1.03 - Market Segmentation.  What is target marketing and what has caused sports businesses to increase this marketing tactic?  In what ways do sport.

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Presentation transcript:

Market Segmentation

 What is target marketing and what has caused sports businesses to increase this marketing tactic?  In what ways do sport marketers segment a market?  How does a consumer’s socioeconomic status play a significant role in how sport marketers implement marketing tactics?

Explain target marketing

 A MARKET is a customer or potential customer who has an unfulfilled desire and is FINANCIALLY ABLE AND WILLING to satisfy that desire.  Businesses strive to meet the needs and wants of their customers.

 When sellers offer one-size-fits-all products that will appeal to the entire market.

 A GROUP OF CUSTOMERS THE BUSINESS SEEKS TO ATTRACT.  The same person can be included in more than one Target Market

Women make up 44 percent of NFL’s Fan base.

 Divide markets into CATEGORIES or specific groups with common interests

 Marketers tailor their product, price, place, and promotion activities to the segments with which they wish to work.

Customers are not influenced by mass marketing because they are…DISCERNING - (Able to understand something that is complex.) with product purchases.

Explain the ways to segment a market.

 Marketers divide their markets by grouping customers according to their similarities—not their differences.  Customers may be similar in their occupations or hobbies.

 Economic and sociological measure of a person’s income, education, and occupation.  education, and jobs, marketers can determine what different customers are likely to buy.  1) Better educated individuals, for instance, are more likely to demand higher quality products.  2) High-income customers have more money to spend on such products as expensive jewelry, vacation packages, and cars.

 Age (Teen, young adult, senior)  Generation (Gen. X or Gen. Y)  marital status (single, married, divorced)  family size (no kids, 1-2 kids)  marketers want to know where customers fit in the day-to-day buying routine.

 1) Are customers buying baby shoes, walkers, or running equipment?  2) Do they need retirement-planning assistance, car-pooling opportunities, or diaper-cleaning services?  When marketers categorize customers by where they are in life, they can quickly find out their needs and what to do to meet them.

 baby boomer is a person who was born during Post–World War II baby boom between 1946 and About 74 Million people.Post–World War II baby boom  The financial security of this market offers continuing opportunities for marketers of travel and luxury products.  80% of luxury travel and 48 % of all luxury car purchases are made by boomers

 Generation X encompasses the 44 to 50 million Americans born between 1965 and  Members of Generation X are largely in their 30’s and early 40’s.  More ethnically diverse and better educated than the Baby Boomers.  Over 60% of Generation X attended college.

 Is the demographic cohort following Generation X. There are no precise dates for when Generation Y starts and ends. From the early 1980s to the early 2000s.cohort Generation X  With numbers estimated as high as 70 million, Generation Y (also known as the Millennials) is the fastest growing segment of today’s workforce.

Discuss ways that a market can be segmented.

 Segmenting the market based on personal characteristics such as:  Age (18- 25)  Gender (Females)  Income ($35,000 - $45,000)  Ethnic background (Hispanic, Caucasian, African-American)  Education (high school, 4-year degree, Masters, Ph.D.)  Occupation (Teacher, Engineer, Nurse)

 58a fca3abdf1b.pdf 58a fca3abdf1b.pdf  forward/2010/02/20/2010-american- movie-goer-consumer-report/ forward/2010/02/20/2010-american- movie-goer-consumer-report/

 Segmenting the market based on values, attitudes and lifestyles.  Example: People interested in professional football.

 Segmenting a market based on where a person lives. Geographic segmentation can refer to local, regional, national or global markets.  Example: A small local store will segment to the surrounding area like a town, while big companies like Nike market Internationally.

 Behavioral segmentation divides markets into groups based on what they are looking for in a product and why they buy the product.

 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

 Demographics  Psychographics  Geographics  Behavioral

 dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations.  "a pragmatic approach to politics"