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SEM1 3.01

SEM1 3.01. PI – Describe target marketing in sport/event marketing. 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

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SEM1 3.01

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  1. SEM1 3.01 PI – Describe target marketing in sport/event marketing

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. Target Marketing?

  8. Target Marketing?

  9. 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

  10. 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

  11. 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

  12. 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

  13. Demographic Examples

  14. 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

  15. Geographic Examples

  16. Psychographic Market Segmentation • Activities • Interests • Opinions • Attitudes • Values • Lifestyles • What a person likes to do. • Ex: Buying golf clubs because you enjoy playing golf

  17. Psychographic Examples

  18. Behavioral Market Segmentation Based on consumer behavior towards a product • Benefits soughthttp://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 • Have to have it now! • Special Occasionshttp://www.youtube.com/watch?v=vRlerzla1CY • Holidays, birthdays & other events that stimulate purchases

  19. Behavioral Examples

  20. 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

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