Understanding Markets
- Created by: Sumtimesadness
- Created on: 17-02-14 08:00
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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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