Week 5 Flashcards
These are the things that are essential for us
Needs
These are desires, luxury, and extravagance that signify wealth and an expensive way of living
Wants
Refers to the group of consumers or organization that is interested in the product on has the resources to purchase the product, and is permitted by law and other regulations to acquire the product
Market
The market a company wants to sell its products and services to, and it includes a targeted set of customer for whom it directs its marketing efforts
Target market
A marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action
Market segmentation
Enumerate the types of market segmentation
Geographic, psychographic, demographic, behavioral
Variables to consider in geographic segmentation
Climate, dominant ethnic group, culture, and density
Income is an example of what segmentation?
Demographic
They provide a broad understanding of the different characteristics of a population
Demographics
Social class is an example of what segmentation?
Psychographics
A market or segment of the population identified by demographics
Business
Focus on understanding the customer’s emotions and values, so you can market more accurately
Psychographics
A method of grouping customers by their behavior patterns
Behavioral (duh)
It helps marketing and product teams learn how different types of prospects and customers are likely to use their product, how engaged they’ll be, and how long they might remain as customers
Behavioral segmentation
The specific characteristics that the customers need from a product or a service
Customer requirements
Two types of customer requirements
Service requirement and output requirement
Service requirement is..
An intangible product that cannot be touched
Output requirement is…
A tangible thing that can be seen
it is like a size of the arena where the entrepreneurs will play their business
Market size
The first step to conducting a strategic marketing research
Estimate the potential market
The second step to market research
Ito estimate the customers who probably dislike to buy your product
The third step to market research
Estimate the market share
It is the most important factor if you ever need to raise funding for your business
Market size
Enumerate strategies for reaching the target market
Undifferentiated marketing, differentiated marketing, concentrated marketing, micromarketing
When a firm produces only one product and promotes it to all customers with a single marketing mix (mass marketing)
Undifferentiated marketing
A firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments (segment marketing)
Differentiated marketing
When a firm commits all of its marketing resources to serve a single market segment (niche marketing)
Concentrated marketing
Involves targeting potential customers at a very basic level, such as by ZiP code, specific occupation, lifestyle, or individual household
Micromarketing
Internal and positive factors that helps you to take advantage of opportunities in the external environment
Strengths
These are those characteristics of a business that give disadvantage relative to others
Weaknesses
These refer to favorable external factors that could give Ann organization a competitive advantage
Opportunities
These are any external factors that could cause damage to your organizaition
Threats
He is the proponent of the five forces competitive analysis framework
Porter
He/she is a person who makes a purchase of a product or service
Buyer
These are companies who are trying to sell similar goods or services to the same people
Competitors
It is a person or organization that provides something needed such as a product or service
Supplier
It refers to the threat new competitors pose to existing competitors in an industry
New entrants
It is a product or service that can be easily replaced with another
Substitute
It allows business owners to determine the feasibility of a business before committing substantial resources to the venture
Market research
Research data may be drawn from
Primary sources or secondary sources
Primary or secondary?: surveys
Primary
Primary or secondary?: experiments
Primary
Primary or secondary?: observational research
Primary
Primary or secondary?: internal database
Secondary
Primary or secondary: journals
Secondary
One of the many ways to assess or validate customer’s satisfaction
Interview
Two types of interview
Telephone interview and face to face interview
The process of gathering people with similar interest, background, and experiences to discuss on special topic of interest in order to gather vital information related to the product
Focus group discussion
This technique is made possible by devising a good set of questionnaires
Survey
