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Summary Unit 3 - P5
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This is BTEC Level 3 Business Diploma Unit 3 - P5. I can assure you that this work will get you an easy pass! Good luck xx
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Anushka Dsilva – 40121289Unit 3: P5
Market segment – this is a process of breaking down a larger target market into smaller
ones. These smaller segments could consist of consumers with similar taste, demand and
preference; thus making things efficient for businesses like Boohoo. Firms can focus on the
marketing effort specifically through these segments. For instance, a product aimed at women
would make more sense if it is advertised in magazines as magazines too, are aimed at
women. Segmentation would allow Boohoo to develop products and plans that would fit the
needs of customers more effectively thus increasing overall demand and then its sales.
Market segments of Boohoo
The development of Boohoo Plc. Marketing Strategy requires identifying of segmentation
basis in order to understand the specific buying behaviour of its customers i.e. its target
market. The needs, expectations and buying behaviours of customers are heterogeneous and
hence, depend on multifaceted factors like age, gender, income, lifestyle and value.
Why do we use market segments?
The reason why we are more likely to use market segments is because “it allows a business to
precisely reach a customer with specific needs and wants. In the long run, this benefits the
company because they are able to use their corporate resources more effectively and make
better strategic marketing decisions.”
Why does Boohoo use market segments?
“By using the segmentation technique, Boohoo can narrow down the large, diversified target
audience into specific and narrowly defined groups. Market segmentation surveys are
common methods of obtaining the customer-specific information that could be used to create
groups sharing common characteristics.””
What is business to business?
“A business to business company is a company that deals with other companies. For example,
if a company were to buy wood from another company to make their products, then this
would be an example of business to business.”
What is business to consumer?
Business to consumer is “when the business supplies a product to a consumer. For example,
if a business were to supply a phone contract to someone and they also use the contract then
the person would be a customer and a consumer.”
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