Targeting the Market #4Objectives:• I will describe the concept of Market• I will differentiate between consumer and industrial markets• I will describe Market Share• I will define Target Market

Upon arrival please read pages 12 – 13, write brief notes regarding: Any terms you don’t know Questions you may have Concepts you find interesting Close book when finished. Thank you.

These terms form the very foundation of Marketing

Vital Marketing Terms

Market – all people who share similar needs and wants and who have the ability to purchase the productConsumer Market – those who purchase for personal useIndustrial Market – businesses who purchase products for use in their operations

Consumer Marketing is obvious around us – TV, social media, internet, etc. Where does Industrial Marketing take place?

Can the same product be both consumer and industrial?YES – examples?

Market Share – A company’s percentage of the total sales volume generated by all companies in a given market

Target Market – group identified for a specific marketing program

Customer Profile – specific characteristics of customers within a target market

Examples?

Computer Assignment: Work with a partner1) Locate one consumer product and one industrial product. 2) For each, answer the following question: “Who do I perceive

the target market to be for this product?”3) Using the Internet, choose any market and then identify one

company within that market. Locate their market share in both percentage and revenue. Use Google and search “company/product name market share.” For example: “Nike Free market share”

Write your answers on your note page. We will randomly choose class members to share their findings.