Presentation on theme: "Objectives: Explain the concept of market segmentation Analyze a target market Differentiate between mass marketing and market segmentation Text Books."— Presentation transcript:
Objectives: Explain the concept of market segmentation Analyze a target market Differentiate between mass marketing and market segmentation Text Books needed today – Read Pages
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
Market Segmentation - the process of classifying people who form a given market into even smaller groups How are markets segmented? 3 ways 1.Demographics 2.Geographics 3.Psychographics
Demographics – Statistics to describe a population Age Gender Income 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?
Psychographics – grouping people with similar lifestyles, attitudes, values and opinions. Activities Attitudes Personality & Values
Assignment – 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.