Copyright Goodheart-Willcox Co., Inc. What might people in a target market have in common? Section 9.1 Mass marketing uses one marketing mix of g product, price, place, and promotion for a market. Mass marketing ignores differences among customers. The market is viewed as one large group. Everyone is assumed to have exactly the same wants and needs for the product. When using mass marketing tools, such as television, everyone in the larger group gets the same promo- tional message. The advantage of mass marketing is that it saves time and money because all people receive the same promotional message. A disadvantage is that mass marketing ignores differences among customers. The market assumes that everyone has exactly the same wants and needs for a product. However, customers are unique. There are many groups of customers with differing wants and needs. Sending everyone the same message may prove to be inefficient, miss the best customer, and waste marketing funds. Target Market The opposite of a mass market is a target market. A target market is the specific group of t customers whose needs and wants a company will LO 9.1-1 Market The term market can mean a number of t different things. In the world of marketing, a market is all the people and organizations that t might purchase a product. Markets are the focus of all marketing efforts. Markets can be large or small, broad or narrow. What they all have in common is the inclusion of particular types of customers most likely to buy certain goods or services. This includes the groups of people that companies want to reach in order to increase sales, earn profits, and stay in business. Mass Market A mass market is the overall group of people who might buy a good or service. Products that appeal to nearly everyone have mass markets. For example, everyone who wants a car and can afford to buy one is part of the mass market for cars. This means the mass market for cars is nearly everyone old enough to drive and who has a source of income. Identify the Market Learning Objectives LO 9.1-1 Differentiate between mass marketing and target marketing. LO 9.1-2 Define variables used for market segmentation. LO 9.1-3 Explain the importance of a customer profile. Key Terms mass market niche market geographic segmentation demographic segmentation generation disposable income discretionary income psychographics psychographic segmentation values attitude Likert scale behavioral segmentation usage rate buying status customer profile 148