Market Segmentation Introduction to Business Marketing Marketing Segmentation
Market Segmentation Introduction to Business & Marketing
Marketing Segmentation �Market Segmentation: “dividing the total market into smaller groups of people who share specific needs & characteristics” ◦ Demographics ◦ Geographics ◦ Psychographics
Demographics �Demographics: “statistics that describe a population in terms of personal characteristics” ◦ ◦ Age Race Gender Income level �Used to describe Target Market �Example: Store: demographics for The School ◦ Age: 14 -18 ◦ Race: All races ◦ Gender: Male & Female
Geographics �Geographics: “based on where people in the market live” ◦ ◦ Local Regional National Global �Example: House geographics for Ashburn Ice ◦ Local hockey teams & fans ◦ Regional hockey teams
Psychographics �Psychographics: “studies of consumers based on social & psychological characteristics” ◦ Attitudes ◦ Values ◦ Lifestyles �Example: psychographics for me ◦ Attitude: positive outlook on life ◦ Values: no cheating, honesty, hard-work ◦ Lifestyle: budget-conscious, lives 15 -miles from family, full-time employee
Vocab. Notebook – cont. VOCAB TERM 8. Marketing concept DEFINITION states that to make a profit a business must focus all efforts on satisfying the needs & wants of the customer Vocabulary Terms: 8. Marketing concept 9. Marketing mix 10. Market segmentation 11. Geographic 12. Demographic 13. Psychographic 14. DECA PHOTO fit pro You will draw a photo of something that helps you remember this term – keep it simple!
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