1.05- Have We Met? Fall 2023

Mass vs. Segment Marketing: Master the differences and choose the best strategy for your business!

Decide whether the following statements are an advantage for Mass Marketing or an advantage for Segment Marketing. Mass Marketing products that will appeal to most buyers Products with wide appeal such as soft drinks, candy, and snacks use this type. Used to communicate a broad message to a large audience This strategy works especially well when a product is first introduced This type marketing allows a business to produce one product for everyone Provides themost possibilities for success at the lowest cost Only a small percentage of the mass market is likely to purchase the product. Segment Marketing Marketers often dividethe total market for their products into smaller, more specific groups Marketers plan their activities for specific, well-defined groups of customers. This type of marketing allows for a finely-tuned product, an appropriate price, and ease of distribution. An athletic shoe maker may focus on one particular type of athlete Small firms are able to be competitive It takes more resources to pull it off successfully. The product is usually more complex, it can be more difficult to produce. When using _ marketing, marketers seek to appeal to the entire market. mass segment Which is more precise marketing? mass marketing market segmentation When sellers offer one-size-fits-all products that will appeal to most buyers, they are using mass marketing market segmentation Dividing the market in to groups is part of which type of marketing? mass marketing market segmentation Due to increased discernment, today's customers are not influenced by this type of marketing? mass marketing segment marketing Read the following situation. Then, determine which of the businesses listed below would best suit Marty and which would best suit the Martins.Marty is a single, 22-year-old graduate student at Martinsville University. He is enrolled as a business management student working on his Master’s degree. Marty rents a one-bedroom apartment close to Martinsville U. He lives alone with his cat, Martha.The Martins are a typical American family. Mr. Martin is 39 years old and the sales manager at a local parts wholesaler. His wife enjoys cooking and is a part-time secretary for an insurance agent. They have two children. Matt is an eighth grader at Martinsville Middle School, and Matilda is a fourth grader at Martinsville Elementary. Both children are very involved in sports. The Martins live in a small suburb outside Martinsville. Their home is a modest three-bedroom house with a den and a fireplace. Marty Fast Delivery Sub Shop McChuckles Pets Lulu’s Dating Service Martins Pop’s Family Dining Experience Jackson Carpet House Harry’s Sporting Goods Marilyn’s Birthday Palace Baker’s Delight Cookstore Artsy Kitchen Appliances Using the story from above, identify the general category that you used to determine who is more likely to frequent each business. This is theWhy you chose Marty or The Martins. Demographic Pop’s Family Dining Experience Jackson Carpet House Lulu’s Dating Service Marilyn’s Birthday Palace Psychographic Artsy Kitchen Appliances McChuckles Pets Harry’s Sporting Goods Baker’s Delight Cookstore Math the type of market segmentation that corresponds to the customer identified. Teenager Demographic Cheerleader Psychographic Caffeine addict Behavioral Someone who lives in the Northeast Geographic Match each characteristic to the correct market segmentation. Demographic Segmentation Gender or sexual orientation Origin or heritage Religion Socioeconomic status Life stage Geographic Segmentation Regions States Cities Neighborhood Climate Psychographic Segmentation Lifestyle income, interest, activities sports, travel, fashion, hobbies Personality Individual qualities or traits Behavioral Segmentation Rate of Use Benefits Loyalty Response Occasion Response