1 Text Books needed today – Read Pages 37 - 41 Market Segmentation #3Objectives:Explain the concept of market segmentationAnalyze a target marketDifferentiate between mass marketing and market segmentationText Books needed today – Read Pages
2 Mass Marketing – use of a single marketing strategy to reach all customers Name a company or product that would use Mass Marketing?The product must have mass appealMass MarketingOur modern world is . . .GlobalMore peopleDiverseTechnologicalSpecializedThis leads to? . . .Market Segmentation instead of mass marketing
3 3 ways Market Segmentation How are markets segmented? Demographics Market Segmentation - the process of classifying people who form a given market into even smaller groups3waysHow are markets segmented?DemographicsGeographicsPsychographicsMarket Segmentation
4 Market Segmentation Demographics – Statistics to describe a population AgeGenderIncomeMarital StatusEthnic BackgroundMarket Segmentation
5 Geographics – Segmentation of a market based upon where people live Where might a particular market live?Examples?Market SegmentationIn Nebraska or Utah?What about Florida or Washington?
6 Psychographics – grouping people with similar lifestyles, attitudes, values and opinions. ActivitiesAttitudesPersonality & ValuesMarket Segmentation
7 Assignment – Segmentation in the Mirror. You represent a certain a) Demographicb) Geographicc) PsychographicWrite down every characteristic about yourself that marketers of different products would see in you in each of the above categories. In other words, describe yourself in detail. Use one or two word descriptions.Market Segmentation