73211
Description
Mind Map by bennevin26, updated more than 1 year ago
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Created by bennevin26
over 11 years ago
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Market
- Definition
- A place where buyers and
sellers meet to agree prices
and trade.
- A place where buyers and
sellers meet to agree prices
and trade.
- Marketing Mix
- 4 P's : Product, Place, Price & Promotion
- 4 P's : Product, Place, Price & Promotion
- Examples
- Wholesale markets
- Online Market (e.g. ebay, amazon)
- Industrial Markets (Sales of goods
between businesses)
- Services (e.g. hairdressers,
car wash)
- Physical markets (e.g.
retail/department stores)
- Wholesale markets
- Market Orientation
- Definition - A business approach that
focuses on identifying and meeting
the stated needs/wants of consumers
- Definition - A business approach that
focuses on identifying and meeting
the stated needs/wants of consumers
- Market Segmentation
- A technique used to enable a business to
target its products at the right customers.
- Examples - Product
Sampling, Questionnaires
- Advantages
- A competitive advantage can be
gained in a particular part of a market
- More efficient use is
made of market
resources - less waste
- Products can be
aimed at exactly
what the
customer wants
- Improves
customer
satisfaction
- A competitive advantage can be
gained in a particular part of a market
- DIsadvantages
- Costly - Research,
stock holding,
advertising etc
- Limits general popularity
- Costly - Research,
stock holding,
advertising etc
- A technique used to enable a business to
target its products at the right customers.
- Market Mapping
- Plotting various market conditions on a
map to identify trends between
consumers and products. It can help
businesses locate problem areas and
figure out the source of the problems
- Advantages
- A business can see
where they are and what
type of business they are
in the market
- They can see how they
are different to other
businesses in that market
- They can
identify whether
they are a niche
in that market
- A business can see
where they are and what
type of business they are
in the market
- Disadvantages
- A business may lie about
what type of business they
are which will affect the
market map
- Time consuming
- A business may lie about
what type of business they
are which will affect the
market map
- Plotting various market conditions on a
map to identify trends between
consumers and products. It can help
businesses locate problem areas and
figure out the source of the problems
- Niche Market
- A small section of a much larger market who sell
specialist products which are designed to meet the
needs/wants of customers which other business fail to
meet
- Examples:
- Left-handed pen makers
- Polish food restaurant
- Polish food restaurant
- Left-handed pen makers
- Examples:
- A small section of a much larger market who sell
specialist products which are designed to meet the
needs/wants of customers which other business fail to
meet
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