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Utilising Market Research - Coggle Diagram
Utilising Market Research
Market Segmentation
the process of dividing a target market into smaller categories by grouping together consumbers with a particular need/interest
How?
Behaviour
Lifestyle
Demographics
E.g. sex and family type
Income
So a business knows how to price its products accordingly
Location
Age
Market Mapping
The process of creating a diagram that identifiees all products in a market and maps them against their features
E.g. Price Vs. Quality
Allows a business to identify gaps in the market
SWOT analysis
Allows a business to compare itself with its competition
Weakness
What the business could improve on (what your business could do better)
Opportunity
Where they could expand/you could take advantage of
Strength
What the business does better to attract customers
Threat
Where they pose a threat to your business/where your business poses a threat to themn
Competitive advantages
Using a SWOT analysis, for e.g.
Strengths
Competitive price
Location with good footfall
Strong and polite customer service
Weaknesses
Poor quality service
Poor/low product range