MARKETING QUIZ BEE ONLY MY PART Flashcards
the division of a market into different groups of customers with distinctly similar needs and product/service requirements.
Market segmentation
Evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Market Targeting
Key variables concern age, sex, occupation, level of education, religion, social class, and in come characteristics, many of which determine a potential buyer’s ability to purchase a product or service.
Demographic
based on the principlethat
people need different products and servicesat
different stages in their lives (e.g. childhood, adulthood, young couples, retired).
Life stage
In many situations the needs of potential customers
in one geographic area are different from those in another area. This may be due to climate, custom, or tradition.
Geographic
This approach to segmentation presumes that
there is a relationship between the type of housing and location that people live in and their purchasing
behaviors.
Geodemographic
Analyzing consumers’ activities, interests, and opinions, we can understand individual lifestyles and patterns of behavior, which in turn affect their buying behavior and decision-making processes. On this basis, we can also identify similar product and/or media usage patterns.
Psychological Psychographic (Lifestyle)
By understanding the motivations customers derive from their purchases it is possible to have an insight into the benefits they seek from product use.
Benefit sought
Data about customer purchases and transactions provides scope for analyzing who buys what, when, how often, how much they spend, and through what
transactional channel they purchase. This provides very rich data for identifying ‘profitable’ customer segments.
Behavioral Purchase/ Transaction
Segments are derived from analyzing markets on the basis of their usage of the product offering, brand, or product category. This may be in the form of usage frequency, time of usage, and usage situations.
Product Usage
Data on what media channels are used, by whom, when, where, and for how long provides useful Insight into the reach potential for certain market segments through differing media channels, and also insight into their media lifestyle.
Media Usage
the systematic design, collection, analysis and reporting of Data and findings relevant to a specific marketing situation facing an organization.
Marketing Research
Marketing Research Process
D – efining the problem and research objective
I – identify the problem
C – ollecting the data
A – nalyze the data
R – eporting and Interpreting the findings
General Types of Marketing Research Objective
- Exploratory research
- Descriptive research
- Casual research
Two type of gathering data
Primary Research
Secondary Research
Seeks data that does not exist and original information from Surveys.
Primary Research
