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Segmenting Markets

Segmenting Markets. How many ways can you think of in which buyers and sellers come together to carry out transactions (of any product/service)?. Definition of ‘the market’. “Place where buyers and sellers come together”.

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Segmenting Markets

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  1. Segmenting Markets

  2. How many ways can you think of in which buyers and sellers come together to carry out transactions (of any product/service)?

  3. Definition of ‘the market’ “Place where buyers and sellers come together”

  4. How Tesco ensure their products appeals to a wide range of people in the market

  5. Definition of ‘Market Segmentation’ “the classification of customers or potential customers in to groups or sub groups (market segments) each of which responds differently to different products or marketing approaches. Each segment contains people who share common traits”

  6. How can markets be ‘segmented’ by firms? • Age • Gender • Social Class • A = Professional • B = Managerial/Technical • C1 = Skilled non manual • C2 = Skilled manual • D = partly skilled • E = unskilled • Residential (ACORN – A classification of residential neighbourhoods) • Geographical i.e. regional differences in taste/requirements

  7. Task: Firms to allocate out: • A car manufacturer • A soft drinks company e.g. Coco-Cola or Pepsico • Adidas • ‘Arcadia’ fashion retail group • Trinity Mirror Group • Choose one of the firms and in your groups look in to how they segment their product range. • Create a poster showing different products/ advertisements and the market segments they are marketed to appeal to.

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