March 22, 2012

 A specific group of consumers at which a business aims its products and services Example

 The process of classifying people who form a given market into even smaller groups ◦ Demographics ◦ Geographics ◦ Psychographics ◦ Behavior Patterns

 Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation

 Money left after taking out taxes

 The money left after taking out taxes and paying for basic living necessities (food, shelter, clothing, etc.)

 Segmentation of the market based on where people live

 Grouping people together with similar lifestyles and activities, as well as shared attitudes, values, and opinions.

 Based on actual consumer buying behavior for particular products  Customers are segmented based on: ◦ Attitude towards a product (brand loyalty) ◦ User status indicating a first time buyer ◦ Potential buyers ◦ Benefits sought  Will purchase based on: ◦ Image ◦ Security/Comfort

 You are starting a new franchise and are beginning season ticket sales. Use the USA Data site to develop a list of 20,000 season ticket prospects based on the following: ◦ Demographics – 3 ◦ Geographics – 2 ◦ Psychographics – 2 ◦ Behavior Patterns - 1

 Sports products ◦ goods, services, ideas, or a combination of those things related to sports that provide satisfaction to the consumer

 Types of sports products include: ◦ Sporting events  games, events, and competitions, including athletes and the arenas where the events take place ◦ Sports information  news, statistics, schedules and stories

 Types of sports products ◦ Sports training – a service provided through fitness centers, sport camps, and lessons ◦ Sporting goods – equipment, licensed merchandise, collectibles, and memorabilia, as well as apparel and accessories

 Tangible products – physical goods that offer benefits to the consumer  Intangible products – a non physical service such as tennis lessons, personal training, and sports camps

 Product Line – a group of closely related products manufactured or sold by a company  Product Mix – the total assortment of products that a company makes or sells