A.2 Targeting and segmenting the Market Flashcards
Identify the 2 types of market
- Business to business
- business to consumer
what is business to business market
where businesses sell to other businesses
what is business to consumer market
where businesses sell to consumers
would (b2c) and (b2b) use the same promotional methods?
No they woulld not each would be different due to their target marketing.
what is a push strategy?
this strategy pushes goods to customers at the point of purchase,making them aware of the brand
what is a pull strategy?
this stratergy is aimed at getting customers intersted in the product to build demand,so they will actively seek it out
Factors in decision making in B2c markets
-brand identity(what the brand means to the consumer
- an emotional response
-features and benefits of the product
- value for money
Factors in decision making in B2b markets
- improving efficiency and productivity
- saving time
- creating a profitable return on an investment
- reducing business costs
- increasing revenue
- improving efficiency and productivity
- saving time
- creating a profitable return on an investment
- reducing business costs
- increasing revenue
Factors in decision making in B2b markets
-brand identity(what the brand means to the consumer
- an emotional response
-features and benefits of the product
- value for money
Factors in decision making in B2c markets
this is the process of breaking down alarge market into much smaller groups of consumers
Market segmetation
identify the main ways we segment the market
demographic segmetation
behavioural segmentation
psychographic segmentation
geographic segmentation
demographic segmetation
characteristics of consumers - age.race.religion,gender,family sizeethnicity ,income,education level and income e.t.c
behavioural segmentation
consumer spending choices,consumption,usage rate,loyalty status and desired benefits
psychographic segmentation
social class attitudes lifestyle personality characeristics
geographic segmentation
where the consumers live
how might ethnicity and religion and cultural beleifs affect a businesses target market
these may influence people’s choice of food ,clothing and cultural preferences.some specialist food manufacturers target their products at specific communities
what are some factors influencing choice of promotional methods
size of enterprise
budgetary constraints
appropriateness for product/service
target market
why might the size of enterprise affect the choice of promotional mix
Larger enterprises are likely to have a large promotional budget and hire specialist teams and promoters to promote prosucts while smaller enterprises are likely to have a limied promotional budget and a narroer rane of promotional methods as some would be too costly.
