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.