1. Target Markets and Market Segmentation
Task 40

2. What is a Target Market?
It is the specific group of consumers you want to reach.
If you want to sell your product, you must first know who your customer is, and what they like, and don’t like.
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3. Who would the target market be?
4/1/2017
Who would the target market be?

4. Who would the target market be?
4/1/2017
Who would the target market be?

5. What is a market segment?
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What is a market segment?
It is a group of consumers within a larger market who share one or more characteristics.
Marketers divide consumers into smaller groups in order to sell their products effectively

6. Comparison Target Market - huge Market Segment - smaller
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Target Market - huge
College Basketball Fans
Market Segment - smaller
Virginia Tech Basketball Fans

7. Demographic Segmentation
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Demographic Segmentation
Focuses on things that can be measured like:
Age
Income
Profession
Gender
Education
Marital status

8. Psychographic Segmentation
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Psychographic Segmentation
Characteristics that cannot be measured such as values, interests, lifestyle choices, religious beliefs..

9. Segmenting even further..
Geographic Segmentation:
divides the market by locations such as the North, South, East and West.
May even be divided in one city, such as Yankee fans vs. Mets fans.
vs.

10. 4/1/2017
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