Transcript of SEM1 3.01 PI – Describe target marketing in sport/event marketing.
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- SEM1 3.01 PI Describe target marketing in sport/event
marketing
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- Marketing Terms Market the group of all potential customers who
share common wants and needs Ex: People that play video games
Consumers in a Market: Have the desire to make a purchase Have the
willingness to purchase a product Have the financial means to make
a purchase
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- Marketing Terms Mass Marketing single marketing plan to reach
all consumers (Everybody!) Anyone can use or benefit from these
products Appeal to many types of customers Using one marketing plan
No specific customers are targeted Ex: bottled water, foods, soda,
phones
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- Mass Marketing Advantages Communicate one message to a large
audience Produce one product for everyone Less promotional cost
Less work Disadvantages Single message may not reach enough
customers Product may not appeal to everyone
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- Marketing Terms Target Market group of very specific customers
that a company desires to have as consumers Have specific
characteristics Ex: BOYS that play video games Target Marketing
Businesses identify and select customers with similar wants and
needs Make products, goods, and services for these customers Aim
all advertising and marketing efforts at these customers
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- Importance of target marketing Provides a group of potential or
existing customers with which to communicate Who is buying? What do
they buy? Why do they buy? Match the good or service with customer
needs Easier to satisfy specific needs More effective to promote to
those that can and will purchase the product
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- Target Marketing?
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- Marketing Terms Market Segmentation dividing the entire market
into smaller groups that share common characteristics What?...
Creates a target market Why?... Not all consumers are alike
Different wants, needs, and reasons for buying Focus products and
marketing to a specific group
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- Marketing Terms Marketing Segments groups of unique individuals
that share common characteristics People Who Play Video Games
Yellow: All video games Blue: Sports Games Red: Role Playing Games
Green: Military Games
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- Types of Market Segmentation Demographic Based on consumer
statistics and characteristics Geographic Based on where the
consumers live Psychographic Based on what consumers do and like
Behavioral Based on why consumers buy a product
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- Demographic Market Segmentation Age Generation Baby-boomers (46
64) X (65 76) Y (77 93) Z (94 04) techies Gender Family size Family
life cycle Income Disposable & Discretionary Occupation
Education Ethnicity Nationality Religion Social Class
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- Demographic Examples
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- Geographic Market Segmentation Region: by continent, country,
state, city, neighborhood or street Size of metropolitan area:
segmented according to size of population Population density: often
classified as urban, suburban or rural Climate: according to
weather patterns common to certain geographic regions
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- Geographic Examples
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- Psychographic Market Segmentation Activities Interests Opinions
Attitudes Values Lifestyles What a person likes to do. Ex: Buying
golf clubs because you enjoy playing golf
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- Psychographic Examples
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- Behavioral Market Segmentation Based on consumer behavior
towards a product Benefits sought
http://www.youtube.com/watch?v=trUrPbSKEZE
http://www.youtube.com/watch?v=trUrPbSKEZE What will the product do
for me? Usage Rate How often do they purchase? Brand Loyalty User
status Potential, first-time, or regular buyer Readiness to buy
http://www.youtube.com/watch?v=3Wwo7PjI9aU
http://www.youtube.com/watch?v=3Wwo7PjI9aU Have to have it now!
Special Occasions http://www.youtube.com/watch?v=vRlerzla1CY
http://www.youtube.com/watch?v=vRlerzla1CY Holidays, birthdays
& other events that stimulate purchases
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- Behavioral Examples
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- Niche Marketing Marketing directed towards a small underserved
group Can have great results Examples: Fisker Karma Hybrid Supercar
Lefties Only The Specialty Shop for Left-Handed Golfers and
baseball players. http://www.youtube.com/watch?v=6RvyFFjP7RE