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16 Cards in this Set
- Front
- Back
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The Market
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A place where buyers and sellers come together.
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Geographical Classification
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The geographical area targeted by business organisations.
The area can be: Local National International |
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Physical and Non-Physical markets
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Based on the way products are bought and sold
eg, Physical markets -> there is an actual place where buyers and sellers meet: shop Non-physical -> Telephone sales, Internet shopping |
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Demand
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The amount of a product or service that consumers are willing and able to buy at any given price over a peroid of time.
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Influencing factors for the demand on a product
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Price
Income and welth of consumers Tastes and fashion Price of other goods Marketing and Advertising Competitor' actions Seasonal Factors Government actions |
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Market Segmentation
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The classification of customers or potenial customers into groups or sub-groups, each of which responds differently to different products or marketing approches.
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Types of Market Segmentation
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Demographic and Geographic segmentation
are the two main types of segmentation |
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Forms of Demographic segmentation
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Age
Gender Social class Residential |
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Forms of Geographical segmentation
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There are major differences in tastes based on geographical figures : Rambling, surfing, theatre visits and night clubs. These are influenced by theplace where someone lives.
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Benefits of market segmetation
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Increse market share
Assits new product development Extend products into new markets Identify ways of marketing a new product |
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Drawbacks of market segmentation
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Hard identifying most important segment for a product
Reaching the chosen segment with marketing Recognising changes in segments intrested in the product Meeting needs of customers not in chosen segment |
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Marketing mapping
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This is a technique that uses market segmentation to look at features which distinguish different products or firms
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Market Size
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The volume of sales of a product or the value of sales of a product.
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Market Growth
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The percentage change in sales over a peroid of time
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Factors influencing market growth
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Economic growth
The nature of the product Changes in taste Social changes Fashion |
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Market Share
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The percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product
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