What are the 5 types of segmentation?
Demographic segmentation Geographic segmentation Income segmentation Socioeconomic segmentation Behavioural segmentation
What is demographic segmentation?
characteristics of the people in the target population
What is geographic segmentation?
areas where the customers are based, differing tastes and preferences.
What is income segmentation?
split into high and low income, high income may be more interested in saving and investing whereas low income borrowing
What is socioeconomic segmentation?
segmentation on income and professions
What does behavioural segmentation focus on?
When they buy
How much they buy
Brand loyalty
The benefit they want from the product
What is a niche market?
a smaller specific segment of the market
What is a mass market?
the whole of the market
What is needed to be successful in a mass market?
- Larger volumes (therefore investment and capacity) to fulfill orders
- Promotional techniques to reach more customers
- Positioning in the market
What influences the positioning of a product?
- The strengths of the business - an efficient business may aim to be a low price provider
- Innovative business - providing greater benefits than rivals
- Competitors - what are established firms already offering
- Market conditions
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Economies of scale5
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Diseconomies of scale4
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Mcgregor X and Y theory5
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Unit 1.1- Understanding the nature and purpose of business13
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Unit 1.2- Understanding different business forms11
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Unit 1.3- External environment3
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Unit 2.1- Understanding management, leadership and decision making19
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Unit 2.2 - Understanding management decision making11
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Unit 2.3- Understanding the role and importance of stakeholders23
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Unit 3.1-Setting marketing objectives10
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Unit 3.2- Understanding markets and customers notes15
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Unit 3.3- Segmentation, targeting and positioning10
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Unit 3.4- Marketing mix24
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Unit 4.1- setting operational objectives25
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Unit 4.2- analysing operational performance6
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Unit 4.3- Increasing efficiency and productivity12
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Unit 4.4 - Improving quality10
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Unit 4.5 - Managing inventory and supply chains18
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Unit 5.1- Setting financial objectives10
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Unit 5.2- Analysing financial performance notes10
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Unit 5.3-Sources of finance15
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Unit 5.4 - Improving cash flow and profits3
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Unit 6.1 - Human resources5
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Unit 6.2- Analysing performance notes13
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Unit 6.3- Improving organisational design and human resource flow13
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Unit 6.4- Improving motivation and engagement.13
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Equations15
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Unit 7.3- Analysing internal position: overall position13
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Unit 7.4 Analysing the external environment: political and legal environment9
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Unit 7.6- social and technological change4
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Unit 7.7- the competitive environment2
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Unit 7.8 - Analysing strategic options: Investment appraisal4
