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Today I will: Learn to analyze and segment a Target Market So I can: Differentiate between mass marketing and market segmentation I will know I’m successful when: I am able to see myself how marketers see me Text Books needed. Pages 43-49. Reading strategy today is to scan, focusing on: Highlighted Terms HEADINGS SUB HEADINGS Write down key terms What do you find interesting? Read, scan, plant seeds Market Segmentation - the process of classifying people who form a given market into even smaller groups How are markets segmented? 1. 2. 3. 4. Demographics Geographics Psychographics Behavioral Characteristics Demographics – Statistics to describe a population Age Gender Income Disposable Discretionary Marital Status Ethnic Background Geographics – Segmentation of a market based upon where people live Where might a particular market live? Examples? In Nebraska or Utah? What about Florida or Washington? Behavioral Characteristics – Segmentation of a market based upon purchasing-related behavior • Buying Patterns • Usage Rates Psychographics – grouping people with similar lifestyles, attitudes, values and opinions. Activities Attitudes Personality & Values Mass Marketing – use of a single marketing strategy to reach all customers Name a company or product that would use Mass Marketing? The product must have mass appeal Our modern world is . . . Global More people Diverse Technological Specialized This leads to? . . . Market Segmentation instead of mass marketing Assignment – 1) Segmentation in the Mirror. You represent a certain a) Demographic b) Geographic c) Psychographic Write down every characteristic about yourself that marketers of different products would see in you in each of the above categories. In other words, describe yourself in detail. Use one or two word descriptions. 2) Using your computer, locate ads for clothes targeted toward three different target markets. Create a B&W document, print it out and include in your notes.