Marketing Flashcards
Market segmentation
The process where the market is split into different groups with different characteristics and need
Benefits of knowing market segments
Better matching of customers need/enhanced profits/retain customers/ communications
Limitations to market segments
Waste of money if markets are poorly researched/difficult to predict behaviour
Quantitative
Numerical data
Qualitative
Opinions
Primary/field research
New information
Secondary/desk research
Data that already exists
Internal secondary
Using data from your own business
External secondary
Using data from somewhere else
Focus groups
Primary- small group to gather opinions
Ads/dis of focus groups
Opinions to develop idea/genuine wuiestions/into detail–biased opinions
Interview
Primary- opinions by directly speaking
Ads/dis to interview
CAT/extracts detail–time consuming/expensive
Survey
Primary- fill out questionnaires
Ads/dis to surveys
Brief survey-effective/quick/economical//too brief-not effective/ expensive-financial awards
