market mapping
Learning Objectives:
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Specification:
• how to analyse customer buying habits and preferences • how businesses can identify market segments • how businesses can map their market to set out the key features of the market they are planning to operate in and identify a market gap |
1.3_market_mapping.pptx | |
File Size: | 1405 kb |
File Type: | pptx |
Starter Activity:How many different things are there that make people different from each other?
Key term: MARKET SEGMENT - part of a market that contains a group of buyers with similar buying habits, such as age or income.
Key term: MARKET SEGMENTATION - The process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs.
Key term: PRICE SENSITIVE - when the price is very important in the decision about whether or not to buy.
Key term: MARKET SEGMENTATION - The process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs.
Key term: PRICE SENSITIVE - when the price is very important in the decision about whether or not to buy.
Key term: MARKET MAP (Perceptual/Positioning Map) - A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
Key term: GAP IN THE MARKET - Occurs when no business is currently serving the needs of customers for a particular product.
Key term: GAP IN THE MARKET - Occurs when no business is currently serving the needs of customers for a particular product.
1.3_market_mapping_activity.docx | |
File Size: | 40 kb |
File Type: | docx |
market segmentation and Market mapping
Learning Objectives:
|
Specification:
• how to analyse customer buying habits and preferences • how businesses can identify market segments • how businesses can map their market to set out the key features of the market they are planning to operate in and identify a market gap |
market segmentation
Key term: TARGET MARKET: - a group of customers a business has decided to aim its products or services towards.
Key term: MARKET SEGMENT - part of a market that contains a group of buyers with similar buying habits, such as age or income.
Key term: MARKET SEGMENTATION - The process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs.
Question: How many different ways can we categorize people? What groups can we put people into?
- Age
- Gender
- Income
- Area/Region
- Ethnicity
- Religion
- Socio-Economic Group
Question: In your pairs/groups, can you can up with an example of where a business have a number of different products and have targeted these at different segments of their market?
market_segmentation_and_markey_mapping_worksheet.docx | |
File Size: | 164 kb |
File Type: | docx |
market mapping
In order for a business to successfully sell a product or service, it must first identify whether people will actually buy it. In order to do this, it can use a strategy called market mapping. This will help identify whether there is a gap in the market or in simpler terms, a product that is different from others that people will want to buy.
Key term: MARKET MAP (Perceptual/Positioning Map) - A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
Key term: GAP IN THE MARKET - Occurs when no business is currently serving the needs of customers for a particular product.
Question: Based on this market map, where do you think there might be a gap in the market?
car_models.pptx | |
File Size: | 521 kb |
File Type: | pptx |
Question: Please stick your cars on the market map where you think they belong. Based on this market map, where do you think there is a gap in the market?
chocolate_large_pics.pptx | |
File Size: | 847 kb |
File Type: | pptx |
extension_work.pptx | |
File Size: | 919 kb |
File Type: | pptx |