2.03Summarize ways to reach markets. What is a market? The group of all potential customers who have similar needs and wants and have the ability to buy.

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Presentation transcript:

2.03Summarize ways to reach markets

What is a market? The group of all potential customers who have similar needs and wants and have the ability to buy the product Consumer Market Industrial Market

What is market share? The percentage of the total sales revenue acquired by a business within a market For example: Running Shoes

Mass Marketing vs. Niche Marketing Mass marketing: A single marketing plan used to reach all consumers For example: Light Bulbs Niche marketing: Narrowing markets, by identifying very specific characteristics, into a more specific group of people For example: Aquatic Pet Stores

And market segmentation is… Dividing the entire market into smaller groups who share similar characteristics. For example: Coca-Cola

Demographic segmentation is… Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation For example, Teen Vogue is marketed to…

Geographic Segmentation Dividing a market based on where a person lives (local, regional, state, national, or global markets). For example, swimwear and body boards sell best…

Psychographic Segmentation Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles (how people spend their time) For example: Schwinn Bicycle

Behavioral Segmentation Dividing the market into groups based on what they are looking for in a product and why they buy the product For example: Crest whitening toothpaste