Chapter 4 Exploring Your Market Flashcards
Market
A group of people or organizations that may be interested in buying a given product or service, can afford it ,and can do so legally
Market segment
A group of consumers or business they have a similar response to a particular type of product or service
Positioning
Distinguishing a product or service from similar products or services being offered to the same market
Primary research
Conducted directly on the subject or subjects
Secondary research
Carried out indirectly through existing resources
Six methods on gathering primary market research
- Personal interviews
- Telephone surveys
- Written surveys
- Focus groups
- Observation
- Tracking
Five methods of secondary research
- Online searches
- Database searches
- Industry associations, Chambers of commerce, and public
- Review of books and records
- Competitor websites
Five facts you can learn about your customer from research
- Who’s your potential customers are
- Where are you can reach them
- What they want and need
- How they behave
- What the size of your potential market is
Five ways to obtain research information about your customers
- Surveys
- Focus groups
- Research reports
- Consulting firm
- Advertising agency
Seven ways to research your industry
- Interviews
- Observation
- Tracking
- Written sources for statistical data
- Books and articles
- Competitor websites
- Trade associations in chambers of Kommers
Difference between features and benefits
The features are facts
The benefit it is The result of the feature
Example the features of a drill might include his hardness is sharpness but the benefit is that it makes a hole
Five ways to segment your market
- Geographic
- Demographic
- Psychographic
- Behavioral
Four stages of the product life cycle
- Introduction
- Growth
- Maturity
- Decline
