Standard 2 Day 1 LESSON OUTLINE
Objective 1:
Understand the concept of market and market identification
a. Define the term “market”
b. Define the term “target market”
c. Understand how to identify an appropriate target market
d. Understand the difference between B2B marketing and B2C marketing
e. Explain the role of situational analysis in the marketing planning process
A. Complete the “Lecture Guide” using the “PowerPoint” Presentation, the book, and your Instructor.
B. Complete each of the worksheets as they are presented in the PowerPoint.
a. “Vocabulary Review” Worksheet
Fundamentals of Marketing
Market – ______who have the ability and willingness to buy.
Target Marketing – Focusing all
______on a very ______of people who you want to ______
Customers – ______the product.
Consumers – people who actually ______the product.
B2B vs. B2C
B2B – “Business – to– Business” A business that markets its products or services to other businesses.
B2C – “Business– to– Consumer” A business that markets its products or services to consumers.
Situational Analysis (S.W.O.T)
S: Strengths - Internal
W: Weakness - Internal
O: Opportunities - External
T: Threats - External
Vocabulary Review
Define the following
Market:
Target Marketing:
Customers:
Consumers:
B2B:
B2C:
S:
W:
O:
T:
Standard 2 Day 2 LESSON OUTLINE
Objective 2:
Understand the concept of market segmentation
a. Define the term market segmentation
b. Understand common methods used to segment a market (demographic, psychographic, geographic, and behavioral)
1. Complete the “Lecture Guide” using the “PowerPoint” Presentation, the book, and your Instructor.
2. Complete each of the worksheets as they are presented in the PowerPoint.
a. “Market Segmentation” Assignment
b. “Segmentation” Activity
c. “Vocabulary Review” Worksheet
Market Segmentation
Analyzing Markets
______is a way of analyzing a market by ______in order to create a______
Types of Segmentation:
1. ______
2. ______
3. ______
4. ______
Demographics ______that describe a population in terms of personal characteristics. Demographics include:
1. ______
2. ______
A. ______
B. ______
C. ______
3. ______
4. ______
5. ______
6. What is the U.S. trend for ethnic races? ______
Psychographics -- Involves grouping people with ______, as well as ______
A. ______
B. Attitudes
C. ______& Values
VALSTM is a ______and ______tool.
Geographics – Segmentation based on ______
A. ______
B. ______
C. ______
Behavioral Segmentation
• Looking at the ______by consumers, shopping patterns, and ______. Market benefits, not just the physical characteristics of a product
• Many businesses find that the ______applies.
• ______
Mass Marketing Vs Segmentation
• Mass marketing ______as it once was.
• ______marketing (the current trend) – markets are ______down and defined with extreme precision.
MARKET SEGMENTATION ASSIGNMENT
Instructions: Using the four methods of segmentation (Demographic, Behavioral, Psychographics, and Geographic) segment yourself. When you are finished you will know what target market you belong to.
Demographics:
Age
Income
Education
Gender
Occupation
Life stage
Geographic:
Region
State
City
Psychographic:
Life Styles Values
Interests
Behavioral/Rate of Use:
Benefits derived
Loyalty
SEGMENTATION ACTIVITY
Pick five students in the class and complete a Customer Profile for each of their products. Use the table below and fill in each square.
Students Name/Product / Demographic Information / Geographic Information / Psychographic Information / Behavioral Information
Vocabulary Review
______1. Dividing the total market into smaller groups of people by analyzing a market by specific characteristics to define a target market?
______2. Statistics that describe a population in terms of personal characteristics?
______3. Involves information about the market with regards to shared attitudes, lifestyle, and values?
______4. Refers to segmentation based on political boundary or climate?
______5. Refers to segmentation based on the benefits desired by the consumer?
.
______6. For many businesses what Behavioral Segmentation rule describes where most of its sales come from?
______7. In the U.S. which ethnic population has seen its number declining?
______8. What marketing tool is used to help define a consumer’s psychographic?
______9. What do we call a population’s views and personal attitudes about health, fun, and living?
Standard 2 Day 3 LESSON OUTLINE
Objective 3:
Understand the importance of evaluating marketing plans
a. Define Return on Marketing Investment (ROMI)
b. Explain methods to monitor and evaluate performance of marketing plans.
1. Complete the “Lecture Guide” using the “PowerPoint” Presentation, the book, and your Instructor.
2. Complete each of the worksheets as they are presented in the PowerPoint.
a. “Test Review” Activity
3. Turn in your completed packet to your Instructor.
ROMI
Return on marketing investment – A measurement organizations calculate that helps them evaluate their marketing investment
Monitor and evaluate marketing plans
Listed below are a few metrics or tools used to evaluate marketing plans:
-Sales
-Profit
-Market Share
-Growth vs. previous year
-Comparisons with competitors
-Exposure
-Brand awareness
Test Review
1) What is the group that decides whether or not a business will survive?
A. the consumers B. the owners or board of directors
C. the government D. the competing businesses
2) Allows companies to customize the product or marketing strategies.
A. Market Segmentation B. Target Market
C. Demographics D. Product Benefits
3) Dividing customers into groups based on the products application.
A. Market Segmentation B. Target Market
C. Customer Profile D. Product Benefits
4) Information about the target market with regard to the age, income level, ethnic, background, occupation, attitudes, lifestyle, or geographic residence of the targeted customer.
A. Geographics B. Customer Profile
C. Demographics D. Market Segmentation
5) Breaking the market into smaller groups.
A. Geographics B. Customer Profile
C. Demographics D. Market Segmentation
6) ______are those people who actually use the product.
A. Psychographics B. Consumers
C. Customers D. Geographics
7) Information about where people live is called:
A. Psychographics B. Consumers
C. Customers D. Geographics
8) What do we call a population’s views and personal attitudes about health, fun, and living?
A. Marketing Mix B. Pyschographics
C. Customer Profile D. Marketing Concept
9) What is the term for the phrase "Companies sell what Customers want."
A. Marketing Mix B. Pyschographics
C. Customer Profile D. Marketing Concept
10) The money earned from conducting business after all costs and expenses are paid.
A. profit B. promotion
C. surplus D. competition
11) Segmenting based on where people live.
A. Geographics B. Customer Profile
C. Demographics D. Market Segmentation
12) Analyzing a market by specific characteristics to define a target market.
A. Geographics B. Customer Profile
C. Demographics D. Market Segmentation
13) ______are people who buy the product
A. Psychographics B. Consumers
C. Customers D. Geographics
14) Which of the following are the Economic Benefits of Marketing?
A. Quality Products, Higher Prices, and Lower Utility.
B. New and Improved Products, Lower Prices, and Adds Value.
C. Inexpensive Products, Higher Prices, and Higher Value.
D. Fewer Products, Lower Prices, and Higher Utility.
15) What type of market has been narrowed down and defined with extreme precision?
A. Segment Market B. Mass Market
C. Niche Market D. Product Market
Unit 2 Test Review
100 / 100 / 100 / 100200 / 200 / 200 / 200
300 / 300 / 300 / 300
400 / 400 / 400 / 400
500 / 500 / 500 / 500