Term 1: Week 10

Markets & Segmentation

• Study case studies of markets and marketing
  
• Investigate the nature of marketing: Plan, Strategy and Segmentation. 
  

• We can define and explain Markets
• We can describe how & why markets are segmented
• We have added to the glossary of business terms

• A Market is a way in which buyers and sellers exchange goods or services. It can be a physical marketplace like a bazaar or shopping centre, or a virtual, online market (eg share or money market, Trade Me, eBay). Resource on markets
• Maeklong Market in Thailand has hundreds of small vendors using identical stands with identical shade awnings, selling identical products. Many sell the same types of fresh fish, others the same types of vegetables, and others the same cooked food. 
  

ACTIVITIES:

Market Segments

A Market Segment is a group of individuals with similar characteristics, eg Generation Z, retired couples, teenage girls, DINKYS. 

For example, markets can be segmented by gender, age & life-cycle stage, socio-economics, ethnicity, lifestyle / family type, location, product use.

By segmenting the market, businesses can more accurately meet the needs of their target market. They can offer variations of their product that make the consumer think one variation is specifically designed for them and so they are willing to pay a higher price.