Lesson Two:

Target Market and 

Market Segmentation

Essential Questions:

What group of people will most likely attend the concert?

 

How does an entertainment entity identify and communicate with its target market?

Overview:

Creating a successful marketing plan begins with identifying consumers of the product or service you are attempting to sell.  Every product or service will appeal to the wants and needs of a certain market.  For example, the target market of a new shade of lipstick may be an adult female, while the target market of a new line of baby bottles may be an adult female or male with children.  Target marketing is developing a strategy with your consumers in mind.  However, it is more beneficial to take target marketing one step further by using market segmentation.  Market segmentation breaks the target market into smaller, more specific groups.  This allows the marketer to promote their product or service differently to each group.  Market segmentation consists of four categories: Demographic, Geographic, Behavioral, and Psychographic.

 

Demographic Segmentation. Demographic qualities include personal statistics, such as age, gender, income, ethnicity and occupation.  Demographic segmentation is one of the most clearly identifiable. Therefore it is one of the most commonly used segments. Every person has an age, gender and income which makes demographic segmentation the easiest way to diversify individuals.

 

Geographic Segmentation. Consumers can be segmented geographically by region, climate or population density.  This segment can also include the distance at which a consumer will travel to obtain a product or service.

 

Behavioral Segmentation. How is the consumer going to use the product? Consumers can be divided in segments by answering this simple question. Variables that affect behavioral segmentation are usage rate, buying status (potential, first-time, occasional, or repeat consumers), and brand loyalty.

 

Psychographic Segmentation.  Everyone has different values, beliefs and attitudes.  Consumers can be segmented based on how they feel and think about a product or service.  Surveys are very useful when grouping consumers based on psychographics.  

 

Identifying the target market and creating a market segmentation profile will prove to be extremely beneficial when determining the most effective marketing strategies to promote a rock concert. Although this step can be time consuming and vary greatly depending on a number of variables, the research gained will aid in the decision making process throughout this program.

 

Be sure to stress the importance of gathering as much information as possible before making any decisions.  This is not only important in marketing, but also a key concept that should be implemented in daily life.  Informed decision making based on facts is a skill that can and should be used throughout a persons’ entire life.  

Objectives:

Upon completion of this lesson, students will develop the skills through which they may:

  • Identify the target market for the concert fundraiser.

  • Develop a customer profile related to the target market.

  • Analyze the research and apply knowledge of target market and market segments to the promotion of the  concert fundraiser.

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STANDARDS:

 

COMMON CORE STATE STANDARDS

 

Literacy Standards for Grades 6-12: History/Social Studies, Science and Technical Subjects

College and Career Readiness Reading Anchor Standards for Grades 6-12

 

Reading 1: Read closely to determine what the text says explicitly and to make logical inference from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text.

Reading 10: Read and comprehend complex literary and informational texts independently and proficiently. 

 

Literacy Standards for Grades 6-12: History/Social Studies, Science and Technical Subjects

College and Career Readiness Writing Anchor Standards for Grades 6-12

 

Writing 1: Write arguments to support claims in an analysis of substantive topics or texts using valid reasoning and relevant and sufficient evidence.

Writing 4: Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.

Writing 6: Use technology, including the Internet, to produce and publish writing and to interact and collaborate with others.

Writing 8: Gather relevant information from multiple print and digital sources, asses the credibility and accuracy of each source, and integrate the information while avoiding plagiarism.

Writing 10: Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences.

 

Literacy Standards for Grades 6-12: History/Social Studies, Science and Technical Subjects

College and Career Readiness Anchor Standards for Speaking and Listening for Grades 6-12

 

Literacy 1: Prepare for and participate effectively in a range of conversations and collaborations with diverse partners, building on others' ideas and expressing their own clearly and persuasively.

Literacy 2: Integrate and evaluate information presented in diverse media and formats, including visually, quantitatively, and orally.

Literacy 3: Evaluate a speaker's point of view, reasoning, and use of evidence and rhetoric.

Presentation of Knowledge and Ideas:

Literacy 4: Present information, findings, and supporting evidence such that listeners can follow the line of reasoning and the organization, development, and style are appropriate to task, purpose, and audience.

Literacy 5: Make strategic use of digital media and visual displays of data to express information and enhance understanding of presentations.

Literacy 6: Adapt speech to a variety of contexts and communicative tasks, demonstrating command of formal English when indicated or appropriate.

 

Literacy Standards for Grades 6-12: History/Social Studies, Science and Technical Subjects

College and Career Readiness Anchor Standards for Language for Grades 6-12

 

Language 1: Demonstrate command of the conventions of standard English grammar and usage when writing or speaking.

Language 4: Determine or clarify the meaning of unknown and multiple-meaning words and phrases by using context clues, analyzing meaningful word parts, and consulting general and specialized reference materials, as appropriate.

Language 5: Demonstrate understanding of figurative language, word relationships, and nuances in word meanings.

Language 6: Acquire and use accurately a range of general academic and domain-specific words and phrases sufficient for reading, writing, speaking, and listening at the college and career readiness level; demonstrate independence in gathering vocabulary knowledge when encountering an unknown term important to comprehension or expression.

 

MARKETING COMMON CAREER TECHNICAL CORE STANDARDS

                    

5. Describe career opportunities and the means to achieve those opportunities in each of the Marketing Career Pathways.

 

MK 5.2: Develop personal traits to foster career advancement in marketing.

 

10. Use marketing strategies and processes to determine and meet client needs and wants

 

MK 10.4: Utilize marketing information to develop a marketing plan.

MK 10.5: Acquire foundational knowledge of customer/client/business behavior to understand what motivates decision-making.

 

NATIONAL STANDARDS FOR BUSINESS EDUCATION


Communication

I.  Foundations of Communication – Communicate in a clear, complete, concise, correct, and courteous manner on personal and professional levels.

II. Societal Communication – apply basic social communication skills in personal and professional situations.

III. Workplace Communication – Incorporate appropriate leadership and supervision techniques, customer service strategies, and personal ethics standards to communicate effectively with various business constituencies.

 

Personal Finance

l. Personal Decision Making – Use a rational decision making process as it applies to the roles of citizens, workers, and consumers.

V. Buying Goods and Services – Apply a decision-making model to maximize consumer satisfaction when buying goods and services.

 

Entrepreneurship

II. Marketing – Analyze customer groups and develop a plan to identify, reach, and keep customers in a specific target market.

VI. Interactive Media – Use multimedia software to create media rich projects.

 

Marketing

II. Consumers and Their Behavior – Analyze the characteristics, motivations, and behaviors of consumers.

V. Marketing Research – Analyze the role of marketing research in decision making.