7  Target Markets

 

Nokia targets Teens!

 

What are markets, requirements of markets, and types of markets?

 

 

 

A.  Target Market Selection Process

                1.  I.D. the Strategy

                                Undifferentiated –

 

                                Concentrated –

 

                                Differentiated –

 

                2.  Which Segmentation Variable to Use

                                What are segmentation variables?

 

                                Segmenting Consumer Markets

                                Demographic –

 

 

                                                Harlem Globetrotters

 

                                Geographic –

 

 

 

                                Psychographic –

 

 

                                                NASCAR

 

                               

                                Behavioristic

 

 

                                Segmenting Business Markets

 

 

 

                3.  Develop Market Segment Profiles

 

 

 

                4.  Evaluate Market Segments

                                Sales Estimates

 

                                Competitive Assessment

 

                Cost Estimates

 

5.  Selecting Specific Target Markets

 

 

B.  Developing Sales Forecasts (Explain each technique)

 

 

 

 

Cases:  BuyandHold.com & LifeSpring