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PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing.

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Presentation on theme: "PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing."— Presentation transcript:

1 PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing in sport/event marketing

2  Provides them with a group of potential or existing customers in which to communicate  About their good or service to match, understand & satisfy customer needs – (leads to customer retention too!)  Who is buying, what do they buy and why do they buy – the more you know the better your product can satisfy those specific needs

3  Develop a specific, targeted marketing mix  Reflect differences in customer tastes & their needs  Increased sales & profits from each targeted market & more opportunities for growth  Make sure the customers you are targeting have the willingness and ability (disposable income) to purchase

4  Advantages  Distinctive/Identifiable  Accessible/Actionable  Easy to get to  Measurable/Definable  Substantial  Large enough to make a difference  Stable  Will be around long enough for marketing to work  Disadvantages  Wrong market  Can’t reach them  No real data  Bad forecasts or information  Fads

5  Advantages  Less confusion  To implement  To customers  Less promotional cost  Less work  Strategic thinking  Manual hours  Disadvantages  Single message may not reach enough customers  May not keep pace with new trends  Lost sales opportunities  Harder and more costly to gain a new customer than to retain an old one

6 1950’s - Mass Marketing 1960’s Market Segments 1970’s Niche Marketing 1980’s Mass Customization 1990’s Micro-Marketing 2000’s E-Marketing

7  Age  Generation  Baby-boomers (‘46 – ’64)  X (‘65 – ’76)  Y (‘77 – ’93)  Z (‘94 – ’04) techies  Gender  Family size  Family life cycle  Income  Disposable & Discretionary  Occupation  Education  Ethnicity  Nationality  Religion  Social Class

8  Region: by continent, country, state, city, neighborhood or street  Size of metropolitan area: segmented according to size of population  Population density: often classified as urban, suburban or rural  Climate: according to weather patterns common to certain geographic regions

9  Activities  Interests  Opinions  Attitudes  Values  Lifestyles  What a person likes to do

10  Behavior towards a product  Benefits sought by the customer  Usage Rate – how often do they purchase?  Brand Loyalty – they expect something  User status – potential, first-time or regular  Readiness to buy – urgency  Occasions like holidays, birthdays & events that stimulate purchases

11 Terms to use to fill in the blanks  Market  Target market  Mass marketing  Marketing segments  Market segmentation

12  Market – includes the group of all potential customers who share common needs  Target market – group of very specific customers that a company desires to have as consumers  Mass marketing – single marketing plan to reach all consumers – Ex: bottled water  Marketing segments – groups of unique individuals that share common characteristics  Market segmentation – dividing the entire market into smaller groups that share common characteristics & to create a target market – niche market would be an example

13 1. When a sport marketer considers factors such as lifestyles and interest levels in a specific sport, s/he is segmenting a market on the basis of A.gender. C.geographics. B.demographics. D.psychographics

14 1. When a sport marketer considers factors such as lifestyles and interest levels in a specific sport, s/he is segmenting a market on the basis of A.gender. C.geographics. B.demographics. D.psychographics

15 2. Which of the following is a factor that sports and entertainment marketers consider when targeting customers for a specific event: A.Personalities C.Expectations B.DemographicsD.Affiliations

16 2. Which of the following is a factor that sports and entertainment marketers consider when targeting customers for a specific event: A.Personalities C.Expectations B.DemographicsD.Affiliations

17 The promoters of an extreme-sports weekend event would most likely target which of the following markets: A. Professional athletes B. Business executives C. Older men, ages 40 to 50 D. Young men, ages 12 to 34

18 The promoters of an extreme-sports weekend event would most likely target which of the following markets: A. Professional athletes B. Business executives C. Older men, ages 40 to 50 D. Young men, ages 12 to 34

19  Marty is a single, 22-year-old graduate student at Martinsville University. He is enrolled as a business management student working on his Masters degree. Marty rents a one-bedroom apartment close to Martinsville U. He lives alone with his dog, Buddy.  The Martins are a typical American family. Mr. Martin is 39 years old and a sales manager at a local parts wholesaler. His wife enjoys cooking and is a part-time secretary for an insurance agent. They have two children. Matt is an eighth grader at Martinsville Elementary School and Matilda is a fourth grader at Martinsville Elementary. Both children are very involved with sports. The Martins live in a small suburb outside Martinsville. Their home is a modest three-bedroom house with a den and a fireplace.

20  3.01 Target Market – Can you segment these markets?  3.01 Target Market – Nothing to Sneeze At  3.01 Target Market – Advantages and Disadvantages  3.01 LAP objective A & B Total Recall questions  3.01 The Grey Zone: answer the questions in paragraph format. 2 paragraphs minimum.  3.01 Make It Pay: 2 paragraph minimum


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