Market segmentation

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  • Created by: hed08joyk
  • Created on: 04-02-14 21:40
What is market segmentation
Breaking down of a large market into sub groups with similar characteristics
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What does segmentation allow?
Segmentation allows a business to target their marketing at certain groups with similar characteristics
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Types of market segmentation (geographical)
Splitting the market according to the areas in which people live
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Types of market segmentation (lifestyle)
Grouped based on interest and hobbies and how they impact on the products they desire (takeaways)
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Types of market segmentation (gender)
Products produced for certain genders, this may be through packaging (pink)
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Types of market segmentation (age)
Products appealing to specific age groups
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Types of market segmentation (social class)
According to their occupations, upper, upper middle, middle, lower middle, skilled working, working, unskilled class
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Types of market segmentation (residence)
Type of housing which they live in, flats, apartments
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Types of market segmentation (behaviour)
Spending patterns, garden centre may attract elder customers
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Niche marketing
Targeting a clear and identifiable segment of the market
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Mass marketing
Selling a product in the market that attempts the entire market with a single product - coke
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Product differentiation
Where producers alter specific features of their product to make it seem different from the products of other firms -Pepsi, coke
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Market share
Percentage of the total market that a firm has achieved
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Market share is measure in 2 ways
Sales value - by using sales revenue, sales volume - using the number of actual units sold
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Define market growth
An increase in sales in the total market
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Factors that will determine market growth
Nature of the product, change in taste/fashion, standard of living, social and demographic changes
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Other cards in this set

Card 2

Front

What does segmentation allow?

Back

Segmentation allows a business to target their marketing at certain groups with similar characteristics

Card 3

Front

Types of market segmentation (geographical)

Back

Preview of the front of card 3

Card 4

Front

Types of market segmentation (lifestyle)

Back

Preview of the front of card 4

Card 5

Front

Types of market segmentation (gender)

Back

Preview of the front of card 5
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