Ch 4- Exploring Your Market Flashcards
Market
A group of people/organizations that may be interested in buying a given product or service, can afford it, and can do so legally
Marketing
The development and use of strategies of getting a product to customers and generating an interest for it
Why do we Market?
- This business function helps businesses identify customer needs and wants.
- The aim is to satisfy customers at a profit.
Types of Marketing Research
- Primary- research conducted directly on subjects
2. Secondary- research carried out indirectly through other existing sources
Primary research Methods
- Personal Interviews
- Telephone surveys
- Written Surveys
- Observation
Market Research Helps you know who your customers are
- Age
- Income level
- Hobbies and Interests
- Family structure
- Job
What are four methods of Customer Research
- Surveys
- Focus groups
- Research Reports
- Demographics- statistics looking at the behaviour of groups of people
What to look for in Industry Research
- Industry size
- Geographic location
- Trends in Industry
Questions to consider regarding customer buying behaviour.
- What customer need will it serve?
- Think about who might actually buy your product
3 Analyse the buying process that will lead customers to your product.
Customer Decision Making
- Awareness
- Information Research
- Evaluation of Alternatives
- Decision to Purchase
- Evaluation of Purchase
What is used to own Customer Perception
Features create benefits
Feature- A fact about a product
Market Segment
A group of customers or businesses that have a similar response to a particular type of product or service.
Four Basic Ways to Segment a Market
- Geographic
- Demographic
- Psychographic- lifestyle: if they are rich they live luxuriously
- Behavioral
Product Life Cycle
- Introduction
- Growth
3, Maturity - Decline (when you see this just happening, do R&D to boost again)
Market Positioning Defenition
Distinguishing a product from similar products being offered in the same market
