Marketing Flashcards
What is market segmentation?
Market segmentation is the process of breaking down the market into groups of consumers with similar needs and wants.
What is target market?
Target market is the type of people (market segments) you are selling to.
What kinds of market segments are there?
•Age •Gender •Ethnicity •Religion •Hobbies and interests •Income
What are the benefits of identifying your target market?
•Helps to provide the correct products •Helps the business to set the correct prices •Helps the business to choose the correct advertising media and advertsing content •Helps to ensure that your market research is carried out with the right type of people
What is market research?
The process of collecting and analysing data about the market, who operates within the market and the customers within the market
What is primary research?
It is obtaining new information for yourself.
What is secondary research?
Collecting research that has already been made
