Transcript who is our target market?

WHO IS OUR TARGET MARKET?
Write a brief description of our
SBE’s target market.
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
THE MARKETING MIX
PRODUCT
TARGET
PRICE
PLACE
MARKET
PROMOTION
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
MARKET
People who have similar needs and wants and
are capable of buying products
o A key part of this definition is the fact that the
potential customer has the purchasing power to buy
the product offered.
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
TARGET MARKET
The group of customers most likely to purchase your
product. It is the group of people toward whom a
business directs it’s promotional efforts.
o Successful businesses look for ways to connect with their
customers; understanding the customer or potential
customer is the key to gaining their trust and their
patronage
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
MARKET SEGMENTATION
The process of defining and subdividing a large
market into identifiable segments having similar
needs, wants, or demands.
o All businesses need to define their target market as
specifically as possible and avoid generalizations or
broad definitions.
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
IDENTIFYING THE TARGET MARKET
When identifying the target market, consider the
following questions :
•
•
•
•
•
•
Is your market male or female?
What age?
Where do they live?
What do they do for a living?
How much money do they make?
What lifestyles and attitudes do they have?
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
TARGET MARKET RESEARCH CLUSTERS
• Demographics: personal characteristics that make up a target market.
o This includes: age, gender, income, marital status, and ethnic background.
• Psychographics: social lifestyles (such as student, parent, athlete, etc.),
attitudes, values, and opinions
• Geographics: segmenting the market based on where people live.
o This can be local, regional, national, and even global descriptions.
• Behavioral: segmenting the market based on product- related behavior
that involves the benefits sought by customers or shopping patterns.
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
ACTIVITY
Using the concepts described in segmenting a
market, write a detailed description of the target
market for the automated retail kiosk.
IMPLEMENTING AUTOMATED RETAIL: PEOPLE
QUIZ
TARGET MARKET
IMPLEMENTING AUTOMATED RETAIL: PEOPLE