Target Market: Definition, Purpose, Examples, Market Segments
What are the 7 concept of marketing?
1. The 7 concepts of marketing are product, price, place, promotion, people, process, and physical environment.
2. Product refers to the goods or services that a company offers to customers. It includes the features, benefits, and packaging of the product.
3. Price is the amount of money that customers pay for a product. Companies consider various factors when setting prices, such as the cost of production, competition, and demand.
4. Place is the location where customers can purchase a product. Companies must consider the distribution channels when determining the place.
5. Promotion is the process of communicating with customers about a product. It includes advertising, public relations, and sales promotion.
6. People are the employees who interact with customers. They play an important role in the marketing process.
7. Process is the sequence of activities that a company takes to market its products. It includes planning, implementation, and evaluation.
What are the 4 types marketing? 1. Product marketing: Product marketing is the process of creating demand for a product or service. This can be done through a variety of means, such as advertising, public relations, and promotions.
2. Place marketing: Place marketing is the process of creating demand for a specific location. This can be done through a variety of means, such as advertising, public relations, and promotions.
3. Price marketing: Price marketing is the process of creating demand for a product or service at a specific price point. This can be done through a variety of means, such as advertising, public relations, and promotions.
4. Promotion marketing: Promotion marketing is the process of creating demand for a product or service through a variety of promotional activities. This can include activities such as coupons, contests, and sweepstakes.
What are the 7 market segmentation characteristics?
1. Geographic segmentation: dividing the market into different geographical units, such as countries, regions, states, or cities.
2. Demographic segmentation: dividing the market into different groups based on demographic characteristics, such as age, gender, income, or occupation.
3. Psychographic segmentation: dividing the market into different groups based on psychological characteristics, such as lifestyle, personality, or values.
4. Behavioral segmentation: dividing the market into different groups based on their past behavior, such as purchase history, brand loyalty, or level of involvement.
5. Needs-based segmentation: dividing the market into different groups based on their needs, such as those who need a product for a specific purpose or those who need a product that is low-cost.
6. Benefit-based segmentation: dividing the market into different groups based on the benefits they are looking for, such as those who want a product that is durable or those who want a product that is easy to use.
7. Usage-based segmentation: dividing the market into different groups based on their usage patterns, such as those who use a product frequently or those who use a product sparingly. What are the 6 main types of market segmentation? 1. Geographic Segmentation: dividing the market into different geographic units such as countries, regions, cities, or neighborhoods.
2. Demographic Segmentation: dividing the market into groups based on demographic characteristics such as age, gender, income, occupation, education, or marital status.
3. Psychographic Segmentation: dividing the market into groups based on psychological characteristics such as lifestyle, personality, or values.
4. Behavioral Segmentation: dividing the market into groups based on consumer behavior such as benefit sought, usage rate, or brand loyalty.
5. Firmographic Segmentation: dividing the market into groups based on company characteristics such as size, industry, or location.
6. Segmentation by Customer Need: dividing the market into groups based on the specific needs of customers.
How do you define a market? There are a variety of ways to define a market, but at its simplest, a market is a group of potential customers with similar needs or desires who are willing and able to purchase a product or service. This can be further broken down into specific segments, such as geographic, demographic, psychographic, or behavioral.