1.2.3 - Market Segmentation Flashcards
1
Q
What are the 6 market segments
A
- Location
- Demographicss
- Lifestyle
- Income
- Age
2
Q
Segmentation:
A
the process of breaking something up into smaller parts
3
Q
Demographics:
A
relating to the structure of a population
4
Q
Axes:
A
the reference lines on a graph
5
Q
SWOT analysis:
A
SWOT analysis: A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats
6
Q
What are the three Demographics
A
- Ethnicity
- Religion
- Gender
7
Q
Advantages of Market maps
A
- Provides visual image of where the business is.
- Helps identify characteristic of a competitor
8
Q
Disadvantages of Market Map
A
- Based on opinions of the creator.
- The environment the business is operating on is changing.
9
Q
Socio - economic gruops
A
- In a popualation segment people by occuptoation. E.g. unskilled, skilled worker.
