BMI 3C1 |UNIT 2 - WORKSHEET

TARGETING A MARKET

NAME:Kamea McKennon TA Name: McAndrew 09

This WORKSHEET is where you will record your responses for UNIT 2.
Once completed, please submit to the D2L dropbox.

● The YELLOW boxes are where you write your

response(s). The boxes will expand.
● Video clips from unit have also been placed on worksheet for easy
reference
● Check off the boxes as each task is completed.

Evaluation & Assessment:

TASK DESCRIPTION LEARNING ASSESSMENT/ LEVEL/MARK

SKILLS EVALUATION

1 Unit Completion (Tasks 1-8), K/U/C Assessment 1 2 3 4

In-class Activities (Task 10)

2 Unit 1 & 2 Test K/U /40

❑ Task 1: MARKET ING 101 - 10 Things You Need to Know

MARKETING 101 - CRASH COURSE

As you watch the video “Marketing Crash Course” complete the chart below
# THING YOU NEED TO KNOW SUMMARY
1 Emotion, then logic Buying a product is emotional rather than
logical
Humans make emotional and rational
decision first then justify it with logic

2 Direct response HIERARCHY 40% success is about the target market

40% success is the offer that you're making
20% success the copy (headline and
description of offer and create; the visual)
BMI 3C1 – Unit 2 Worksheet 1

3 Strategy OVER tactics tactics like font colour of the visual is way
less important than the strategy
response hierarchy like offer and marketing
is way more important.
Mechanics of ads, socials, spend time of
the strategy behind that

4 80/20 EVERYTHING 80% of results come from 20% of your

efforts
Always hunt for the 20% of efforts

5 Competition is a GREAT thing Having competitors shows demand

Find demand, then do it better

6 Different is BETTER than better Be different to stand out in a competitive

market place
saying”better customer service or faster” is
not good because everyone is saying the
same thing
do not compete on price

7 It's all about the CUSTOMER best marketing campaigns are customer
centric
highly crafted marketing
like to feel understood

8 LCV must be GREATER than CAC Lifetime customer value (value of a

customer to your business over a lifetime)
is greater than
customer acquisition cost(cost to acquire a
new customer)
Track your marketing channels

9 Branding is POWERFUL time and consistency

makes all of your other marketing more
effective

10 Marketing is not a SCIENCE More art than science

can never with certainty can product the
outcome of a product

❑ Task 2: BBB (BUSINESS BULLETIN BOARD) | GLOSSARY EDIT ION

Set up your business bulletin board/dashboard using the program PADLET.

How to set up PADLETS

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❑ Task 3: TERMS, CONCEPTS & DEFINIT IONS

● Scarcity
● Types of Economic Systems: Traditional Economy, Command
Economy, Market Economy, Mixed Economies
● Market Economy Features: Private Property, Economic Freedom,
Market Forces
● Market Forces at Work

❑ Task 4: Summarize the two videos: 1. Supply & Demand Explained in 1 Minute and
2. Introduction to Supply & Demand in the space below:

Here they are again in case you need to re-watch!

1. Supply & Demand Explained in 1 Minute
2. Introduction to Supply & Demand

Video Title Summarize Video in Point Form

1 Supply & Demand - supply is the amount of a product

Explained in 1 Minute - demand is the want of a product
- when there is little supply but lots of demand there is
an imbalance(too much demand not enough product)
- when there is a lot of supply and little demand there
is an imbalance(too much of a product and no one to
buy)
- when there is the right amount of supply and demand
it is equal and everyone is happy
BMI 3C1 – Unit 2 Worksheet 3

2 Introduction to Supply - demand is the desire consumers have for a good or

& Demand service
- the more the people want a good or service the
higher the demand
- supply is the total amount of a good or service
available for consumption
- the higher amount of a good or service produced, the
larger the supply
- supply and demand have a big impact on the prices of
a product or service
-

❑ Task 5: TERMS, CONCEPTS & DEFINIT IONS

Read pages 42 – 47 to obtain an understanding of the following and include the

terms and concepts in your Padlet dashboard:
● Supply and Demand: Effect of Price on Supply and Demand,
Changes in Demand, The effect of Supply and Demand on Price
● Profit: Decrease Costs of Expenses, Increase Productivity, Increase
Sales
● Competition
● Role of the Consumer

❑ Task 6: HOW CHANGE AFFECTS SUPPLY AND DEMAND

The laws of supply and demand work in a constant environment. However, the environment is
rarely constant. Factors that affect supply and demand include marketing, economic
environment, and social trends. When these factors are operating, it is harder to predict whether
demand or supply will rise or fall. Read each paragraph carefully, then answer the following
questions:

1. Imagine this TV Advertisement: A group of elderly people is laughing as they gallop on

their horses along a beach. One person turns to the camera and says. “before I started
BMI 3C1 – Unit 2 Worksheet 4

taking Ache-Free, I ached all over. I could hardly get out of bed in the morning. Just look at
me now!” The voice-over says, “Ask your doctor if Ache-Free is right for you.” Now, watch
the Advil commercial below and answer the following questions:

Advil Commercial

a) What kind of product is being advertised?

pain medication

b) Which factor is this an example of?

economic environment

c) How is this ad supposed to affect demand?

This ad wants to show that this medication can help older people. They are trying
to increase demand by showing it can help other demographics like age.

2. Crystal and Kim decided to adopt a child two years ago. Kim worked as the front office
manager for a large real estate firm and decided to stay home to look after their child.
Over the past year, the price of everything started rising, and the couple’s income could no
longer support all the things that the family wanted and needed. Kim decided to return to
work at a job similar to her old one.

a) What changed in Kim’s situation?

The demand increased. They needed more (demand) but did not have as
much(supply)

b) What caused the change?

