market segmentation

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paper 1

GCSE Business Studies

Edexcel

Spotting a Business Opportunity

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8 Terms

1
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market segmentation

the process in which a single market is divided into sub markets or segments

<p>the process in which a single market is divided into sub markets or segments</p>
2
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ways to segment a market

location

demographics

age or gender

behavior and lifestyle

<p>location</p><p>demographics</p><p>age or gender</p><p>behavior and lifestyle</p>
3
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advantages of market segmentation

recognises that consumers aren’t identical

products may need to be alerted to fit more needs

less expensive and wasteful

could incerease loyalty

<p>recognises that consumers aren’t identical</p><p>products may need to be alerted to fit more needs</p><p>less expensive and wasteful</p><p>could incerease loyalty</p>
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disadvantages of market segmentation

not everyone will behave the same way

can be difficult to identify a segment

requires more detailed market research

may be small or unprofitable to cater for

<p>not everyone will behave the same way</p><p>can be difficult to identify a segment</p><p>requires more detailed market research</p><p>may be small or unprofitable to cater for</p>
5
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market mapping

tool for identifying the position of a product within a market

<p>tool for identifying the position of a product within a market</p>
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saturated market

no spaces left on a market map

<p>no spaces left on a market map</p>
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usefulness of a market map

gaps are identified

comparisons are made

simple and offer visual illustration

<p>gaps are identified</p><p>comparisons are made</p><p>simple and offer visual illustration</p>
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limitations of a market map

the gap may not be profitable

expensive as of primary research if needed

only 2 criteria

only offers insight at a specific point in time

<p>the gap may not be profitable</p><p>expensive as of primary research if needed</p><p>only 2 criteria</p><p>only offers insight at a specific point in time</p>