Marketing Mix and Market Segmentation

Segmentation based on Interests, Habits, Activities, Lifestyles, Opinions, & Hobbies of a market segment

—Marketing Strategies that include advertising, sales promotion, selling, and publicity)

The process of dividing up a market into meaningful market segments based on similar characteristics or traits.

—Segmenting a market base on the way customers use a product or behave toward a product.

Identified segments of the market that a business wants to have as their customers.

Segmentation where a customer is into fitness, prefers purchasing organic products and watches cross-fit competitions.

Includes four basic strategies called the 4 P’s

Level of quality, features, branding, packaging, service, and warranty

—Markets divided by where the customer lives.

For example, store locations, website, and catalogs are the standard for most retailers today.

Advantage of Market Segmentation

—Types of segmentation where a customer looking for a camping tent that is durable, weather resistant, lightweight.

Disadvantage of Market Segmentation

—Decisions include determining what a customer is willing to pay

A target market represents the people most likely

—Many businesses utilize multiple channels of distribution.

What is the psychographic of the target market of a treadmill?

Age, gender, income, marital status, ethnicity, education, & occupation.

Money left over after fixed expenses to be used for leisure and entertaiment spending that marketing strives to capture

—Demographic, —Psychographic, —Geographic & —Behavioral

What competition is charging, determining seasonal discounts and allowances, and credit terms

What is the demographic of the target market of a football

—Characteristics are nations, states, regions, counties, cities, neighborhoods or zip codes.

Not of the Marketing Mix

What is the behavior segmentation of a target market purchasing an Apple Watch