Theories

For a business to be successful it must accurately identify its target market. Often this is carried out through market research. In the ballooning world, market research that involves devices such as questionnaires or focus groups is unnecessary, as everyone in the market knows each other. This means that much market research takes place by listening and observation.

Cameron's does, however, need to segment the market - to break it down into sections so that it can target particular products at particular market segments. The business also needs to consider carefully the marketing mix and the nature of the product.

The state of the economy also affects the market for balloons - changes in the economy will affect both Cameron's and their buyers.

For more detail on each of these bits of theory use the links below:

T 1. Economic factors

T 2. Market segmentation

T 3. The marketing mix

T 4. Product life cycle

T 5. Consumer Protection