Types Of Markets Flashcards
Individuals to customers
B2C (business to consumer market)
Other enterprise
B2B market (business to business )
What drives the b2c market
Brand identity Features and benefits of products or services Emotional response Value of money Convenience
What are the important factors in the b2b market
How much profit they’ll make on each item sold
Will supplies arrive on time
Will their costs be reduced
Will the products help raise revenue
Will they get a discount for buying a bulk
Supply chain
Manufacturer -> wholesaler -> retailer -> consumer
Push tactics
Encouraging other businesses to stock their product
Pull tactics
Creating a demand for the product (advertising, viral marketing, social media to promote, sales promotion,
Marketing segmentation
Business will look at different characteristics and needs of their target market
Demographics and geographics (location)
Family size, gender, religion, ethnicity and culture, income, age, sizes, location
Psychological and behavioural
Reason for using product/service, hobbies/interests, usage rates, ethics, social status, level of loyalty, environmentally conscious, different benefits for using product
Demographics
Refers to the characteristics of the population
Geographic
Different needs depending on where people live
Psychological
Relates to differences in the attitudes,lifestyle, personality and social status of the target market
Behavioural
Relates to how people will react to a product or service
Why does a business segment the market ?
Business is better able to understand the needs and wants of their customers
Can develop or improve products to meet the needs of different customers
They can adapt their promotions strategies to target different customers
Increase size of target market
