Understanding Markets

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  • Understanding markets
    • micro environment is customers, suppliers and competitors
    • Marco environment is forgein competitors, climate, interest rates, changes in technology and government changes
    • Demand is the amount of product a customer is willing and able to buy at any given time
    • factors of demand are changes in taste and fashion, price (less than 1 its elastic and sensitive to change) competition, incomes, marketing and external factors
    • market is a place where buyers and sellers come together
    • customer classification is called a market segment
    • geographically targeted local and national markets
    • physical is shops and market stalls
    • non physical market is the internet
    • Market segmentation is classification of customers nto groups respond differently to different prouducts, age, gender, social class and geographic
    • Benefits of market segmentation is that it increases market share, develop new products, extend products in new market identify ways of marketing a product
      • Negatives of market segmentation is identifys the most important segment, not knowing how to reach it, potential to ignore other segments and keeping up to date with changing views
    • Market growth the percentage change in sales over a period of time
    • market size is the volume of total sales for a whole market
    • market share the percentage of total sales achieved by a specific brand
    • Influence growth is economic growth, nature of product, changes in taste and fashion and social changes
    • sample size problems is that its unrepresentative, bias and difficult to local respondents

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