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08

Mar

MARKET SEGMENTATION

WHAT IS MARKET SEGMENTATION?

Market segmentation is dividing the market into smaller specific groups, with specific needs, characteristics and behaviors, which will become the target market.

WHAT IS A TARGET MARKET?

A target market is the specific group of people who share the same needs, characteristics and behaviors that a company decides to target or to sell to.

WHY IS THERE A NEED TO SEGMENT THE MARKET?

There are several reasons for market segmentation. Some are:

  • Buyers are too numerous.
  • Buyers are too widely scattered.
  • Businesses vary in their product.
  • Business look for the market to earn the most profit.
  • Business look for buyers who have the most interest in their product.

WHAT IS A VALID MARKET SEGMENT?

A valid market segment is:

  • Measurable
  • Accessible
  • A big enough market size
  • Differentially responsive to one

THERE ARE 4 WAYS TO SEGMENT A MARKET

1. Needs

These are the benefits desired by a market

2. Demographics

These are age, gender, civil status, income, education, profession, location, family size, religion, nationality, climate, etc.

3. Psycho graphics

These are the attitudes, values, lifestyles, opinions, etc.

4. Behavioristics

These are the purchase frequency, user status, user rate, loyalty status, readiness, etc.

THE SWOT ANALYSIS
The SWOT analysis is a very helpful process that can allow you to identify the Strengths, Weaknesses, Opportunities and Threats of your business. This way, you can maximize your strengths and opportunities, and improve your weaknesses and threats.
Strengths
Strengths are the positive and internal aspects of your business.
Weaknesses
Weaknesses are the negative and internal aspects of your business.
Opportunities
Opportunities are the positive and external aspects of your business.
Threats
Threats are the negative and external aspects of your business.

THE SWOT ANALYSIS

The SWOT analysis is a very helpful process that can allow you to identify the Strengths, Weaknesses, Opportunities and Threats of your business. This way, you can maximize your strengths and opportunities, and improve your weaknesses and threats.

Strengths

Strengths are the positive and internal aspects of your business.

Weaknesses

Weaknesses are the negative and internal aspects of your business.

Opportunities

Opportunities are the positive and external aspects of your business.

Threats

Threats are the negative and external aspects of your business.

(Source: http)

0 plays

money money money money…

MONEY!

Money is anything that can be used as a medium of exchange.

Money has 3 functions:

1. Medium of Exchange

Money can be used to exchange goods with each other.

2. Measure of Value

Money can be used to measure the amount of a certain product because many things or products are expressed in terms of money.

3. Store of Value

Money can be used to store a value because money embodies a value in a convenient form for the future use.

But for money to be a good money, it has to contain these characteristics:

1. Acceptability

The ability of money to be accepted world-wide.

2. Divisibility

The ability of money to be divided into smaller amounts without losing it’s value.

3. Portability

The ability of money to be able to be carried around comfortably.

4. Scarcity

The ability of money to be unique and limited.

5. Durability

The ability of money to be strong and durable, not to be easily broken.

(Source: http)

THE MARKETING MIX
WHAT IS MARKETING?
Marketing is the ACT of BUYING AND SELLING in a MARKET. A common misconception of the word “marketing” is that it is advertising. THAT IS WRONG. Marketing is NOT advertising. Marketing is composed not only of advertising, but also shipping, storing, selling, etc., which is why marketing can not be equalized with advertising only.
WHAT IS A MARKET?
A market is a PLACE where buyers and sellers meet for selling and buying goods.
WHAT IS THE MARKETING MIX?
The marketing mix contains the basic components of a marketing plan.
The picture shown above contains the 4Ps of marketing:
1. Product
 The product is the most important part of the marketing mix. It exists physically, or in services. This is what the company produces and sells for consumers to use. Without a product, there is no business.
2. Price
 The price is the amount of the product.
3. Place
 The place is the location, for channeling, distributing or transporting the products.
4. Promotion
 Promotion is the tool for “marketing communication.”
With a proper mix or blend of the 4Ps of marketing, the business can become a success.

THE MARKETING MIX

WHAT IS MARKETING?

Marketing is the ACT of BUYING AND SELLING in a MARKET. A common misconception of the word “marketing” is that it is advertising. THAT IS WRONG. Marketing is NOT advertising. Marketing is composed not only of advertising, but also shipping, storing, selling, etc., which is why marketing can not be equalized with advertising only.

WHAT IS A MARKET?

A market is a PLACE where buyers and sellers meet for selling and buying goods.

WHAT IS THE MARKETING MIX?

The marketing mix contains the basic components of a marketing plan.

The picture shown above contains the 4Ps of marketing:

1. Product

The product is the most important part of the marketing mix. It exists physically, or in services. This is what the company produces and sells for consumers to use. Without a product, there is no business.

2. Price

The price is the amount of the product.

3. Place

The place is the location, for channeling, distributing or transporting the products.

4. Promotion

Promotion is the tool for “marketing communication.”

With a proper mix or blend of the 4Ps of marketing, the business can become a success.

The Length of Economics

WHAT IS ECONOMICS?

Economics is the social science that deals with the optimum allocation (division) of scarce resources to satisfy the unlimited wants of people. This means that Economics deals with the production, distribution and consumption of goods and products. Economics relies largely on decision making.

WHAT IS SCARCITY?

Scarcity is the state where the limited resources are not enough to satisfy the wants of the people in a place at the time when they are actually needed.

WHAT ARE RESOURCES?

Resources are the amount of materials used to create goods and services.

There are 3 types of resources:

1. Natural Resources

Natural Resources are the resources gathered from NATURE.

2. Human Resources

Human Resources are the resources from the MENTAL and PHYSICAL CAPABILITIES of people.

3. Man-made Resources

Man-made Resources, also known as ARTIFICIAL, PHYSICAL, and CAPITAL resources, are made up of tools, buildings, factories and other materials used in producing and manufacturing products and services.

Now this break down of Economics can still go on for miles, and these are just some of the important concepts in Economics.