Advertising: Identifying Target Markets ENG 12 - STEWART

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Presentation transcript:

Advertising: Identifying Target Markets ENG 12 - STEWART

Marketing and Advertising Activities Revolve Around the Target Market Distribution Product Target Market Pricing Promotion

WHAT IS A TARGET MARKET? Those individuals or organizations that are likely to want to use what producers can provide.

MARKET SEGMENTATION The market is made up of people who fit into many different groups. When a product or service is targeted toward groups of people who share common characteristics, the group is called a market segment.

MARKET SEGMENTATION People may be grouped in a market segment because they: Belong to the same culture Have similar tastes and preferences Share the same values or goals Have the same socioeconomic background Respect their group’s norms or rules of conduct Market segmentation helps producers match their products and services to the needs of a specific group.

COMMON MARKET SEGMENTS Demographic: people of the same . . . Sex Age Marital status Family size Stage of family life cycle

COMMON MARKET SEGMENTS Socioeconomic: people of similar . . . Occupation Education Income Social class Culture

COMMON MARKET SEGMENTS 3. Geographic People who live in regions of the country that could be defined by a specific climate, or by provincial or regional boundaries

COMMON MARKET SEGMENTS 4. Psychographic people with similar lifestyles or personality attributes

COMMON MARKET SEGMENTS 5. Behavior patterns People who can be identified by when, where, and how often they shop, as well as by their media habits

COMMON MARKET SEGMENTS Consumption patterns People who can be identified by their knowledge about, and loyalty to, particular products or brands