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T9 Innovation and markets (9.2 Market sectors and segments (Categorising…
T9 Innovation and markets
9.2 Market sectors and segments
Essential idea:
Designers must research and consider the target market secotrs and segments in the design of their products.
Categorising target market
Market sector
- a broad way of categoriszing the kinds of markets a compnay is aiming for e.g. mobile telecommunications market
primary sector, secondary sector, tertiary sector, quarternary sector
geographical sectors -- focus on values, culture and characteristics of purchasers in that region along with purchasing power
Client-based sector: ofucs on consumers, industrial, public sector and commercial.
Its influence: technological advance --> change size of sectors
Products can be designed to fall under one sector or multiple sectors
Market segment:
market divided up into smaller segments where the puchasers have similar characteristic and tastes e.g. private users, business users, pay-as-you-go
demographics, e.g. age, gender
geographics, e.g. by country, rural/urban areas
psychographics, e.g. lifestyle; or behavioural factors, e.g. brand loyalty
Difference between market sigment and market sector: market sector
sustainability
eco-warrier: directly taking action
9.5 Branding
Trademark:
are legally registered components of a company or product to allow the owner to distinctively differentiate their product from others
Positive publicity and negative publicity
endorsement
registered design:
an intellectual propoerty mark in order for designers and product developers to distinguish a product's appearance from competitors