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
-Data that already exists and background information(Secondary Sources- Books, Internet, Government Databases, Libraries, magazines, newspapers,…from the Internet
Secondary Research
Gathers preliminary information that will help definethe problem and suggest hypothesis
Exploratory research
describe things as market potential for a product, or thedemographics and consumer’s attitudes.
Descriptive research
Test hypothesis about cause and effect relationships.
Casual research
Marketing Research Methods
- Observational Research
Ethnographic research - Survey research
- Experimental research
- Computer assisted interviewing
- Online (internet) marketing research
- Online (internet) marketing research
Sample
where the information is gained by observing relevant people, actions and situations.
- Observational Research –
combines intensive observation with customer interviews and can gain deep insight into how customers buy and live with their products.
Ethnographic research –
the gathering of primary data by asking people questions about their knowledge, attitude, preferences, and buying behavior, it can be mail or telephone survey.
- Survey research
using groups of people to determine cause and effect
relationship. (casual)
- Experimental research
new method being used in the technology age present today. Consumer read questions from a computer screen and respond.
- Computer assisted interviewing
which consist of Internet surveys, experiments, or online focus group.
- Online (internet) marketing research
One of the most expensive methods of acquiring primary data and yet managed properly, the data produced may be the most useful.
- Discussion/panel/focus group
is that part of statistical practice concerned with the selection of a subset of individuals from within a segment of the population to yield some knowledge about the whole population.
Sample
The sample size is usually represented by the letter n.
When n = _____, this means that a sample size of 1,500 was used in the study.
n = 1,500
Requires Three Dimensions:
- Who is to be surveyed? (sampling unit)
- How many people should be surveyed
- How should the people in the sample be chosen (sampling procedure)
Research Instruments
Questionnaire
Mechanical Instruments
Consumer Survey
Market Survey
by far the most common instrument. It consist of a set of questions presented to a respondents for his or her answers.
Questionnaire
Form of questions:
a. Close end questions
b. Open ended questions
a. Close end questions
are questions that include all the possible answers and allow subjects to make choices among them.
b. Open ended questions
are questions that allows respondents to answer in their own words.
used to collect information and it measures subject’s physical response
Mechanical Instruments
measures strength of interest or emotions aroused by a subject’s exposure to different stimuli, such as an ad or picture.
galvanometer
used to study a respondent’s eye movements to determine at what points his or her eyes focus first and how long they linger on a given item.
Eye cameras
provides information that could guide management in redirecting sales effort toward the right regional markets, or the correct socio-economic groups of households, or the right age group.
Consumer Survey
– could open up opportunities for modifying certain featuresof aproduct, or even developing an entirely new product line.
