9.2

Question 1

target market

Answer 1

group in the overall market that is most likely to buy ur product

Question 2

how is identifying ur market sector and segment useful

Answer 2

ur gaining data directly from potential customer

Question 3

market sector + example

Answer 3

broad category of industry where you share a similar type of product (electronics = phones, watches etc)

Question 4

market segment + example

Answer 4

specific group of consumers w similar characteristics and needs (segment for smartwatches – fitness enthusiasts)

Question 5

5 market sectors

Answer 5

real estate, energy, materials, industrials (industrial machinery etc), financials

Question 6

the main categories of market sectors

Answer 6

geographical – values, culture etc of purchasers in a specific region

client based sectors – each of them has specific characteristics and needs that are addressed by ur product

4 main client based sectors:
consumers, industrial (large scale manufacturers), public sector (government funded stuff), commercial (companies sell stuff)

Question 7

name 4 client based sectors

Answer 7

consumers
industrial (large scale manufacturers)
public sector (government funded stuff) commercial (companies sell stuff)

Question 8

market segments

Answer 8

further division of the market. market sectors and segments interact by nature of their characteristics

Question 9

why do we divide the market into segments

Answer 9

its easier to target each individually

Question 10

the main categories of market segments + examples

Answer 10

1. demographic – age, sex, income
2. geographic – country, region
3. psychographic – social status, personality, values, lifestyle
4. behaviour – user needs, attitude, loyalty to brand

Question 11

product family

Answer 11

group of products w common classification criteria therefore they have common parts, assemblies, elements etc

Question 12

what do the products in a product family have in common/not in common

Answer 12

common parts, technologies, materials, assemblies, elements etc

diff market segments theyre targeting

Question 13

example of product family

Answer 13

fitbit family, ipad - ipod - iphone

Question 14

why do companies develop product families

Answer 14

to appeal to a broad range of users + it makes the transition to a new product w same brand easier -> builds strong brand loyalty

Question 15

key features of a product family

Answer 15

1. made by the same company
2. share similar parts
3. manufactured by the same machines (theres no need to train staff again, partnerships w suppliers established)
4. often marketed under the same brand name (therefore brand loyalty)
5. share similar aesthetics (more recognisable)