Market Mapping
- Created by: Slytherinsmonstaa
- Created on: 20-06-17 18:30
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- Market Mapping
- Market Segments
- Age
- Businesses target their products at different age groups i.e. Parents and fabric detergent as they are more likely to buy the product.
- Gender
- Boys and girls are encouraged to have different interests from a young age. Businesses can target their products at different people according to gender.
- Area
- Where people live. Haggis products advertise in Scotland because that's where they'll make the most sales.
- Ethnicity
- Certain communities may want specific clothes or food that is part of their culture.
- Religious Groups
- Religions often have laws over what their followers can eat or wear. I.e. There is a market for Halal meat in the Muslim community.
- Socio-economic groups
- Perceived social status & income level. I.e. Waitrose target their products to people with a high level of income and a high level of social class.
- Age
- Market Maps
- After a business has identified their customers' characteristics and buying habits then they can create a market map.
- Uses two key features: Price and Quality.
- The less popular areas on a market map can be circled. This shows that there's a gap in the market. This shows the business that there's a business opportunity.
- Is a diagram that identifies all products in the market.
- Market Segments
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