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Market and Market Identification
market
People who share
similar needs
and wants and
are capable of
buying products.
Try to memorize the terms in this section, because
you will use them throughout your study of
marketing! The first important term is market, which
refers to people who:
 Share similar needs and wants
 Have the ability to purchase a product
If you like DVDs and can afford to buy or rent them,
you are part of the DVD market.
Marketing Essentials Chapter 1, Section 1.3
target market
A group of
people identified
as those most
likely to become
customers.
Target Market and Market
Segmentation
Identifying a product’s target market, or the
segment of the market most likely to buy the
product, is a key to success. A single product
may have these two target markets:
 Consumers
What’s the
 Customers
difference?!
For example, a nutritious breakfast food would be
targeted at:
 Children who will request it and eat it, the
consumers
 Parents who will approve and buy it, the
customers
Marketing Essentials Chapter 1, Section 1.3
Market Segmentation
Generation Y
A group of
people born
between 1982 &
1995
YOU represent Generation Y!
(may also be referred to as
Millennials or Echo Boomers)!
This market segment
represents nearly a third
of the US Population and
already spends $170
billion a year of their own
(or their parents money).
Marketing Essentials Chapter 1, Section 1.3
Market Segmentation
Common characteristics of Gen Y:
Generation Y
A group of
people born
between 1982 &
1995
• Tech-savvy
• Slower paced; recognize
importance of balance
(friends/family)
• Achievement-oriented
(confident, ambitious)
• Team-oriented (value teamwork
and seek input and affirmation from
others)
• Like attention (in forms of
feedback & guidance)
Marketing Essentials Chapter 1, Section 1.3
The Scope of Marketing
marketing
The process of
planning, pricing,
promoting,
selling, and
distributing
products to
satisfy customers’
needs and
wants.
You have already participated in the
marketing process as a consumer.
By studying marketing, you will start
to think like a marketer. As a
marketer, you need to:
 Keep up with trends
 Monitor consumer attitudes
 Build product loyalty &
customer relationships
Marketing Essentials Chapter 1, Section 1.1
The Marketing Concept
marketing
concept
Businesses
should satisfy
customers’ needs
and wants while
making a profit.
The marketing concept focuses on satisfying the
needs and wants of customers. For a business to
be successful, all employees must:
 Understand the marketing concept
 Provide the best possible service to customers
Marketing Essentials Chapter 1, Section 1.1
Let’s Practice!
Who Is Marketing to Gen Y? You tell me!
“Market to Me” Project