Teorias

CHAPTER 4 – TARGET MARKETING



CHAPTER OBJECTIVES

After reading this chapter the student should understand:
1. Defining prime prospects.
2. The importance of target marketing information.
3. The marketing concept and targeting.
4. Niche marketing and positioning.
5. Beyond demographics: psychographics.

CHAPTER OVERVIEW
At the center of all marketing strategy and planning is theconsumer. There are numerous sources of information to help in making strategic decisions about potential markets and consumers. Key is deciding what information is really important to making the necessary decisions.

Who is going to buy the product? The need to limit or direct our integrated marketing communications means we need a clear target. The day of the mass market is gone andgeneralizing is gone. Segmentation is the new direction. Knowing your market is the cardinal rule of marketing. This requires defining your market in detail. Determining the key questions to ask is an important skill.


LECTURE OUTLINE

I. Defining Prime Prospects
A. Target marketing
1. The process of identifying and communicating with groups of prime prospects.
2. This processof finding prime prospects can be very complex because there are numerous ways of looking at consumers, many different kinds of information to consider, and a constantly changing consumer environment.
B. Where do we start?
1. Each agency approaches this process a little differently.
2. But all have to answer key questions before beginning.
a) Brand equityresearch, for example, focuses on the existing state of the brand in the context of its market and consumers.
C. Census Data
1. Much of this data is on-line.
2. Topologically Integrated Geographic Encoding and Referencing system, known as TIGER.
a) This coding of the country's natural, political, and statistical boundaries includes every street, road, andsubdivision.
b) The system provides data for computer maps to pinpoint sales territories and direct marketing prospects. In addition it can be linked to demographic measures such as age. It is an excellent database tool.
c) Custom research companies have developed software to access geodemographic databases.
3. Population is in a constant state of change. These changesinfluence advertisers’ decisions.
a) Who is in the market?
b) How many are there?
c) What do they need?
d) What are their buying patterns?
4. Population is more than numbers. We tend to group people by age, ethnicity, and generation.
a) Matures – those born before 1946 total 68.3 million.
b) Boomers – those born between1946 and 1964 total 77.6 million.
c) Gen Xers – those born after 1964 number 44.6 million.
5. The millennium will bring big changes, i.e., everyone in California will be a minority.
a) 70% of population of population growth will be in the West and South by year 2025.
b) New York, New Jersey, Pennsylvania, Ohio, Michigan will experience moderate growth inthe same time period.
D. Minority Markets
1. African Americans
a) 12.8 % of the US population.
b) 33 million in the group.
c) medium income was $25, 970 compared to $45,020 for white families.
d) married-couple black families’ income was $49,752, compared to $59,025 for white families.
2. Hispanics
a) will belargest minority by 2009.
b) 26.5 million currently.
c) there isn’t one Hispanic market because of their diversity.
3. Asian Americans
a) 7.2 million according to 1990 census, a growth of 108% over previous census.
b) 12 million by 2000 and 41 million by 2050.
c) Not a single market due their separate communities.
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