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Introduction to Marketing Course Part 2 Reaching Your Market Chapter 5: Targeting a Market Complete the following handout package using today’s PowerPoint Presentation and class discussion. By the end of this chapter you should be able to: define business opportunity explain the components of a marketing strategy describe the four qualities of a target market identify the four strategies in the marketing mix define mass marketing and target marketing and state the advantages and disadvantages of each explain how segmentation helps to determine which market to target explain each of the four segmentation categories and list the variables for each describe how marketers create and use a market segment profile You are responsible for the following Marketing Terms: business opportunity mass marketing target marketing market segmentation segmentation variable disposable income discretionary income psychographic segmentation geographic segmentation census demographic information demographic segmentation generation behavioural segmentation 80/20 rule market segment or consumer profile 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, develop a business plan and a ___________ plan. The marketing plan includes the __________ _________. Target Market ________ of a larger market whose _______ and _______ you will try to meet with a specific marketing mix. Marketers focus on the _______ _______ while making __________ _____ decisions. Qualities of a Good Target Market clearly defined needs and wants that your _________ _____ ______ _______ __ _____ your product ___________ and __________ to ______ your product __________ customers in the market to be _________ Marketing Mix Marketing mix decisions are marketing mix _________. Both are made with the ________ _______ in mind. Mass Marketing only _______ marketing mix 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: Choosing Your Target Market __________________________ __________________________ __________________________ __________________________ 1. Target Market First choose a target market create a __________ that this market _______ ___ _______. Approach works well when there is a ________ and distinct target market that has _______ to spend. ________ are a popular target market. 2. Product Idea First develop a product idea find a target market that _________________________. Potential problem Potential benefit 3. Product and Target Market Together usually occurs when you observe a need in a particular group Example MAC cosmetics line developed specifically for ____________ 4. Old Product, New Target Market usually occurs when a ____________________ is losing sales company promotes the old product to a __________ or for a _________. Example: baking soda was promoted as a ______________ now promoted as a ______________ Market segmentation process of _________________into _________ parts each of these smaller parts is called a ___________ WHY? 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. eight VALS™ segments Identify the 8 VALS Segments Behavioural Segmentation dividing a market based on the way customers _______ a product Behavioural variables include __________ __________ __________ __________________ most of the profits (___%) come from a few customers (____%) who show the __________ brand loyalty Marketers often segment the market based on customer _________________. ________, _________, __________, ___________ Examples: Market Segment Profile 1. a detailed description of the typical customer in a market segment 2. includes information on geographic variables demographics psychographics behaviour relevant to the product