Take Chapter 9 Pre-Assessment.

Read Chapter 9.1.

Watch Intro to Marketing.

Play Kahoot!

Learning Targets:

I can define marketing.

I can discuss target markets and market segments.

• Marketing is a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. It includes everything that organizations do to satisfy customers’ needs.
• The philosophy of satisfying customers’ needs while meeting organizational profit goals is called the marketing concept and guides all of an organization’s marketing activities.
• To apply this approach, marketers need a marketing strategy—a plan for doing two things: selecting a target market and then implementing strategies for creating, pricing, promoting, and distributing products that satisfy customers’ needs.
• A target market is a specific group of consumers who are particularly interested in a product, would have access to it, and are able to buy it.
• To identify this group, marketers first identify the overall market for the product (from the consumer market, the industrial market, or both).
• Then, they divide the market into market segments—groups of customers with common characteristics that influence their buying decisions.

• The market can be divided according to any of the following variables:

  1. Demographics (age, gender, income, and so on)
  2. Geographics (region, climate, population density)
  3. Behavior (receptiveness to technology, usage)
  4. Psychographics or lifestyle variables (interests, activities, attitudes, and values)s