Segmentation (AQA GCSE Business): Flashcards
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Market segmentation definition
Market segmentation definition
Focusing on specific market segments to meet their needs rather than trying to sell to everyone
Main goal of market segmentation
Main goal of market segmentation
Gain competitive advantage
Key principle of market segmentation
Key principle of market segmentation
Different customer groups have different needs
Result of better matching customer needs
Result of better matching customer needs
Increased sales and customer satisfaction
Trade-up approach in segmentation
Trade-up approach in segmentation
Attract with low-priced items, then sell more expensive ones
Promotion benefit of segmentation
Promotion benefit of segmentation
Less waste, lower cost, reaches target customers more often
Market share benefit of segmentation
Market share benefit of segmentation
Can become market leader even in small markets
Most popular segmentation method
Most popular segmentation method
Demographic segmentation
Gender segmentation examples
Gender segmentation examples
Clothing, hairdressing, magazines, toiletries, cosmetics
Age segmentation examples
Age segmentation examples
Toothpaste (children/adults), toys (different age groups)
Income segmentation - luxury brands
Income segmentation - luxury brands
Lexus, Bose
Income segmentation - discount retailers
Income segmentation - discount retailers
Aldi, Lidl, TK Maxx, Primark
Geographic segmentation definition
Geographic segmentation definition
Dividing market by area (country, continent, or local)
Social class segmentation influence
Social class segmentation influence
Affects preferences for cars, clothes, furnishings, leisure
Mass market approach examples
Mass market approach examples
Coca-Cola, McDonald's, Tesco