Market Mapping Unit 1 Topic 1.1.3.

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Presentation transcript:

Market Mapping Unit 1 Topic 1.1.3

Lesson Objectives Must learn: what is market segmentation Should learn: to understand how businesses can identify market segmentation Could learn : how businesses can map their market to set out the key features of the market

Starter TV they watch Shops – food Shops - clothes Newspaper Holiday Give each person a name Then write a portrait: TV they watch Shops – food Shops - clothes Newspaper Holiday Food Breakfast Drink Car Income Lifestyle interests A C B D

Analysing the Customer Who is your potential customer? What sort of products would they like to buy? What sort of price are they prepared to pay for their product? How often would they purchase the product or service?

Customers Who do you think the customers will be? Why should they buy your product? How much will they pay? How often will they buy your product? Where will your customers buy your product? Where could your customers buy alternatives?

Analysing the Customer A customer is a customer - they are all the same, aren't they? Wrong! They are all different but some of them might have things in common, which is useful for a business to know so that they can target specific segments with products and advertising

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What is Price Sensitivity?

Mini Plenary -Market Mapping A market map shows.... Where a business is located Where a product is positioned Where the market segments go shopping Which roads customers have to use to get to the business

Market Mapping

This could be a market map for restaurants

This could be a market map for restaurants

Plenary – Test yourself

Plenary – Test yourself

Plenary – Test yourself

Homework Create a market map for three supermarkets, one high-end, one medium and one low-end market.