Marketing Flashcards
1
Q
What is segmentation?
A
Way of grouping customers together that share common characteristics
2
Q
Methods of segmentation?
A
Income
Age
Gender
Location
3
Q
Importance of segmentation:
A
- can help design to suit target audience
- can ensure your marketing mix (4 p’s) which is a risk of product failing
4
Q
What is market research?
A
Process of finding out needs and wants of customers and actions of competitors.
5
Q
What is Primary research
A
First hand information is collected for a specific purpose
6
Q
What is secondary research?
A
Using information that already exists
7
Q
Primary methods:
A
- survey/questionnaire
- focus group (discussion group)
- observation
- consumer panel (where people try out the product)
- interview
- test marketing (where you launch a product in a certain area)
8
Q
Quantitative?
A
Information based on data/numbers
9
Q
Qualitative?
A
In-depth opinions
10
Q
Secondary methods:
A
- newspapers
- internet
- books
- magazines
- post sales records (competitors)
- government statistics
11
Q
Benefit of new product development:
A
- attract new customers
- increase profits
- improve brand reputation
- improve customer loyalty
12
Q
Risks of new product development:
A
- very expensive (may not recover it)
- could fail (lost what you have invested)
- takes a lot of time
- in dynamic market its impossible to keep up
13
Q
Place?
A
Location
How the product passes from producer to consumer
