Market segmentation 0.0 / 5 ? Business StudiesMarketing segmentationASOCR Created by: hed08joykCreated on: 04-02-14 21:40 What is market segmentation Breaking down of a large market into sub groups with similar characteristics 1 of 16 What does segmentation allow? Segmentation allows a business to target their marketing at certain groups with similar characteristics 2 of 16 Types of market segmentation (geographical) Splitting the market according to the areas in which people live 3 of 16 Types of market segmentation (lifestyle) Grouped based on interest and hobbies and how they impact on the products they desire (takeaways) 4 of 16 Types of market segmentation (gender) Products produced for certain genders, this may be through packaging (pink) 5 of 16 Types of market segmentation (age) Products appealing to specific age groups 6 of 16 Types of market segmentation (social class) According to their occupations, upper, upper middle, middle, lower middle, skilled working, working, unskilled class 7 of 16 Types of market segmentation (residence) Type of housing which they live in, flats, apartments 8 of 16 Types of market segmentation (behaviour) Spending patterns, garden centre may attract elder customers 9 of 16 Niche marketing Targeting a clear and identifiable segment of the market 10 of 16 Mass marketing Selling a product in the market that attempts the entire market with a single product - coke 11 of 16 Product differentiation Where producers alter specific features of their product to make it seem different from the products of other firms -Pepsi, coke 12 of 16 Market share Percentage of the total market that a firm has achieved 13 of 16 Market share is measure in 2 ways Sales value - by using sales revenue, sales volume - using the number of actual units sold 14 of 16 Define market growth An increase in sales in the total market 15 of 16 Factors that will determine market growth Nature of the product, change in taste/fashion, standard of living, social and demographic changes 16 of 16
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