1.2.3 - Market Segmentation Flashcards Preview

GCSE Edexcel - Business definations and equations > 1.2.3 - Market Segmentation > Flashcards

Flashcards in 1.2.3 - Market Segmentation Deck (9)
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1

What are the 6 market segments

- Location
-Demographicss
-Lifestyle
-Income
-Age

2

Segmentation:

the process of breaking something up into smaller parts

3

Demographics:

relating to the structure of a population

4

Axes:

the reference lines on a graph

5

SWOT analysis:

SWOT analysis: A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats

6

What are the three Demographics

-Ethnicity
-Religion
-Gender

7

Advantages of Market maps

- Provides visual image of where the business is.
- Helps identify characteristic of a competitor

8

Disadvantages of Market Map

- Based on opinions of the creator.
- The environment the business is operating on is changing.

9

Socio - economic gruops

- In a popualation segment people by occuptoation. E.g. unskilled, skilled worker.