March 22, 2012

A specific group of consumers at which a business aims its products and services

Example

The process of classifying people who form a given market into even smaller groups◦ Demographics◦ Geographics◦ Psychographics◦ Behavior Patterns

Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation

Money left after taking out taxes

The money left after taking out taxes and paying for basic living necessities (food, shelter, clothing, etc.)

Segmentation of the market based on where people live

Grouping people together with similar lifestyles and activities, as well as shared attitudes, values, and opinions.

Based on actual consumer buying behavior for particular products

Customers are segmented based on:◦ Attitude towards a product (brand loyalty)◦ User status indicating a first time buyer◦ Potential buyers◦ Benefits sought

Will purchase based on:◦ Image◦ Security/Comfort

You are starting a new franchise and are beginning season ticket sales. Use the USA Data site to develop a list of 20,000 season ticket prospects based on the following:

◦ Demographics – 3◦ Geographics – 2◦ Psychographics – 2◦ Behavior Patterns - 1

Sports products◦ goods, services, ideas, or a combination of those

things related to sports that provide satisfaction to the consumer

Types of sports products include:

◦ Sporting events games, events, and competitions, including athletes

and the arenas where the events take place

◦ Sports information news, statistics, schedules and stories

Types of sports products

◦ Sports training – a service provided through fitness centers, sport camps, and lessons

◦ Sporting goods – equipment, licensed merchandise, collectibles, and memorabilia, as well as apparel and accessories

Tangible products – physical goods that offer benefits to the consumer

Intangible products – a non physical service such as tennis lessons, personal training, and sports camps

Product Line – a group of closely related products manufactured or sold by a company

Product Mix – the total assortment of products that a company makes or sells