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Business A Level > 3.3.3 Segmentation, targeting, positioning > Flashcards

3.3.3 Segmentation, targeting, positioning Flashcards

1
Q

8 what is segmentation

A

the process of identifying different groups with similar needs
known as market segments

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2
Q

8 what is an example of segmentation

A

toy market- boys and girls, age groups

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3
Q

8 what are four types of segmentation

A

demographic
geographic
income
behavioural

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4
Q

8 what is demographic segmentation

A

refers to characteristics of people in target population
age or gender
how we segment in society anyway

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5
Q

8 what is geographic segmentation

A

groups needs and want based on what area target populations live in
Iceland vs Nigeria

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6
Q

8 what is Income segmentation

A

needs and wants based on income
high vs low
high- saving and investing in products
low- borrowing and loaning

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7
Q

8 how is income segmentation grouped

A

done on socio-economic grouping and profession

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8
Q

8 what are the 6 categories of grouping

A

A
B
C1
C2
D
E

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9
Q

8 what is A

A

higher managerial
adminstrative

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10
Q

8 what is B

A

intermediate managerial
administrative

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11
Q

8 what is C1

A

supervisors, clerical, junior managerial

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12
Q

8 what is C2

A

skilled manual workers

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13
Q

8 what is D

A

semi and unskilled manual workers

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14
Q

8 what is E

A

casual labour

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15
Q

8 what is behavioural segmentation

A

what customers actually do in their lives
when they buy, how much, brand loyalty, benefits they want from products, satisfy needs or achieve status

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16
Q

8 why is segmentation valuable

A

understand what different groups want
enables more focused and efficient marketing
balance desire to meet customers needs with practicality

17
Q

8 what is positioning

A

identifies the benefit and price combination compared to competitors
how the product is viewed relative to competitors

18
Q

8 what is market mapping

A

analyses market conditions to identify position of one product relative to others in the terms of a given criteria
plot where your product should sit

19
Q

8 how might a clothes business map their market

A

expensive and cheap
modern and classic

20
Q

8 if a business offers more benefits…

A

makes them competitive, charge a higher price

21
Q

8 if a business charges a lower price…

A

makes them competitive, can offer fewer benefits

22
Q

8 if a business offers fewer benefits, or same as competitors…

A

charges a higher price, becomes uncompetitive

23
Q

8 if a business cannot offer more benefits…

A

charges a lower prices, offering more benefits will cost the business more

24
Q

8 what factors affect position

A

brand image
price
product
services

25
Q

8 what influences the position of a product

A

strength of a business
innovation of a business
competitors
market conditions

26
Q

8 how does strength of a business affect a products position

A

very efficient will create lower prices, or be large and have bargaining power over suppliers, low cost provider

27
Q

8 how does innovation of a business affect a products position

A

highly skilled employees, resources and systems will all help to encourage development of ideas

28
Q

8 how does competitors affect a products position

A

produce market mapping to find out what already exists in the market and identify any gaps they can satisify

29
Q

8 how does market conditions affect a products position

A

external influences by analysing PEST-LEC model

30
Q

8 what is targeting

A

focus on a particular segment
must have sufficient demand and potential profit
be competitive and gain sales

31
Q

9 what is a niche market

A

occurs when a business decides to focus on a specific segment of a larger market

32
Q

9 advantages of a niche market

A

less competition
high market share
charge higher prices
appeals to a small target
move into mass market easier

33
Q

9 disadvantages of a niche market

A

small market
gain competition easily
low target people
total profit is usually low
if niche grows, it will become mass

34
Q

9 what is a mass market

A

when a business decides to provide products that meet a large number of peoples needs
no matching a specification portion of market

35
Q

9 advantages of mass marketing

A

more customers = more revenue and profits

36
Q

9 disadvantages of mass marketing

A

high investment needed
more promotional techniques required
more competition
increase niche providers to reduce demand

37
Q

9 examples of mass market products

A

coca-cola
ford
iPhone
cadbury
walkers

Business A Level (15 decks)

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