Markets (Further)
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?- Created by: SiobhanGarnham-Parks
- Created on: 05-01-16 13:58
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- Markets
- Market Positioning
- Shows who the competition are
- Shows any USPs
- Benefits of the product
- Attributes of the product
- Origin of the product
- Classification of a product
- Adding Value
- Adding value is when a business persuades a customer to pay a price that is higher than the cost of production
- Things that prevent adding value
- Too much wastage
- Profit margins
- The environment
- Competition
- The economy
- Legislation
- Benefits of adding value
- Makes more profit
- Expansion
- Publicity
- More success
- Charge higher prices
- Customer loyalty
- Market Research
- A method to find out what consumers want or potentially need
- Why do market research
- To assess potential demand for a product or service
- To see which promotions would best suit a product or service
- To assess the competition
- To build a customer profile
- Benefits
- Reduces risk of poor decision making
- To develop a marketing plan
- To react and prepare for changes in the market
- To become market orientated
- Types of Market
- Product Orientated
- the product is the most important factor when providing products for a market.
- Market Orientated
- The consumer is the most important factor when providing products for a market.
- Product Orientated
- Market Segmentation
- an identifiable group of individuals where consumers share one or more characteristic or need
- Design Mix
- The design mix shows whether a product will focus on the function, appearance or cost of the product
- Products can focus on one or more section of the design mix
- Market Positioning
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