Market Segmentation Title: 23/09/2015 Date: Lesson Objectives: To Map a Market Understand the...
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Market Segmentation Title: 23/09/2015 Date: Lesson Objectives: To Map a Market Understand the importance of Market Mapping
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Transcript of Market Segmentation Title: 23/09/2015 Date: Lesson Objectives: To Map a Market Understand the...
Market SegmentationTitle:
23/09/2015Date:
LessonObjectives:
To Map a Market
Understand the importance of Market Mapping
Product
A physical, tangible product that is provided for customers
Service A non physical, intangible product that is provided for customers
Goods
A good or service produced by a business or organisation and made available to customers
You have recently purchased a restaurant in Chadwell Heath
You have conducted an Observation, where you stood outside the restaurant at different times of the day and made a note of the people who visit the restaurant. Your research showed
•7am – 9am - People on their way to work, looking for breakfast
•10 am – 2pm – Mothers with their young children
•3pm – 6pm – Elderly people
•7 pm – 11pm – Couples looking for a nice romantic meal
1) What are the needs of each of these customers? (4 marks)
2) How would you change your menu to meet these needs? (4 marks)
Key Concept: Market Needs Re-Cap
What is a Product Range?
Lesson Objectives:To be able to create a market mapTo be able to identify gaps in a market
Key Concept: Market Mapping
How many products can you name?
30 seconds
Lesson Objectives:
To Map a MarketUnderstand the importance of Market Mapping
Looking at a Market MapBusinesses use market research to look at a market e.g. the chocolate market and plot products onto the map. Can you put the chocolates in the right place?
Luxury Chocolate
Everyday chocolate
Filling chocolate Light chocolate
Key Concept: Market Mapping
Fill in the Market MapTurkish Delight Milk Tray Cadbury Snaps Mars Dairy Milk Smarties Crunchie Maltesers
Twix Snickers Galaxy Kit Kat Cadbury’s Caramel Cadbury’s Celebrations
Luxury Chocolate
Everyday chocolate
Filling chocolate Light chocolate1 2
3
4
5 6
7
8
9
10
11
12
13
14
Key Concept: Market Mapping
Answers 1. Turkish Delight2. Cadbury’s Caramel3. Cadbury’s Dairy Milk4. Snickers5. Twix6. Mars7. Kit Kat8. Smarties9. Crunchie10. Galaxy11. Celebrations12. Milk Tray13. Cadbury Snaps14. Maltesers
Key Concept: Market Mapping
What is Market Mapping?
• Setting out the key features of the market on a diagram
• Identifies the gaps in the market• Shows where a sector is overcrowded• Businesses spend substantial amounts
to get it right
Key Concept: Market Mapping
What is a Market Map?
• A grid that measures two different aspects of the brands within the market (e.g. young/old compared with luxury/economy)
Key Concept: Market Mapping
What does this map show?
Luxury Chocolate
Everyday chocolate
Filling chocolate
Light chocolate1 2
3
4
5 6
7
8
9
10
11
12
13
14
Key Concept: Market Mapping
1. Turkish Delight2. Cadbury’s
Caramel3. Cadbury’s Dairy
Milk4. Snickers5. Twix6. Mars7. Kit Kat8. Smarties9. Crunchie10. Galaxy11. Celebrations12. Milk Tray13. Cadbury Snaps14. Maltesers
What does this map show?
• Mars is good at filling, everyday chocolate– Snickers– Twix– Mars
But people are worrying about their weight, and so are buying…
Key Concept: Market Mapping
Did you get it?
• They are buying Lighter chocolate e.g.– Crunchie–Maltesers– Cadbury Snaps
Key Concept: Market Mapping
Thinking time…Is there room for a new chocolate product??
• Is there room for something new in the market?• What could it be?• Why would you launch it?
Key Concept: Market Mapping
Identifying Market Map Key Factors
• High priced/low priced• For the young/for the old• Modern/traditional• For men/for women
Key Concept: Market Mapping
Think about…
• If you were to draw a market map for soft drinks, what factors could you use?
• What benefits would a soft drinks company have from studying a market map?
• Where would you put Coke??
Key Concept: Market Mapping
What is a ‘Competitor’?
Which of these companies are competitors for Sky?
Lesson Objectives:To be able to create a market mapTo be able to identify gaps in a market
Key Concept: Market Mapping and your competitors
CompetitorA business that shares the same target market, it targets the same needs and wants of this target market as our business.
Lesson Objectives:To be able to create a market mapTo be able to identify gaps in a market
Key Concept: Market Mapping and your competitors
High Price
Low Price
High QualityLow Quality
Key Concept: Market Mapping
Clos
e Co
mpe
titor
Not a Com
petitorKey Concept: Market Mapping and your competitors
