chapter 4 Flashcards
Market
Group of people or 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 for getting a product or service to customers and generating interest in it
market research
Collection and analysis of data regarding target markets industries and competitors
types of market research
primary research
secondary research
primary research
Contacted directly on the subject or subjects example personal interviews telephone survey is written
secondary research
carried out indirectly through existing resources examples online searches database searches
three steps on how customers decide to buy
step one, ask yourself what consumer need your product or service will serve
step two, think about who might actually buy your product
step three, analyze the buying process that will lead customers to your product
buying process
awareness information search evaluate alternatives decide to purchase evaluate the purchase
features versus benefits
features are facts
example feature of Teflon on pan creates benefit of easy cleaning
market segment
A group of consumers or businesses that have a similar response to a particular type of product or service
4 market segment types
Geographic
demographic
psychographic
behavioral
Geographic
dividing the population by location
demographic
dividing the population based on a variable such as age gender income or education
psychographic
dividing the population by psychological differences such as values lifestyle personality traits and social groups
behavioral
dividing a market by purchase behaviors that have been observed such as brand loyalty or responsiveness to price
