Market SegmentationIntroduction to Business & Marketing

ReviewMarketing Mix

◦Product

◦Place

◦Price

◦Promotion

Marketing Segmentation

Market Segmentation: “dividing the total market into smaller groups of people who share specific needs & characteristics”◦Demographics◦Geographics◦Psychographics

Target MarketTarget Market: “focuses all marketing

decisions on the specific group of people you want to reach”

EXAMPLE: The Target Market for the School Store is high school students, parents, and Falcon fans.

Student writes 2 more examples in notes of what they are the Target Market for

DemographicsDemographics: “statistics that describe a

population in terms of personal characteristics”◦ Age◦ Race◦ Gender◦ Income level

Used to describe Target Market

Example: demographics for The School Store: ◦ Age: 14-18◦ Race: All races◦ Gender: Male & Female◦ Income Level: middle income

GeographicsGeographics: “based on where people

in the market live”◦Local◦Regional◦National◦Global

Example: geographics for Ashburn Ice House◦Local hockey teams & fans◦Regional hockey teams

PsychographicsPsychographics: “studies of consumers

based on social & psychological characteristics”◦Attitudes◦Values◦Lifestyles

Example: psychographics for me◦Attitude: positive outlook on life◦Values: no cheating, honesty, hard-work◦Lifestyle: budget-conscious, lives 15-miles

from family, full-time employee

Vocab. Notebook – cont.

Vocabulary Terms:7. Target Market10. Market segmentation11. Demographic 12. Geographic13. Psychographic

VOCAB TERM DEFINITION PHOTO

8. Marketing concept

states that to make a profit a business must focus all efforts on satisfying the needs & wants of the customer

You will draw a photo of

something that helps you remember this term –

keep it simple!

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