market segmentation

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7 Terms

1
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market segmentation

splitting consumers into groups

2
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possible categories of market segmentation

location

demographically

income

3
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benefits of market segmentation

understand customers better

possibly increase sales

more competitive

reduce risk of faliure

4
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drawbacks of market segmentation

increase cost of making new product

doesn’t always mean that it can reach customers in market

some segment groups can be too small

5
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market mapping

Shows how valuable customers see businesses

6
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market mapping benefits

spot gaps in market

analyse competitors

encourages market research (reduce risk of faliure)

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market mapping drawbacks

not gurenteed success

gap doesnt mean demand

market mapping might not be reliable