Slide 1

SEM1 3.01 PI Describe target marketing in sport/event marketing

Slide 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

Slide 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

Slide 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

Slide 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

Slide 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

Slide 7

Target Marketing?

Slide 8

Slide 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

Slide 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

Slide 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

Slide 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

Slide 13

Demographic Examples

Slide 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

Slide 15

Geographic Examples

Slide 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

Slide 17

Psychographic Examples

Slide 18

Behavioral Market Segmentation Based on consumer behavior towards a product Benefits sought http://www.youtube.com/watch?v=trUrPbSKEZE http://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 http://www.youtube.com/watch?v=3Wwo7PjI9aU Have to have it now! Special Occasions http://www.youtube.com/watch?v=vRlerzla1CY http://www.youtube.com/watch?v=vRlerzla1CY Holidays, birthdays & other events that stimulate purchases

Slide 19

Behavioral Examples

Slide 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