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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?
3
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.