Market and Market Identification market People who share

Market and Market Identification market People who share similarneeds and wants and are capableof buying products. Try to memorize the terms in this section, because you will use them throughout your study of marketing! The first important term is market, which refers to people who: · Share similar needs and wants · Have the ability to purchase a product If you like DVDs and can afford to buy or rent them, you are part of the DVD market. Marketing Essentials Chapter 1, Section 1. 3

target market A group of people identified as those most likely to become customers. Target Market and Market Segmentation Identifying a product’s target market , or the segment of the market most likely to buy the product, is a key to success. A single product may have these two target markets: · Consumers What’s the · Customers difference? ! For example, a nutritious breakfast food would be targeted at: · Children who will request it and eat it, the consumers · Parents who will approve and buy it, the customers Marketing Essentials Chapter 1, Section 1. 3

Market Segmentation Generation Y A group of people born between 1982 & 1995 YOU represent Generation Y! (may also be referred to as Millennials or Echo Boomers)! This market segment represents nearly a third of the US Population and already spends $170 billion a yearof their own (or their parents money). Marketing Essentials Chapter 1, Section 1. 3

Market Segmentation Common characteristics of Gen Y: Generation Y A group of people born between 1982 & 1995 • Tech-savvy • Slower paced; recognize importance of balance (friends/family) • Achievement-oriented (confident, ambitious) • Team-oriented(value teamwork and seek input and affirmation from others) • Like attention(in forms of feedback & guidance) Marketing Essentials Chapter 1, Section 1. 3

The Scope of Marketing marketing The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. You have already participated in the marketingprocess as a consumer. By studying marketing, you will start to think like a marketer. As a marketer, you need to: · Keep up with trends · Monitor consumer attitudes · Build product loyalty& customer relationships Marketing Essentials Chapter 1, Section 1. 1

The Marketing Concept marketing concept Businesses should satisfy customers’ needs and wants while making a profit. The marketing conceptfocuses on satisfying the needs and wantsof customers. For a business to be successful, all employees must: · Understand the marketing concept · Provide the best possible service to customers Marketing Essentials Chapter 1, Section 1. 1

Let’s Practice! Who Is Marketing to Gen Y? You tell me! “Market to Me” Project