BUSINESS - GCSE EXAM 2024 LATEST QUESTIONS AND VERIFIED CORRECT ANSWERS UPDATED GRADED A++ AND ALREADY PASSED!!!
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Course
GCSE
Institution
GCSE
BUSINESS - GCSE EXAM 2024 LATEST QUESTIONS AND VERIFIED CORRECT ANSWERS UPDATED GRADED A++ AND ALREADY PASSED!!!
What's the definition of target market?
the group(s) of people an enterprise wants to sell its products to.
What's is the pratice of market segmentation?
A technique whereby the wh...
BUSINESS - GCSE EXAM 2024 LATEST QUESTIONS AND
VERIFIED CORRECT ANSWERS UPDATED GRADED A++
AND ALREADY PASSED!!!
What's the definition of target market?
the group(s) of people an enterprise wants to sell its products to.
What's is the pratice of market segmentation?
A technique whereby the whole market o f customers is broken down into smaller
sections of groups of people with similar characteristics.
What are the 4 types of market segmentation?
- geographic
- demographic
- psychographic
- behavioral
geographic segmentation
- Region
- Country size
- City Size
- Population density
- Climate
what are the types of Demographic segmentation
- Age
- Gender
- Family size
- Family life cycle
- Income
- Occupation
- Education
,- Religion Race
- Nationality
what are the types of Physchographic segmentation
- Social Class
- Life style
- Personality
what are the types of Behavioral segmentation
- Purchase occasion
- Benefits sought
- User status
- Usage rate
- Loyalty status
- Readiness state
- Attitude toward product
What are the benefits for market segmentation?
- Businesses can better understand the needs and characteristics of their customers.
- Develop goods and services that are better suited to the needs of each segment.
- Identify a particular segment/target market to specialize in.
- Choose the most appropriate promotional strategies to target their segment.
What is B2B Market?
Involves businesses selling goods and services to other businesses.
What is a B2B example?
- Tesco buying tins of beans and sauces from Heinz.
- Business consultancy services.
- Suplier of car tryes for a speicifc car maker.
What is a B2C Market?
Involves businesses selling products directly to customers.
What is a B2C Market example?
- Mcdonalds
- H&M
, - Ikea
- Nike
What is the definition of Mass market?
The largest part of the market, where there are many similar products offered by
competitors and customers are less specific about their needs and wants.
What is a Niche market?
A smaller segment of a larger market, where customers have more speific needs and
wants
What are the benefits of targeting a mass market?
- potential to make more money in product sales.
- Easier to get your brand more well known.
- Can save on promotion costs due to your brand being so well-known.
What are the benefits of targeting a Niche Market?
- Less competition, Especially from bigger businesses
- May able to charge a higher price if your segment think it's worth it.
- Easier for SMES (small and medium enterprises) to target than the mass market
What are the 5 factors affecting the price set?
- Costs
- Demand
- Competitors
- Age of products
- Quality
Costs Should be...?
covered to ensure the product isn't making a loss.
Demands....
are customers willing and able to pay the price
Age of the product if new to the market...
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