2.02 Discuss
the concept of
market
identification.
______Market
Market
• The group of potential consumers who
share common _________and
_______.
• The target market has the ability and
willingness to buy the________.
• Businesses strive to meet the needs
and wants of their__________.
Mass Marketing
• A single marketing plan used to reach
all___________.
Target Market
• The group of consumers that a
_________desires to have as
customers.
Market Segmentation
• Dividing the entire market into smaller
groups (of people) who share
similar____________.
• Allows businesses to customize
_________and_____________.
Demographics
• Segmenting the market based on
personal characteristics such as:
______________________________
______________________________
Example: middle class, males, ages 2040, who are construction workers.
Psychographics
• Segmenting the market based on
• ___________________________
• Example: People interested in
professional football.
Geographics
• Segmenting a market based on where a
person lives. Geographic segmentation
can refer to _____, _____, _____ or
_______________.
• Example: A small local store will
segment to the surrounding area like a
town, while big companies like Nike
market Internationally.
Behavioral Segmentation
• Dividing consumers into groups
according to their response to a
product. Behavioral segmentation
divides markets into groups based on
_____they are looking for in a product
and _____ they buy the product.
• Example: Purchasing Nike shoes
because Michael Jordan wears them.