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Download SEM1 3.01 A - Market Planning
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PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing in sport/event marketing • Provides them with a group of potential or existing customers in which to communicate About their good or service to match, understand & satisfy customer needs – (leads to customer retention too!) Who is buying, what do they buy and why do they buy – the more you know the better your product can satisfy those specific needs Develop a specific, targeted marketing mix Reflect differences in customer tastes & their needs Increased sales & profits from each targeted market & more opportunities for growth Make sure the customers you are targeting have the willingness and ability (disposable income) to purchase Advantages Disadvantages Distinctive/Identifiable Wrong Accessible/Actionable Easy to get to Measurable/Definable Substantial Large enough to make a difference Stable Will be around long enough for marketing to work market Can’t reach them No real data Bad forecasts or information Fads Advantages Less confusion To implement To customers Less promotional cost Less work Strategic thinking Manual hours Disadvantages Single message may not reach enough customers May not keep pace with new trends Lost sales opportunities Harder and more costly to gain a new customer than to retain an old one 1950’s - Mass Marketing 1960’s Market Segments 1970’s Niche Marketing 1980’s Mass Customization 1990’s Micro-Marketing 2000’s E-Marketing Age Generation Income Disposable & Discretionary Baby-boomers (‘46 – ’64) Occupation X (‘65 – ’76) Education Y (‘77 – ’93) Z (‘94 – ’04) techies Ethnicity Gender Nationality Family Religion size Family life cycle Social Class Region: by continent, country, state, city, neighborhood or street Size of metropolitan area: segmented according to size of population Population density: often classified as urban, suburban or rural Climate: according to weather patterns common to certain geographic regions Activities Interests Opinions Attitudes Values Lifestyles What a person likes to do Behavior towards a product Benefits sought by the customer Usage Rate – how often do they purchase? Brand Loyalty – they expect something User status – potential, first-time or regular Readiness to buy – urgency Occasions like holidays, birthdays & events that stimulate purchases Terms to use to fill in the blanks Market Target market Mass marketing Marketing segments Market segmentation Market – includes the group of all potential customers who share common needs Target market – group of very specific customers that a company desires to have as consumers Mass marketing – single marketing plan to reach all consumers – Ex: bottled water Marketing segments – groups of unique individuals that share common characteristics Market segmentation – dividing the entire market into smaller groups that share common characteristics & to create a target market – niche market would be an example 1. When a sport marketer considers factors such as lifestyles and interest levels in a specific sport, s/he is segmenting a market on the basis of A. gender. C. geographics. B. demographics. D. psychographics 1. When a sport marketer considers factors such as lifestyles and interest levels in a specific sport, s/he is segmenting a market on the basis of A. gender. C. geographics. B. demographics. D. psychographics 2. Which of the following is a factor that sports and entertainment marketers consider when targeting customers for a specific event: A. Personalities C. Expectations B. Demographics D. Affiliations 2. Which of the following is a factor that sports and entertainment marketers consider when targeting customers for a specific event: A. Personalities C. Expectations B. Demographics D. Affiliations The promoters of an extreme-sports weekend event would most likely target which of the following markets: A. B. C. D. Professional athletes Business executives Older men, ages 40 to 50 Young men, ages 12 to 34 The promoters of an extreme-sports weekend event would most likely target which of the following markets: A. B. C. D. Professional athletes Business executives Older men, ages 40 to 50 Young men, ages 12 to 34 Marty is a single, 22-year-old graduate student at Martinsville University. He is enrolled as a business management student working on his Masters degree. Marty rents a one-bedroom apartment close to Martinsville U. He lives alone with his dog, Buddy. The Martins are a typical American family. Mr. Martin is 39 years old and a sales manager at a local parts wholesaler. His wife enjoys cooking and is a part-time secretary for an insurance agent. They have two children. Matt is an eighth grader at Martinsville Elementary School and Matilda is a fourth grader at Martinsville Elementary. Both children are very involved with sports. The Martins live in a small suburb outside Martinsville. Their home is a modest three-bedroom house with a den and a fireplace. 3.01 Target Market – Can you segment these markets? 3.01 Target Market – Nothing to Sneeze At 3.01 Target Market – Advantages and Disadvantages 3.01 LAP objective A & B Total Recall questions 3.01 The Grey Zone: answer the questions in paragraph format. 2 paragraphs minimum. 3.01 Make It Pay: 2 paragraph minimum