Inflation. As the years go on, prices for products increase. In this case Kim
stopped working to support the child but as the prices increased the one income
for Crystal wasn't enough. The demand for more money caused the change as
well as the addition to the family.
BMI 3C1 – Unit 2 Worksheet 5

❑ Task 7: TERMS, CONCEPTS & DEFINIT IONS

Read pages 54 – 61 and add the terms, concepts and definitions
to your PADLET dashboard.

● Marketing Strategy
● Target Market
● Marketing Mix: Product Strategies, Price Strategies, Place Strategies,
Promotion Strategies
● Mass Marketing: Nature of Consumer Markets, Profitability
● Target Marketing
● Choosing Your Market: Target Market First, Product Idea First,
● Product and Target Market, Together, Old Product, New Target Market,
Advantages and Disadvantages of Targeting a Market

❑ Task 8: TARGET ING T HE RIGHT MARKET

Your company produces premium-quality surround systems. These systems are expensive and
must be professionally installed in a home or business.

Which of the following markets would be good targets for your products? Reach each
description, then write yes or no in the “GOOD TARGET?” COLUMN. In the lines below, explain
your reason for each answer.

DESCRIPT ION OF MARKET GOOD TARGET?

1 developers of condominiums no, if these are first buyers they are probably just buying
for first time buyers furniture as well as a new house which is expensive and
because it is expensive i don't think they would be willing
to buy an expensive surround system.

2 college or university students no, College students usually don't have money and
who share apartments or dorm sharing a dorm you must be aware of your space so a
rooms surround system would not be good because of the price
and interest.

3 luxury resorts that want to yes. If the resort is luxurious they want to supply their
BMI 3C1 – Unit 2 Worksheet 6

promote their excellent customers with luxurious experiences like an expensive

amenities surround system.

4 Publish school music yes. As a music program they would want to provide their
departments students with quality equipment.

5 people who own or are building yes. If someone is building a luxury home they would be
their own luxury home open to buying quality and expensive accessories for
their house.

6 convenience and bargain store no. There is no point because this product does not
chains, such as dollar stores or benefit them in any way.
Walmart

7 independent retail music stores yes. If they are independent they could have the money
that cater to professional to buy something expensive that would benefit their
musicians store, especially if it is a music store because this is a
musical and sound product that could boost sales.

Reach each case below. Then, suggest what the company should do and which
approach to choosing a target market is being used:

1. Diaz’s Sporting Goods has decided to target older adults. What should the
company do now? Which approach is it using? Why do you think the company
chose this target market?
Answer:

They need to conduct market research to understand the needs and wants of
older adults. They should target their products like low impact equipment like
gear for golf or walking. Their approach should be to target them by using
télévision ads because they are more likely to see ads on tv rather than on social
media and emphasize the health benefits. The company may have chosen this
target market for market growth, a competitive advantage, and so that they can
differentiate itself from other companies and create a loyal customer base.

2. Nicole has seen t-shirts, caps, and other items decorated with images of specific
breeds of dogs. However, she and most of her friends and neighbours have mixed
breed dogs rescued from shelters. They would love to have these items with
images more similar to their mixed breed dogs. What should Nicole do with her
idea? Which approach is she using?
Answer:
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First Nichole should conduct market research to find the preferences of her
customers. Then she should collaborate with other companies that design
clothing so she can have items for the mixed breed dogs. With her online
presence she should put the pictures of mixed breed dogs photos up so that
owners can see what her product looks like on multiple different dogs. Her
approach should be a Niche Market approach to identify the specific mix breed
dogs and tailor her products to meet their unique requirements. This is a good
approach because it allows her to differentiate herself from competitors and
create a strong brand identity.

3. Justin the inventor has developed an idea for a new product, Clean’n Calm. This
wonderful appliance provides a salon-style shampoo and scalp massage. The user
stocks the machine with shampoo and conditioner, hooks up the hoses, then leans
their head into the Clean’n Calm and relaxes. What should Justin do next? Which
approach is he using?
Answer:

First Jusin should create a prototype to test out the product. He should then find
out his target market and how to market to them. He should create a cost for the
product at a reasonable price. He should find business to partner up with to sell
and buy his product . He should get people to test it out and see if they like it and
adjust his target market based on the tests. Finally he should promote his
product using a marketing campaign that targets his target market (Innovation
and Product Development approach).

❑ Task 9: TERMS, CONCEPTS & DEFINIT IONS

Read pages 62 – 70 and add terms, concepts and definitions to your PADLET:
● Segmenting a Market
● Geographic Variables: Location, Climate, Community Size
● Demographic Variables: Age, Gender, Ethnicity, Income, Family Make-up
● Psychographic Variables: Hobbies & Activities, Lifestyle
● Behavioral Variables: Features Desired, Usage Rate, Brand Loyalty
● Combining Variables
● Market Segment Profiles
The link to your Padlet:

https://padlet.com/mckennk002/bmi-3ci-unit-glossary-updates-mc6vvohtjr082tla
BMI 3C1 – Unit 2 Worksheet 8

ASSESSMENT TOOL – UNIT COMPLETION

Category Criteria Level 1 Level 2 Level 3 Level 4
Knowledge/ Demonstrates Demonstrates Demonstrates Demonstrates Demonstrates
Understanding knowledge of limited some sufficient thorough
key facts and knowledge of key knowledge of knowledge of knowledge of key
terms. facts and terms key facts and key facts and facts and terms
terms terms
Demonstrates Demonstrates Demonstrates Demonstrates Demonstrates
understanding limited some sufficient thorough
of key understanding of understanding understanding understanding of
concepts, key concepts, of key concepts, of key concepts, key concepts,
principles, and principles and principles and principles and principles and
theories theories theories theories theories