Week 6 Flashcards
(19 cards)
What is a Target Market?
A specific, defined segment of consumers that a company plans to serve with its products or services.
What is the main difference between Target Market and Target Audience?
A target market impacts all decisions a small business makes, while a target audience only impacts decisions related to specific marketing messages.
Give an example of a Target Market and its corresponding Target Audience for McDonald’s.
Target Market: Children
Target Audience: Parents
What is market segmentation?
The process of dividing a broad market into distinct groups of consumers with similar needs, characteristics, or behaviors.
Why do we segment markets?
To tailor your marketing strategies and messaging to specific groups, improving relevance and effectiveness.
List the four main types of market segmentation.
- Demographic
- Geographic
- Psychographic
- Behavioral
What are Customer Personas?
Fictional, generalized representations of your ideal customers that illustrate demographics, behaviors, motivations, and goals.
Why use Customer Personas?
Enhance targeted messaging and content creation, align product features with customer needs, and improve customer experience and engagement.
What is the first step in creating Customer Personas?
Identify Patterns.
Fill in the blank: Customer Personas help tailor marketing strategies and _______.
[product development]
What is a detailed profile of a Customer Persona called?
A Customer Persona Profile.
What is an example of a Customer Persona?
Bridal Bella, who is recently engaged and balancing a demanding career with wedding planning.
What are some challenges Bridal Bella faces?
- Overwhelmed by vendor options and wedding details
- Struggling to find time for planning
- Balancing quality with cost-effectiveness
What motivates the Competitive Athlete Profile?
Seeks high-performance gear with the latest technology and innovations that enhance athletic performance.
True or False: The Urban Trendsetter Profile values street style and cultural trends.
True
What is a key benefit of identifying your Target Market?
Every detail of a product or service can be perfectly tailored to their needs and desires.
What does a clearly defined target audience plus a detailed marketing campaign equal?
A perfectly tailored campaign that will appeal to their interests, emotions, and world views.
Who said, ‘Nobody reads ads. People read what interests them. Sometimes, it’s an ad.’?
Mad Men
What is the purpose of evaluating your market segments?
To ensure that every detail of a product or service is tailored to meet the needs of the target market.
