Market Segmentation Practicum in Marketing Dynamics Marketing Lesson Plan Performance Objective Students know the concept of market and market identification and understand the impact and value of diversity. Specific Objective Research market segmentation trends Analyze types of segmentation in markets Identify the effect of languages Portray how cultural diversity affects marketing Discover legal responsibilities of diversity Terms Market segmentation – a way of analyzing a market by specific characteristics in order to create a target market Demographics – statistics that describe a populations in terms of personal characteristics including age, gender, marital status, etc. Psychographics – studies of consumers based on social and psychological characteristics Geographics – segmentation of the market based on where people live Cultural diversity - the variety of human societies or cultures in a specific region, or in the world as a whole Time When taught as written, this lesson should take three to four days to teach. Preparation TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of any or all of the TEKS listed. §130.348. Practicum in Marketing Dynamics (c) Knowledge and Skills (3) The student knows the concepts of market and market identification (A) research market segmentation trends (B) analyze types of segmentation in markets (11) The student knows the impact and value of diversity (A) identify the effect of language other than English on marketing (B) portray how cultural diversity affects marketing (C) discover legal responsibilities of diversity 1 Copyright © Texas Education Agency, 2015. All rights reserved. Interdisciplinary Correlations: §110.47 Reading I, II, III (b) Knowledge and skills. (2) The student acquires an extensive vocabulary through reading and systematic word study. The student is expected to: (A) expand vocabulary by reading, viewing, listening, and discussing; (B) determine word meanings through the study of their relationships to other words and concepts such as content, synonyms, antonyms, and analogies; (4) The student comprehends texts using effective strategies. The student is expected to: (A) use prior knowledge and experience to comprehend; (B) determine and adjust purpose for reading; and (D) summarize texts by identifying main ideas and relevant details. Occupational Correlation (O*Net – www.onetonline.org/): Job Title: Market Research Analyst and Marketing Specialist O*Net Number: 13-1161 Reported Job Titles: Market Analyst, Project Manager, Market Research Consultant, Client Service and Consulting Manager, Market Research Manager, Product Line Manager, Business Development Specialist Tasks: Prepare reports of findings, illustrating data graphically and translating complex findings into written text. Seek and provide information to help companies determine their position in the marketplace. Gather data on competitors and analyze their prices, sales, and method of marketing and distribution. Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand. Devise and evaluate methods and procedures for collecting data, such as surveys, opinion polls, or questionnaires, or arrange to obtain existing data. Monitor industry statistics and follow trends in trade literature. Measure and assess customer and employee satisfaction. Measure the effectiveness of marketing, advertising, and communications programs and strategies. Forecast and track marketing and sales trends, analyzing collected data. Attend staff conferences to provide management with information and proposals concerning the promotion, distribution, design, and pricing of company products or services. Soft Skills: Speaking, Active Listening, Critical Thinking, Judgment and Decision Making, Social Perception Accommodations for Learning Differences 2 Copyright © Texas Education Agency, 2015. All rights reserved. It is important that lessons accommodate the needs of every learner. These lessons may be modified to accommodate your students with learning differences by referring to the files found on the Special Populations page of this website (cte.unt.edu). Preparation Review and familiarize yourself with the terminology, Have materials ready prior to the start of the lesson. References: Textbooks: Everard, K., & Burrow, J. (2004). Business Principles and Management. Mason, OH: South-Western. Kimbrell, G., & Woloszyk, C. A. (2005). Marketing Essentials. Woodland Hills, CA: McGraw-Hill Companies. Books: Morrison, T., & Conaway, W. A. (2007). Kiss, bow, or shake hands: The Bestselling Guide to Doing Business in More than 60 Countries. Avon, MA: Adams Media Corporation. Online: http://www.onetonline.org Instructional Aids Textbook Lesson Presentation Instructor Computer/Projection Unit Online Websites Introduction The main purposes of this lesson is to help students understand Market Segmentation Cultural Diversity Ask students if they know the purpose and importance of a budget for an advertising campaign. Ask students if they know why it is important to develop a workable budget for an advertising campaign. Outline MI Outline I. Terms A. Market segmentation B. Demographics C. Psychographics D. Geographics E. Cultural diversity Notes Use presentation as visual aide Have students write vocabulary terms and meanings Discuss using the presentation and listed resources 3 Copyright © Texas Education Agency, 2015. All rights reserved. II. Market segmentation A. Demographics B. Psychographics C. Geographics III. Demographics A. Age- Generations B. Gender C. Income D. Ethnic Background IV. Psychographics A. Interests B. Attitudes C. Lifestyles V. Geographics A. Local B. Regional C. National D. Global VI. Cultural Diversity in marketing A. Language differences B. Cultural differences C. Non-verbal differences Allow students 20 minutes to complete guided practice Allow students Multiple Intelligences Guide Existentialist Interpersonal Intrapersonal Kinesthetic/ Bodily Logical/ Mathematical Musical/Rhythmic Naturalist Verbal/Linguistic Visual/Spatial Application Guided Practice Students will work with a partner to identify various forms of communication used globally by different cultures. Independent Practice Assign students to complete Generations Project activity 4 Copyright © Texas Education Agency, 2015. All rights reserved. Summary Review 1. Define market segments. 2. What are the defining elements of demographics? 3. How does cultural diversity affect marketing? Evaluation Informal Assessment Teacher will evaluate student participation throughout the discussion process and contribution to the guided practice activity. Teacher will observe students by walking the classroom during each activity. Formal Assessment Students will be evaluated on the Generations Project using the Assigned Rubric Enrichment Extension Integrate writing skills: Have students write a report about a current consumer generations as defined buyers. 5 Copyright © Texas Education Agency, 2015. All rights reserved. Generations Project Assignment Select one of the four generations discussed and identify a product marketed toward the segment. Complete the following to develop a successful promotion plan to sell the product. Create a digital presentation with the information to present to the class. 1. Name and describe the generation 2. Identify the product characteristics 3. List the price and locations to purchase it 4. Classify the specific segment characteristics within the generation the product is intended 5. Select the best type of promotion media to reach the generation segment 6. Create a new print ad to sell the product to the intended audience 6 Copyright © Texas Education Agency, 2015. All rights reserved. Generations Project Assignment Rubric Categories Content Preparedness 20 15 Student is Student shares knowledgeable and information includes all required in information plus presentation additional content in presentation Student is prepared Student seems and has rehearsed prepared but should extensively rehearse more Enthusiasm Facial expressions and body language show interest and enthusiasm about the topic Facial expressions and body language sometime show interest Speaking, eye contact, and posture Speaks clearly, stands straight and makes eye contact with audience 100% of presentation Speaks clearly, stands straight and makes eye contact with audience 90% of presentation Visual Attractively designed visual with all required information Organized Visual with all required information 10 Student is missing one or two elements in presentation 5 or less Student is missing multiple elements of content and is lacking knowledge Student is somewhat prepared but is lacking rehearsal Facial expressions and body language are used to try to generate enthusiasm Student is not prepared Speaks clearly, stands straight and makes eye contact with audience 80% of presentation Visual with all information but lacks organization Very little used of facial expressions or body language. Did not generate much interest in topic Mumbles, slouches and does not look at the audience throughout the presentation Visual with partial information Total Score ________ Maximum 100 Points 7 Copyright © Texas Education Agency, 2015. All rights reserved.