Market Segmentation

Noah Swanson
Mind Map by Noah Swanson, updated more than 1 year ago More Less
Noah Swanson
Created by Noah Swanson over 4 years ago
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Description

A market segmentation overview based on the Edexcel IGCSE Business Studies Syllabus

Resource summary

Market Segmentation
1 Markets can be divided up into segments
1.1 Each segment has consumers with similar traits
1.1.1 Businesses analyse these traits and develop products for each segment
2 Demographic Segementation
2.1 Age
2.2 Gender
2.3 Income
2.4 Social Class
2.5 Ethnicity
2.6 Religion
3 Geographic Segementation
3.1 This is when the market is split up based on the location of consumers as where they live can affect their needs
3.1.1 I.E. Someone living in Africa will not buy the clothing that thoese in Russia would due to climatic Differences
4 Mass Markets
4.1 This is when a business sells the same product to all market segments. This is often fast moving consumer goods such as crisps and cereals. Mass markets have a lot of competition so require high marketing budgets
5 Niche Markets
5.1 This the opposite of a mass market as a business will market a product to a specific segment. There is less competition in a niche market so it is easier to focus on the needs of a customer
6 Benefits of Market Segmentation
6.1 By producing for different segments businesses are able to gain more revenue
6.2 Customers could be more loyal to a business as a product will feel tailored to them
6.3 Promotional material will not be wasted on those who product is not relevant to
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