| A | B |
|---|
| target market | A specific group of consumers a business wants to reach. |
| market segment | A group of consumers within a larger market who share one or more characteristics. |
| Mass Marketing | An attempt to appeal to a large, general group of consumers. |
| Demographic segmentation | Focuses on information that can be measured such as age, income, profession, education, marital status, and sizeof household. |
| Psychographic segmentation | Focus on characteristics that cannot be measured physically such as values, interest, and lifestyle choices. For example, sports themed restaurants and bars attract those who enjoy watching the games in a setting with other sports fans. |
| Behavioral Based Segmentation | Focuses on a customers attitude towards products and services. |
| Geographic Segmentation | Divides markets into physical locations such as Northern , Eastern, Southern and Western regions of the U.S. ... or urban and rural areas of a state. |
| market share | The percentage of total sales of a product or service that a company expects to capture in in relation to its competitors. |
| Purpose of Mass Marketing | Businesses may use mass marketing when they are unwilling or unable to spend the time or money needed to conduct research and analyze data to identify market segments. The business directs its efforts on the whole market to reach the largest number of consumers. |
| Advantages of Mass Marketing | can reach a larger audience, gain wider exposure, increase sales volume, and lower marketing costs. |
| Disadvantages of Mass Marketing | The risk of using one marketing mix when trying to appeal to a diverse group of consumers with different needs and it makes it more difficult for a business to succeed because there are so many other businesses competing for the same consumers' dollars. |
| When is Mass Marketing mostly used? | Mass Marketing is used more commonly for goods and services that everyone tends to buy such as soap, snacks, and household cleaners. |
| Product usage | a form of behavioral-based segmentation that reflects what products you use and how often you use them. |
| Benefits derived | a form of behavioral-based segmentation where marketers group consumers based on the benefits derived from products or services. For example, some attend sporting events to spend time with family while others attend to show team spirit. |
