Markets (2) Lesson aims: To understand what market segmentation is To identify different categories used in market segmentation To be able to use market.

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Presentation transcript:

Markets (2) Lesson aims: To understand what market segmentation is To identify different categories used in market segmentation To be able to use market mapping

Starter (3 minutes): List the different ways in which we could classify a person (or consumer)

How are we different? What would each of us buy?

Recap What is a market? What are the different ways of classifying a market? What is demand? What are the main factors that influence demand?

Market segmentation The market can be segmented in many ways, and can be categorised by demographic, geographic and psychographic, and mainly in the following ways (Demographic): Age Gender Income Occupation Social class Level of education

Segmentation… (Geographic) Residential (ACORN) Region, country, postcode, town, terrain, climate (Psychographic) Lifestyle Usage/frequency of purchase Religion Interest in current affairs Hobbies Family life cycle

With the introduction of loyalty cards, online buying, credit cards, etc, segmentation has become easier, due to being able to track what consumers buy, and more detailed through the sheer wealth of information they provide.

Advantages/Disadvantages Allow different marketing techniques to be employed. Identify market niches or potential for diversification. Domination of certain segments, highest profitability/market share. Reflect differences in consumer tastes. Possibilities for New Product Development (NPD.) Difficulty of having identified target segment, providing for them from your resources. Loss of potential outside chosen segments. Identifying the most important segments for your organisation. Tracking changes in each segment. Difficult to identify the most important segments.

Market mapping Market mapping is using features and the image of a product/service to plot where a firm/brand stands in relation to its competition. Different reasons why people buy different products/services are used are found using market research. It can be combined with segmentation data. There are normally criteria that are ‘mapped’ on a scale.

Benefits of market mapping Helps to identify closest rivals Identify gaps in the market or niches See public’s perception of your brand Help to reposition yourself

Practice exercise 2, p. 71

So… What is segmentation? What different ways can a market be segmented? What are the benefits of segmentation? What are the problems? What is market mapping? Why is market mapping useful?