lifestyle, or personality traits among the individuals that constitute the market
What is psychographic segmentation?
Type of marketing plan used for light bulbs
What is mass marketing?
What businesses do to increase their share of the market
What is focus on target markets?
When the entire market is divided into smaller market segments that share similar characteristics
What is market segmentation?
Target market for health food stores
Who are health conscience people?
Dividing the market into groups based on what they are looking for in a product and why they buy the product
What is behavioral segmentation?
Type of marketing plan a bicycle company would use for a new mountain bike
What is target marketing?
Marketing plan for exotic fish
What is niche marketing?
Dividing the market into groups based on what they are looking for in a product and why they buy the product
What is behavioral segmentation?
Target market for new Tesla SUV
Who are people with high incomes or environmentally conscience?
What is four?
Narrowing markets further, by identifying a more specific group of people based on very specific characteristics
What is niche marketing?
Increasing market share is important to business so they can...
What is increase sales revenue?