1. 3.04 Entrepreneurship 1

2. Advertising spending: –Third largest expenditure –Growing favoritism toward online Most important online marketing tactics 69% Web sites 36% Search engine key words 24% E-mail marketing Most important offline marketing tactics 35% Fostering good community relations 27% Public relations/ media coverage Sources: www.emarketer.com, 2005 & www.MarketingPower.comwww.emarketer.comwww.MarketingPower.com

3.  Product  Example: Mature product  Example: New/introductory product  Place  Tip: Sales strategy  Price  Internal/Cost perspective  External/market perspective  Promotion (continued….)

4.  Promotion  Advertising  Tip: Advertising value  Publicity  Tip: Made you look!  Personal Selling  Tip: Relationships

6.  The group of potential consumers who share common needs and wants.  The target market has the ability and willingness to buy the product.  Businesses strive to meet the needs and wants of their customers.

7.  A single marketing plan used to reach all consumers.

8.  The group of consumers that a company desires to have as customers.

9.  Dividing the entire market into smaller groups (of people) who share similar characteristics.  Allows businesses to customize products and marketing strategies.

10.  Segmenting the market based on personal characteristics such as age, gender, income, ethnic background, education and occupation.  Example: middle class, males, ages 20-40, who are construction workers.

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

12.  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.

13.  Dividing consumers into groups according to their response to a product. Behavioral segmentation divides markets into groups based on what they are looking for in a product and why they buy the product.  Example: Purchasing Nike shoes because Michael Jordan wears them.