5.7 Flashcards
4 market segments
demographic – age, sex, income, race
geographic – country, region
psychographic – social status, personality, values, lifestyle
behaviour – user needs, attitude, buying behaviour, loyalty to brand
target market
large group of people you are planning on selling your product to. defining target market allows companies to focus their efforts into targeting a specific group of users
target audience
specific group of people within the target market at which a product/marketing message of a product is aimed at
marketing analysis
process of collecting, analysing data to understand effectiveness of marketing campaigns and strategies
market analysis quantitative methods
product analytics (track product sales, demand etc)
pricing analytics (track competitor pricing)
social media analytics (track social media engagement, such as likes, shares, comments)
market analysis qualitative methods
focus groups
interviews
customer support tickets (their complaints etc)
categorising user needs for an innovation
functional needs (user problems, tasks)
emotional needs (experiences users seek from product)
social needs (how users connect w others eg social media)
value based needs (aligning w user values)
growth needs (user desire for self improvement)
convenience needs (user desire for ease of use)
maslows hierarchy of needs (definition, info)
theory in psychology comprising a five-tier model of human needs
lower level basic needs like food, water, safety must be met first before higher needs can be fulfilled
the order of the levels is not completely fixed
list maslows human needs
physiological needs
safety needs
love and belonging
esteem
self actualisation
positive impacts of competition on innovation
encourages innovation and efficiency (cuz companies want to stay ahead of competition)
drives new ideas (companies want to be seen as innovators and market leaders)
promotes diversity of innovation
negative impacts of competition on innovation
copycat behaviour (products become too similar)
excessive spending on advertising (may divert funds from innovation)
limited resources for small businesses (larger companies have more resources compared to smaller ones, which can put them off from trying to innovate)
research strategies
expert appraisal
literature review
performance test
user research
user trial
design specifications
requirements a solution should aim to include in order to meet design goal. they state clearly what a successful solution should look like
two categories of specifications
constraints – cant be changed, limitations, essential requirements
considerations – must be thought about
