Market Research Flashcards
The more you know about your market, the better you will be able to determine customer needs and wants.
Market Research
Basic questions in market research
Why - purpose and objective for conducting the market research
What - determines the scope and the limitation of the market research
Which - determines which segment of the market must be studied (the market segment that the entrepreneur is eyeing)
Who - identifies who among the members of the selected market segment will participate.
When - the time and timing of the research. Is critical for entrepreneurs whose product or service will be offered to a time constrained market such as office workers
Where - pinpoints the relevant location for the market research
How - Determines the methodology to be used for the market research (e.g. survey, focus group discussions, observation, etc.)
It is a strategic marketing approach and process that is intended to define the specific customer of the product.
Market Identification
Three strategic marketing approaches.
Market segmentation
market targeting
market positioning
Is an entrepreneurial marketing strategy, designed primarily to “divide the market into small segments with distinct needs, characteristics, or behavior.
Market Segmentation
The entrepreneur must divide the total market and focus his/her business strategy to a smaller market that is considered ______ or have similar interests, preferences, needs, wants, and other related variables.
homogeneous
_____ identified market segment will be the market that can be served better by the “entrepreneurial venture based on its competencies”
niche entrepreneurial marketing
Commonly used methods for segmenting the market are:
Geographic Segmentation
demographic segmentation
psychological segmentation
behavioral segmentation
the total market is divided according to geographical locations like provincial regions, cities, provinces, municipalities, and even, barangay units
geographical segmentation
the market is divided based in the following demographic variables: age; gender; income; occupation; education, religion; ethnic group; family size
demographics segmentation
the market is divided what the customers think and believe. (needs and wants, attitude, social class, personal traits, knowledge and awareness, brand concept, lifestyle)
psychological segmentation
the market is divided based on these variables: Perceptions; Knowledge; reactions; benefits; loyalty; responses
behavioral segmentation
it is a strategy that can assist the entrepreneur in identifying the particular homogeneous segment to serve.
Market Segmentation
factors that must be considered in segmenting the market: (3)
- accessibility of the market segment
- size of the market segment
- distinction of the market segment
They are the market segment that the entrepreneurial venture intends to serve.
Market targeting
the number of segments to serve determines the appropriate entrepreneurial marketing strategy to use.
Market segment selection
Basic entrepreneurial marketing strategies relative to the selected segment
individual or one on one marketing
differentiated marketing
concentrated marketing
mass or undifferentiated marketing
the business provides a product that is suited or fitted to the particular need of the consumers.
individual or one on one marketing
the entrepreneur covers several segments of the total market
Differentiated marketing
____ or sometimes called niche marketing where the business selects only a few segments but intends to serve a large number of customers in the chosen segments.
Concentrated marketing
the entrepreneur assumes that his/her product will cater to all types of customers in general
mass or undifferentiated marketing
___ plays a significant role in the practice of entrepreneurship. the term positioning simply refers to the act of occupying a certain place.
market positioning
simply refer to the process of determining the place of the business in the industry.
business positioning
refers to the process of arranging a product to occupy a clear, distinct, and desirable place in relation to other competing products.
market positioning
