Objectives: Explain the concept of market segmentation Analyze a target market Differentiate between...

Market Segmentation #3Objectives:• Explain the concept of market segmentation• Analyze a target market• Differentiate between mass marketing and market

segmentation

Text Books needed today – Read Pages 37 - 41

Mass Marketing – use of a single marketing strategy to reach all customersName a company or product that would use Mass Marketing?The product must have mass appeal

Our modern world is . . . GlobalMore peopleDiverseTechnologicalSpecialized

This leads to? . . .

Market Segmentation instead of mass marketingM

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Market Segmentation - the process of classifying people who form a given market into even smaller groups

How are markets segmented?

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ways1. Demographics2. Geographics3. Psychographics

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Demographics – Statistics to describe a population

Age Gender Income Marital Status Ethnic

Background

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Geographics – Segmentation of a market based upon where people live

Where might a particular market live?

Examples? In Nebraska or Utah?What about Florida or Washington?

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Psychographics – grouping people with similar lifestyles, attitudes, values and opinions.

Activities Attitudes Personality & Values

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on Assignment – Segmentation in the Mirror. You

represent a certain a) Demographicb) Geographic c) Psychographic

Write down every characteristic about yourself that marketers of different products would see in you in each of the above categories. In other words, describe yourself in detail. Use one or two word descriptions.