Lection 3 (1-3) Flashcards
What are the three primary research approaches and briefly explain each
The three primary research approaches are the consumer-oriented approach, the product-specify approach and the target market research approach.
The product specify approach is the identifying of product characteristics for use as selling points. A grasp of the product benefits is critical.
The consumer oriented approach has three components the anthropological approach this is the direct observation of the consumer using the good or service , the sociological approach this is the analysis of social issues , trends and family cycle and the psychological approach is the analysis of psychological movies of a product. How does the product make one feel?
The target market approach is identifying who will be the recipients of the communication campaign
The target market approach looks for the best market for a particular benefit of a good or service.
What is a focus group ?
A focus group is a group of 6 to 10 persons coming together to give their ideas and thoughts on a brand or product in-front of a panel
State 2 advantages and 2 disadvantages of a focus group.
What is market segmentation?
Market segmentation is the dividing of markets into smaller groups of buyers with distinct needs , characteristics or behaviors who might require separate products or marketing mixes.
What are the methods of segmenting consumer market ?
Demographics
Psychographics
Generation
Geographic
Geodemographic
Benefits
Usage
What is demographic segmentation?
This is based on the demographics factors of:
Age
Race
Gender
Family size
Family life cycle
Occupation
Income
What is psychographic segmentation?
This is the dividing of markets into different groups based on social class , life styles or personality characteristics.
Val’s typology
Innovators- successful , sophisticated and receptive to new technology. Have a thing for upscale products
Thinkers-Educated, conservative , practical consumers.
Tend to look for durability, functionality and value
Achievers- Goal oriented and conservative consumers committed to family or career. Looks for prestige products that demonstrates success to peers.
Experiencers
Believers
Strivers
Makers
Survivors
What is generation segmentation?
1929-1945. Silent
1946-1964. Boomer
1965-1980. Gen X
1981-1992. Gen Y
1993-Present. Gen Z
What is geographic segmentation ?
Segmenting markets by region of country, world , market size , market density and climate
Market density - the number of within a unit of land
What is benefit segmentation?
This is the advantages a consumer receives from a product rather than the characteristics of the consumer.
What is usage segmentation?
Groups based on usage or purchase- heavy users , lights , average users and non users
What is business to business segmentation?
Segmentation of industry - financial , tourism and agricultural
Segmentation of size-small business , medium size and cooperations
Segmentation of geography- Caribbean , North America, European and Africa
Segmentation of product use-pest control , cooking and cleaning
Segmentation of customer value-Sales
