Download Understanding the Consumer Worksheet

Unit 2 –Understanding the Consumer
Business Opportunity
A business opportunity is a _______ for _________ based on a product idea and a
__________ that will buy it. In order to turn a business opportunity into a successful
business, a business plan and a ___________ plan should be developed. The
marketing plan includes the __________ _________.
Target Market
________ of a larger market whose _______ and _______ you
will try to meet with a specific marketing mix. Marketing mix
decisions are made with the ________ _______ in mind.
Qualities of a good target market include:




clearly defined needs and wants that your _________
___________.
_______________ your product.
___________ and __________ to ______ your product.
__________ customers in the market to be ___________.
Mass Marketing
A ______________ consists of all the customers for a specific type of product. There is
only _______ marketing mix. This approach assumes that everyone’s _______ and
_____ for a product are exactly the same. Two problems with mass marketing:
1. _______________________________
 contain many subgroups with very different needs and wants
example: one type of shoe will not meet the needs of everyone who
wears shoes
2. _________________________
The Answer to problems with Mass Marketing is:
Market segmentation

process of _________________into _________ parts

each of these smaller parts is called a ___________
The purpose of market segmentation is to _____________________ with:
 _____________________________
 _____________________________
 _____________________________
 _____________________________
Segmentation variables are organized into four
categories.
 ______________
 ______________
 ______________
 ______________
Geographic Segmentation
 dividing a market based on where customers live
Geographic variables include
_______________
____________
________________
Demographic Information
 statistics (numbers) that describe the characteristics of a population
 collected in a census
Census
 __________________________ made by the government on a regular basis
 _______________________: conducts census every 5 years
Demographic Variables:
 ____________________
 ____________________
 ____________________
 ____________________
 ____________________
Psychographic Segmentation

based on psychological characteristics of customers
Psychographic variables include:
 _____________
 social activities
 _____________
 interests
 _____________
To discover lifestyle and values, marketers may use the VALS™ Survey.
Behavioural Segmentation
Dividing a market based on the way customers _______ a product. Behavioural
variables include
 __________
 __________
 __________
Student Exercise
Next go to the VALS Survey site
(http://www.strategicbusinessinsights.com/vals/presurvey.shtml) , complete the survey,
and Identify the 8 VALS segments:
What is your primary segment: ____________________________
Description of Segment
What is your secondary segment: ____________________________
Description of Segment
Identify all eight segments: