Markets (Further)

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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.
    • 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

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