1.6 understanding markets (part 1)
- 1. Do Now! What do you remember from last lesson?
- 2. Do Now! Make a list of any products/ services that you think are popular amongst 16-19 year olds.
- 4. Learning Objectives By the end of this lesson you should be able to: 1. Understand the key features of physical and virtual markets. 2. Identify the main factors that can affect demand and identify examples. 3. To understand market segmentation including how and why used and the benefits and limitations.
- 5. Nature and Types of Markets Geographically Customers are only a dispersed market short distance away - customers spread over a large area. LO1) Understand the key features of physical and virtual markets.
- 6. Nature and Types of Markets Can you give some examples of virtual businesses? No physical presence but exists virtually. What are your views about Many businesses have virtual business? moved from ‘brick to click’ Are there any advantages or disadvantages to this method? LO1) Understand the key features of physical and virtual markets.
- 7. What are the factors affecting demand? List…. The factors that could affect demand for products or services. LO2) Identify the main factors that can affect demand and identify examples.
- 8. Market Segments What is market segmentation? What is the purpose of Where the market is market broken down into segmentation? smaller sections with similar characteristics. LO3) To understand market segmentation including how and why used and the benefits and limitations.
- 9. Market Segments LO3) To understand market segmentation including how and why used and the benefits and limitations.
- 10. Market segments in action Watch the video about JuJu. What are some of the issues with their targeting? What segment should they be aiming for?
- 11. Market Segments Match the product to the correct segment. LO3) To understand market segmentation including how and why used and the benefits and limitations.
- 12. What are the benefits and limitations of market segments? BENEFITS LIMITATIONS Better understanding of Depends on needs of market. entrepreneurs Able to meet the needs. knowledge of market. Less expensive to develop Segmentation is an targeted product. approximation of Less wasteful of behaviour. resources. May not be suitable for Differentiate – charge businesses with limited higher price. markets. LO3) To understand market segmentation including how and why used and the benefits and limitations.
- 13. Segmentation in Cinema and TV Read the case study and answer question 1, 2 and 3.
- 14. Finally….. Write down…. A question based on todays lesson and test your peers.
- 15. Re-cap Learning Objectives You should now be able to: 1. Understand the key features of physical and virtual markets. 2. Identify the main factors that can affect demand and identify examples. 3. To understand market segmentation including how and why used and the benefits and limitations.
Editor's Notes
- #6: LocalNationalAdvantages:Advantages:*Good relationships *Larger Markets*Comms easy/ cheap *More profit *Reputation spread *Easy to collect primary dataDisadvantages:Disadvantages:*Taste change quickly *Distribution costly *Limited growth *Slow communication *More competition *Slow spread reputation
- #7: Advantages:Advantages:*Constant distribution *Easy to compare*24/7 *No sales staff to encourage/ personal service*Good reputation expected *Website issues*Low running costs *Security/ trust*Larger market *No face-to-face help*Start-up costs low *Database (Amazon) – Gift for you
- #8: Provide students with worksheet – Factors that determine demand
- #10: Geographic – locationPsychographic – interests, hobbies, personality, lifestyleDemographic – age, race, sex, religion
- #14: P37