Market
What is the definition of a market?
A market is all potential customers who share needs and wants, and have the ability to buy.
What does SWOT stand for?
S: strengths
W: weaknesses
O: opportunities
T: threats
What is a target market?
The group of people identified for a specific marketing program.
What is the definition of Market Segmentation?
the process of dividing a market of potential customers into groups based on different characteristics
What is the difference between a customer and a consumer?
A customer is the person who buys the product.
A consumer is the person who uses the product.
What are the 3 C's?
Company, Customers, and Competitive Position
Why is it important to identify a target market?
No single product can meet everyone's needs. It is impractical and unrealistic to develop and market a product that appeals to everyone.
What is geographics and psychographics ?
Geographics- Where the targets market lives (location)
Psychographics -Dividing your market based on consumer personality traits, values, attitudes, interests, and lifestyles.
What is a customer profile?
What makes up the target market
Demographics
Geographics
Psychographics
What does PEST stand for?
P: Political Influences
E: Economic Influences
S: Socio-cultural Influences
T: Technological Influences
What are the different types of Generations and what are they influenced by?
Baby Boomers: print ads
Gen X: TV commercials and sales
Gen Y: emails and internet
Gen Z: social media and creativity
What is demographics?
Statistics that describe a population based on personal characteristics such as...
- age
- gender
- Income
-Education
- ethnic background
- marital status
- occupation
What is the 80/20 rule?
80% of a firms income is generated by 20% of their customers.
How do you ensure effective market segments?
A good segmentation analysis should pass the following tests:
- measurable
- accessible
- substantial
- actionable
What is market share?
Describe the market share formula?
Market share is the percent of sales volume of all companies in a given market.
A firm's total sales divided by the total sales of all competitors in a market.