Marketing Mix Flashcards
1
Q
What is market segmentation
A
the process of breaking down the market into groups of consumers with similar needs and wants.
2
Q
What is a Target Market
A
the type of people (market segments) you are selling to.
3
Q
Name examples fof market segements
A
- Age
- Gender
- Area
- Ethnicity
- Religion
- Hobbies and interests
- Income / Socio-economic groups ‘A’ to ‘E (according to people’s job:‘A’ are the highest earners, ‘E’ are the lowest earners)
4
Q
What are the benefits of a target market
A
- Helps you provide the right products
- Helps you set the right prices
- Helps you choose the best advertising media and advertising content
- Helps ensure that your market research is carried out with the right type of people.
5
Q
What is market research
A
the process of collecting and analysing data about the market, who operates within the market and the customers within the market.
6
Q
What is Primary research
A
means obtaining new information:
e.g. survey, focus group or observation
7
Q
What is Secondary research
A
means using existing information: e.g. data about the whole market or about competitors. (Internet, newspapers, magazines, office of national statistics)
