CEREAL BOX DUE BY 116 50 point summative

CEREAL BOX DUE BY 1/16 50 point summative semester project Can be any size or a similarly shaped Can be stored in my room 20% of grade is bringing in your own box! Extra Credit if you bring in extras (5 points each) • You will still be required to complete the assignment without it. • • •

DO NOW 1/10 Grab a worksheet by the turn in bin Target Market Video: https: //study. com/academy/lesson/market-segmentation-geographicdemographic-psychographic-more. html

Identifying a Target Audience • Advertisers need to think carefully about their audience. Who’s going to be reading/watching this ad? What are their interests, concerns, and questions, and how can make them interested. • In Sports Illustrated magazine, it’s Dak Prescott eating Doritos. In Seventeen Magazine, it’s Kylie Jenner promoting Estee Lauder. They shape the material for a particular audience. • Study three magazine ads. What kind of products are advertised in the different types of magazines? In what ways do the advertisers appeal to these different audiences? • Advertisers are very precise about their target audiences - see if you can figure out who the target audience is by using the Identifying a Target Audience activity sheet – Be prepared to share ONE – have the ad ready!

Market Segmentation Who’s the target?

Importance of target markets • No single product can meet everyone’s needs A lot to choose from. Not everyone is going to buy every type of cereal.

Examples of Target Markets in the Cereal Aisle • Kids > Trix, Lucky Charms, Reeses Puffs – Sugary, bright colors, mascots • Babies > Cheerios – Easy to digest • Moms > Honey Bunches of Oats, Chex, Total – Healthy • Grandpa > Grape nuts, Raisin Bran, Corn Flakes – Hearty, Full of nutrients

Can anyone eat the cereal? Yes. Will everyone buy/buy the cereal? No. The Target Market is who is MOST LIKELY to buy/eat that kind of cereal

Advertising = $$$ Why spend money advertising Lucky Charms to Grandpa who doesn’t want to eat/buy that cereal?

Marketing Segmentation The process in which marketers often divide the total market for their products into smaller, more specific groups (target market).

Who’s the Target? • Target Market – the identification and selection of markets for a business or for a product. • Market Segmentation breaks down a target market to more specific markets – Example: Teenagers – Segmented into Teen Boys, Ages 12 -15 or Teen Girls ages 16 -18

Who’s in the Market? • The people who can buy a product – Those who want that good or service – Ready – Are willing to make it a reality – Willing – Have the resources to purchase it – Able

Can you think of specific products for each of the target markets below? Teenagers Children Medical Staff

4 Types of Market Segments Demographic (What) Geographic (Where) Psychographic (Who) Social (How)

Demographic Segmentation Customers are grouped on the basis of gender, heritage, religion, socioeconomic status, and life stages.

Geographic Segmentation • Customers are grouped on the basis of such geographic divisions as regions, states, cities, and neighborhoods.

Psychographic Segmentation • Customers are grouped on the basis lifestyle and personality.

Social (Behavior) Segmentation • Customers are grouped on the occupation, education, and income.

Determining a Target Market What target market is a company trying to reach?

Marketing Lesson: Target Market People Scenarios Directions: Please cut out scenarios and allow the students to pull a scenario as a basis for their target person. A male person living in Alaska over the age of 60 with an income of $50, 000 a year. A male teenager living in Washington D. C. between the age of 15 – 19. A female executive living in Hollywood, CA. between the ages of 36 45 with an income over $100, 000 a year. A female person in Hawaii between the ages of 20 – 25 with an income of $35, 000 a year. A female teenager in Florida between the ages of 15 – 19. A male executive living in New York between the ages 25 – 35 with an income over $250, 000 a year A male farmer in Mississippi between the ages of 25 -35 with an income of $40, 000 a year. A female retired grandmother between the ages of 65 – 75 with an income of $750. 00 a month. A male retired grandfather between the ages of 65 – 75 with an income of $1000. 00 a month.

Marketing Lesson: Target Market People Scenarios Directions: Please cut out scenarios and allow the students to pull a scenario as a basis for their target person. A male person living in Texas over the age of 60 with an income of $30, 000 a year. A male teenager living in Alaska between the age of 15 – 19. A female nurse living in Louisiana between the ages of 25 - 30 with an income over $100, 000 a year. A female teacher in Michigan between the ages of 20 – 25 with an income of $45, 000 a year. A female teenager in Ohio between the ages of 15 – 19. A female executive living in Las Vegas, NV between the ages 25 – 35 with an income over $350, 000 a year A female housewife in Mississippi between the ages of 25 -35. A female retired grandmother between the ages of 65 – 75 with an income of $2750. 00 a month. A male retired grandfather between the ages of 65 – 75 with an income of $3000. 00 a month.

Marketing Lesson: Target Market People Scenarios Directions: Please cut out scenarios and allow the students to pull a scenario as a basis for their target person. This one is left blank for you to apply scenarios for your local environment.

In groups, create your “target person” • Using at least 10 in your collage – products you think would be targeted toward that specific person • Use the poster paper to cut out your Target Person. • Use magazines or printed pictures (ask Ms. Rice before printing) • Give a few sentences explaining your choices