18556207
Description
Mind Map by Paloma Guerrero, updated more than 1 year ago
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Market Segmentation
- Markets can be divided up into segments
- Each segment has consumers with
similar traits
- Businesses analyse these traits and develop products
for each segment
- Businesses analyse these traits and develop products
for each segment
- Each segment has consumers with
similar traits
- Demographic Segementation
- Age
- Gender
- Income
- Social Class
- Ethnicity
- Religion
- Age
- Geographic Segementation
- This is when the market is split up based on the
location of consumers as where they live can
affect their needs
- I.E. Someone living in Africa will not buy the clothing
that thoese in Russia would due to climatic
Differences
- I.E. Someone living in Africa will not buy the clothing
that thoese in Russia would due to climatic
Differences
- This is when the market is split up based on the
location of consumers as where they live can
affect their needs
- Mass Markets
- 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
- 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
- Niche Markets
- 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
- 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
- Benefits of Market Segmentation
- By producing for different segments
businesses are able to gain more
revenue
- Customers could be more loyal to a
business as a product will feel tailored to
them
- Promotional material will not be wasted on those who
product is not relevant to
- By producing for different segments
businesses are able to gain more
revenue
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