Market and Market Identification

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.

market

People who share similar needs and wants and are capable of buying products.

Marketing Essentials Chapter 1, Section 1.3

Target Market and Market Segmentation

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

target market

A group of people identified as those most likely to become customers.

Marketing Essentials Chapter 1, Section 1.3

What’s the difference?!

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 Customers

Market Segmentation

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).

Generation Y

A group of people born between 1982 & 1995

Marketing Essentials Chapter 1, Section 1.3

Market Segmentation

Common characteristics of Gen Y:

• 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)

Generation Y

A group of people born between 1982 & 1995

Marketing Essentials Chapter 1, Section 1.3

The Scope of Marketing

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

The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.

Marketing Essentials Chapter 1, Section 1.1

The Marketing Concept

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 concept

Businesses should satisfy customers’ needs and wants while making a profit.

Marketing Essentials Chapter 1, Section 1.1

Let’s Practice!Who Is Marketing to Gen Y? You tell me!

“Market to Me” Project