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Description
Flashcards by Ashleigh-Jade Jones, updated more than 1 year ago
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Created by Ashleigh-Jade Jones
about 7 years ago
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| Question | Answer |
| Segmenting The Market: | -Niche: small part of an existing market -Mass: a whole market |
| Demographic Segmentation: | -Age -Gender -Occupation -Socio-economic group -Income -Geographical region |
| Socio-economic Group: | households that are characterised by the major earner's job |
| Behavioural Segmentation: | -lifestyle -level of brand loyalty -what they're looking for in a product -purchase occasion (when do they buy it) |
| Benefits of Market Segmentation: | -market research (more specific so its better and cheaper) -learn more about specific market -allows specific targeting of a product/service for advertising -allows brand building -allows the business to design the marketing mix more effectively |
| Drawbacks of Market Segmentation: | -hard to identify target market -miss out on other markets -too specialised -have to keep market research up to date constantly |
| Market Targeting: | deciding the market segments the company will aim to sell their product/service to (target market) |
| Market Positioning: | where a firm's product/service lie within the market in relation to rivals |
| Marketing Aim: | *is to create a USP through... segment->target->position |
| Niche Marketing: (Advantages/Disadvantages) | Advantages: -build customer loyalty -may have lower level of competition -may acquire large market share -easier to set up Disadvantages: -other larger rivals could enter the market -smaller scale may mean smaller profits -might be maximum customer base (max sale level) -changing tastes of customers might impact drastically |
| Mass Marketing: (Advantages/Disadvantages) | Advantages: -large scale production will have cost advantages (economies of scale) Disadvantages: -lots of competition -products have to appeal to a wide range of tastes/people |
| Economies of Scale: | when costs fall as output rises |
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