9/9/14 Takaways

9/9/14 Takaways

  • Market Segmentation
    • http://www.netmba.com/marketing/market/segmentation/
      • Market segmentation identifies parts of a market so that it is easier to satisfy the needs of the customers in those segments. For example the shoe market might be separated into segments for dress shoes, running shoes or seasonal shoes and marketing to each one of those segments would be different to satisfy the needs of the consumer in those segments. Consumer markets and industrial markets have different bases for segmentation. Consumer markets can be segmented by geographic, demographic, psychographic, demographic or behaviorist characteristics. An industrial market can be segmented by some of the same characteristics as consumer markets but also by location, company type and behavioral characteristics.
  • Target Market
    • http://www.entrepreneur.com/encyclopedia/target-market
      • A target market is a specific group of consumers from a market segment. Finding out as much as possible about the consumer of your product or service is important. It you try to market to everyone, someone else that can serve the needs of a certain group will take those customers.
  • Cohort Marketing
    • http://smallbusiness.chron.com/cohorts-marketing-58265.html
      • Cohorts are factors that are shared by a group of consumers and are used to identify and target segments of the market. They separate specific groups of people within their demographic groups. They cannot be used as a general marketing tool and work best for targeting a very specific group of consumers.
  • Psychographics
    • http://tutor2u.net/business/marketing/segmentation-psychographic.html
      • Sometimes referred to as behavioral segmentation, it divides the market into groups of consumers based on their lifestyles. Because there is an increase in demand for food that has certain characteristics, companies change their packaging or marketing to get the customers looking for those characteristics. For example, some cereal boxes now say they are gluten free even though they always were, but by saying that, they can get the customers that want a gluten free diet.
  • Customer Mix
    • http://www.m4bmarketing.com/small-business-marketing-sales-analysis/
      • The customer mix is the consumers using a product or service. Understanding the types of customers that use your product or service can help with increasing sales or marketing to them. If a printing company has a sign department, it would make sense to market that product to their customers that have a fleet of vehicles that need lettering but it would be wasteful to try to sell that to their customers that have no need for vinyl graphics.
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