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BTEC Business Level 3

BTEC Business Level 3. Unit 3 Assignment 3 P5,. Identifying customers in consumer markets. Customers and Consumers A person who purchases a good or service is a customer. A person who uses the good or service is a consumer. Customers should be defined in terms of;

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BTEC Business Level 3

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  1. BTEC Business Level 3 Unit 3 Assignment 3 P5,

  2. Identifying customers in consumer markets • Customers and Consumers • A person who purchases a good or service is a customer. • A person who uses the good or service is a consumer. • Customers should be defined in terms of; • What they want in terms of price • What distribution is most convenient • What communication channels they can be reached through • What they want from the product • Buyers • As well as individual buyers there are also B2B markets where businesses will buy too. E.g. A corner shop buying from Bookers Wholesalers.

  3. Market Segmentation • All markets can be divided into segments, each segment has its own profile which has similar characteristics. • Market Segmentation allows a business to improve the product or service offered to the customers, this then increases demand for the product and meets the customers needs more closely. • Segmentation can be based upon the following; • Geographic • Psychographic • Socio-cultural • Demographic

  4. ACORN and MOSAIC A business can segment by two tools which allow segmentation. ACORN- is a geo-demographic tool that allows a business to identify and understand the UK population and local demand for products and services. MOSAIC classifies households into 12 groups based upon households that share certain characteristics

  5. B2B Segmentation • Business markets are segmented in a different way to individuals; • Size and Value • Region • Sector- Private, public, Voluntary • Product and industry.

  6. P5- Plan • Introduction: Explain why a business may want to segment their market- how useful is it to businesses. • Explain methods of segmentation; • Geographic • Demographic • Psychographic • Lifestyle • ACORN • MOSAIC • Reasons for choosing target groups; • Accessibility • Current and future prospects of groups • Profitability • Ability to service the customer group • Fits in with organisations mission. • Choose six different products and explain the customer profile. You should include at least one B2B product. • Conclusion: • 1.how do different businesses target different customers- based on their size, scale, products sold etc. • 2. Why is it important for your business to segment their market?

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