Mass Market
A product targeted at a wide range of people
Niche Market
Identifying small, unsatisfied groups in the market
Market Size
Defined by the total value of sales in that market
Market Segmentation
The Market is segmented to split customers into groups of people with similar wants, needs and characteristics
Diversification
Developing new products and putting them into different marketplaces
Demographic Segmentation
Subgroups of the population defined by their profile or characteristics
Geographic segmentation
Geographic segmentation defines market categories based on where people live
Income Segmentation
Identifying subgroups of the market based on their level of income and proffesion
Behavioral Segmentation
Characterises subgroups based on the behavioral patterns of the consumer rather than their characteristics
Brand extension
Adding new product ranges to a recognised brand name
Brand value
The brand name itself adds value to the product
Brand personality
Brands with a persona which we associate with certain human characteristics
Competative advantage
Feature of a business that allows it to perform more succesfully than others
USP
Unique Selling Point
Product
Focuses on the products/services a business sells
Price
The selling price set by the business for its products and services
Place
The location where customers can procure the products or services a business offers
Promotion
The activities undertaken by a business to generate interest and make customers aware of the product they sell
Objective
Simple, short term goal
Aim
Longer-term goal
Internal influence
Shapes a businesses choice of marketing activities
External influence
Technological, ethical, economic
Validity
Whether the research measures what it claims to be measuring
Reliability
Whether the research results are consistant
