market mapping. today… understand how businesses can identify market segments understand how...
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Market Mapping
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Today…• Understand how businesses can identify
market segments
• Understand how businesses can map their market to set out the key features of the market
• Understand how businesses use this information to identify and target gaps in the market
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Market SegmentsA market segment is a
part of a market that contains a group of buyers with similar characteristics and buying habits.
How a business splits up its market depends very much on the product being sold and who is the customer.
Market segments: Chocolate Brands
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Market Segments: Cars
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Ethnicity
Area
Income Gender
Age
Socio – economic
group
Religion
Market
How Markets can be Segmented
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Segmenting themarket byincome
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Segmenting the market byage or gender
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Segmenting the market byage or gender
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Segmentation by OCCUPATION, SOCIAL CLASS AND INCOME
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Market Mapping• This is a diagram that shows the range of
possible positions for two features of a product.
• Market maps show the position of a product or group of products in the market compared to other products
e.g. a BMW car is more luxurious than Nissan Micra
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Market Map
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High Quality
High Price
Market Map
Low
Quality
Low Price
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Do your own market map…Create a market map for clothes shops that
you know:
Use:George Karen Millen
Peacocks French Connection
DW Sports Marks & Spencer
Ted Baker Next
Topshop Matalan
PrimarkAdd any others that you know
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High Quality
High Price
Market Map
Low
Quality
Low Price
Ted Baker
Top Shop
Primark
George
DW Sports
Peacocks
French Connection
Karen Millen
Next
Matalan
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Your Turn…
Create a market map of local shops you know in Brighouse.
McKays Czerwiks BootsYorkshire Foods Wilkinsons Odd
JobsSuperdrug Clinton Cards
Johnsons Dry Cleaners Tiger FeetWebsters Woolworths
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Market Gaps• This happens when no business is currently serving
the needs of customers for a particular product
• Businesses can be very successful if they spot a “gap in the market “ or “market gap”
Although…..
• A lot of business do make products similar to others, if the market is big enough they too can also be successful
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Market Gaps
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How do I get myself and my car Home after a night out, without endangering myself and others, without risking
my licence, in a convenient and cost effective way?
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When a business has an idea for a new product or service that no other business has yet launched, it is called a market …………
A - Map
B - Segment
C - Gap
D - Resource
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A part of a market that contains a group of buyers with similar characteristics is called a market ………
C - Gap
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A toy manufacturer sells toys which are linked to a popular television programme aimed at 1-4 years old. It also sells toys aimed at 5-9 years old. The two age ranges for the toy manufacturer are examples of the market …………
A – Resources
B – Maps
C – Gaps
D - Segments
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A toy manufacturer sells toys which are linked to a popular television programme aimed at 1-4 years old. It also sells toys aimed at 5-9 years old. The two age ranges for the toy manufacturer are examples of the market …………
D - Segments
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Katie Lunn is investigating setting up as an independent newsagent. She has drawn up several market maps to help her in her market research. A market map is a visual means of showing:
A – Where the business is located
B – The conclusions of a market survey
C – Where a product is positioned in the market
D – Market segments
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Katie Lunn is investigating setting up as an independent newsagent. She has drawn up several market maps to help her in her market research. A market map is a visual means of showing:
C – Where a product is positioned in the market
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Aim of the lesson• To re-cap on market gaps and market
mapping• To think of a new business you could open
in Brighouse town centre • To produce a market map and position
your business idea on the map• To explain why your idea will be
successful• To consider whether spotting a gap in a
market will guarantee success
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How do I get myself and my car Home after a night out, without endangering myself and others, without risking
my licence, in a convenient and cost effective way?
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High Quality
High Price
Market Map
Low
Quality
Low Price
Ted Baker
Top Shop
Primark
George
DW Sports
Peacocks
French Connection
Karen Millen
Next
Matalan
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Market Gap ExerciseOn one sheet of A3 paper:• Think of a “gap” in a market in Brighouse town
centre. Identify what shop would you open in the town and what you sell. Give your shop a NAME.
• Draw a market map showing at least two other businesses that sell similar products/services to your shop. Also mark on where you would “position” your shop on the market map.
• Explain and justify why you think your idea will be successful.
• Will spotting this market gap guarantee you success? Justify your decision.
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Gill’s Pet Grooming Service
Market Map for Brighouse What we will sell:
Why we think our idea willbe successful:
Spotting this market gap does(not) guarantee success because:
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Why will the idea be a success?
• Large number of target market – increases sales
• Good location – busy town centre - plenty of customers
• Wide range of products sold – more customers
• Offer extra services for our customers – increases sales
• Competitive prices – more customers• No competitors in the town centre – all people
wanting dog grooming, will use our business