UNIT 4 – MARKET SEGMENTATION

UNIT 4 – MARKET SEGMENTATION

THE MENU:

Read and discuss the opening TICKET

MARKETING BASICS The Marketing Concept What’s a Market? The Marketing Strategy Formula Marketing Segmentation

OUTCOMES:By the end of UNIT, you will be

able to: Describe what the Marketing

Concept is and why it is important.

List & Describe the components of a Market.

Describe the formula that makes Marketing Strategy work.

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© SOUTH-WESTERN/THOMSON

SPORTS AND ENTERTAINMENT MARKETINGSPORTS AND ENTERTAINMENT MARKETINGMarketing Basics Some Key Definitions

Marketing - is the process of _________, promoting, and distributing ________ to satisfy customers' _____ and needs. Additionally, it’s the creation and maintenance of satisfying exchange

relationships

Product – ___________________ Customer – _________________ Consumer – ________________


SPORTS AND ENTERTAINMENT MARKETINGSPORTS AND ENTERTAINMENT MARKETING

Marketing Mix = The 4 “P”s Marketing mix - describes how a business _____

the four marketing elements Product-what a business offers customers to satisfy

needs (_____)

Price - the amount that customers _____ for products

Place (Distribution) - the locations and _______ used to make products available to customers

Promotion - ways to _________ customers to purchase products and __________ customer satisfaction



The 4 Ps…



Satisfying Customer Needs Primary focus _______ customer needs __________ products Operate a business ___________



UNIT 4 SLIDE 6

Determine the Target Market

Target market - a _______ group of _______ you want to reach



UNIT 4 SLIDE 7

How to Find a Target Market Disposable income - income that can be spent

freely ______ necessities are ____ for

(ie. food, taxes, …) Demographics-specific __________ information

The Marketing Concept• The Marketing Concept

• Businesses must _________ customers' needs and wants in order to make a ________.

• 3 components of a MARKET

1. ____ potential customers

2. Share ______ wants & needs

3. Have the ability & _________ to buy a product

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The Marketing Strategy Formula

MS = TM + MMMS is Marketing _______TM is ______ MarketMM is Marketing _____ (4Ps)

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Targeting the right people!! Target Marketing

Focusing marketing decisions on a very ________ group of people

Customer vs. Consumer? Customer _____ the product Consumer _____ the product

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Market Segmentation A group of individuals that share one or more important

____________. These characteristics result in _________ product or service

needs. Businesses use market segmentation to focus their efforts.

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Market Segmentation Consumers can be divided into specific, well-defined

_________ based on certain characteristics:

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Market Segmentation Geographic Segmentation

Dividing _________ into markets based on where they ____.

The idea that individuals who live in a certain location might have the same wants and needs.

Can be as large as a ________, or as small as a zip code.

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Market Segmentation Demographic Characteristics

____, gender, race, income, and education level. Disposable Income

Money left over after ______ & paying for basic living _____________

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Market Segmentation Psychographics

People’s ________ & _________. The way you spend your _____ and your ______ choices. Responsible for bowling alleys, sports stores, swimming

pools, religious book stores, etc.

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Market SegmentationProduct Usage

The __________ that a customer uses a product. Marketers communicate differently to consumers based on

frequency of use.

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Market Segmentation Benefits Derived

Divides the population into groups depending on the ______ they receive from the product or service.

Customer Profile The combination of ____ the information about a customer

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Documents

UNIT 4 – MARKET SEGMENTATION