MKTG 150 Chapter Notes - Chapter 1: Identifiability
Document Summary
The process of dividing a large, heterogeneous market into more homogeneous groups of people who have similar wants, needs, or demographic profiles, to whom a product may be targeted. Focus on those most likely to buy. Meet wants and needs without exhausting resources. Provide product, price, promotion, place and public relations in the right way. Geography, income, education, gender, sexual orientation, race and ethnicity, age. Assumes that consumers may be divided by personality traits; by lifestyle characteristics such as attitudes, interests and opinions and by preferences and perceptions. Socialization, excitement, high performance, entertainment, affordability, affirmation and recognition. Sports marketers need to understand that their consumers can be segmented based on how much they use the product. Common divisions include heavy, medium and light users. Repeat business is the key to success (ex: season-ticket holder vs single-game attendee) 80-20 rule: 80% of business comes from 20% of the customers.
